Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
JSE not convinced by G20 talk
September 23, 2011--The JSE tracked most global markets weaker in early Friday trade as reassurances by the G20 that they would do everything to avoid a deterioration in the eurozone debt crisis failed to lift market sentiment.
A local trader said Asia was down on the Dow sell off on Thursday.
"We have had a tentative start and we'll see if there's any more selling today in US markets," the trader said.
read more
Source: FIN24
Rand holds on to gains in volatile trade
September 23, 2011--The rand held on to its gains - made earlier against the dollar - in late afternoon trade on Friday in a volatile market, but still faced significant risks after hitting 8.4950 in overnight trade.
"Trade is thin and illiquid with a lot of winding up being done before the IMF meeting that takes place over the weekend," a local currency trader said.
"The rand could move to around 8.19 and through to 8.14 - we've just got to keep our eyes on what the euro does as any euro rally will see a firmer rand."
read more
Source:FIN24
Bonds continue to trend weaker
September 23, 2011--South African bonds were up to 9 basis points weaker in midday trade on Friday, as selling of local bonds continued.
By 11:50, the benchmark R157 bond was trading at 7.085%, from its previous close of 7.020%. The R207 was bid at 8.295% and offered at 8.275% from 8.185% previously and the R186 was trading at 8.650% from its close of 8.530%.
The rand was bid at 8.2647 against the dollar from its previous close of 8.4016.
read more
Source: FIN24
Hart: State infrastructure unaffordable
September 22, 2011--South Africa is building an infrastructure that is unaffordable, an economist said during a Black Management Forum debate in Cape Town on Thursday.
Chris Hart, an economist at Investment Solutions, said during the debate with Public Enterprise Minister Malusi Gigaba, that the government's enormous spending on infrastructure is leading the country towards an "infrastructure recession".
read more
Source: FIN24
Marcus warns of risks as rates kept flat
September 22, 2011--Reserve Bank governor Gill Marcus said SA economic growth is disappointing as the monetary policy committee (MPC) kept interest rates steady at 5.5%.
The MPC is, however, "concerned at the potential impact of the current global turmoil on domestic prospects and stands ready to act appropriately", she said.
read more
Source: FIN24
JSE hit hard in global selloff
September 22, 2011--South African stocks extended losses on Thursday, tumbling more than 3% as investors sold everything from luxury goods maker Richemont [JSE:CFR] to paper manufacturer Mondi [JSE:MND] on concerns over a global slowdown, after the US Federal Reserve warned of a grim outlook for the world's top economy.
The Top 40 - (Tradeable) [JSE:J200] index of blue chips was down 2.9% at 27 190.54 at 09:18 GMT, having earlier fallen more than 3%.
The broad JSE All-share [JSE:J203] index was down 2.7%.
read more
Source: FIN24
Rand in red as rates held steady
September 22, 2011--The Reserve Bank left its repo rate unchanged on Thursday and struck a dovish note as it balanced its concerns for domestic economic growth with an expected increase in inflation stemming from a sharply weaker rand.
Governor Gill Marcus said the bank’s monetary policy committee (MPC) discussed a cut in the benchmark lending rate from its current 30-year low of 5.5%, although the final decision to keep it on hold was unanimous.
The rand hit fresh 26-month lows to the dollar and bonds trimmed losses after the MPC statement.
read more
Source: FIN24
Consumer inflation stays flat
September 21, 2011--South Africa's targeted consumer inflation was unchanged at 5.3% year-on-year (y/y) in August compared with July, below market consensus, Statistics South Africa data showed on Wednesday.
Stats SA said inflation slowed more than expected to 0.2% month-on-month (m/m) from 0.9% in July.
read more
Source: FIN24
JSE inches lower with eye on US Fed
September 21, 2011--South African stocks ended a choppy session little changed on Wednesday as investors refrained from making large moves ahead of the outcome of a US Federal Reserve meeting.
But major gold miners climbed between 3% and 4% as a tumbling domestic currency provided support.
The rand fell three percent during the session, a boost to gold miners whose product brings in dollars but whose domestic costs are mainly in rand.
read more
Source: FIN24
Bonds gain after soft CPI data
September 21, 2011--Government bonds gained on Wednesday after softer-than-expected inflation data that boosted the chances of an interest rate cut.
The yield on the 2015 bond fell to 6.83% from 6.89% prior to the inflation release at 08:00 GMT. The yield on the 2026 note was at 8.385% from 8.415% beforehand.
The rand softened slightly to R7.81 against the dollar at 08:33 GMT, from R7.7805 before the inflation release.
read more
Source: FIN24
