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Bonds weaken as selling continues
September 19, 2011--South African bonds weakened further in midday trade on Monday, as foreign players continued to offload local bonds on the back of Europe's debt problems.
According to Dow Jones Newswires, the lack of progress in solving the debt crisis at Friday's eurozone finance ministers meeting had heightened investor uncertainty.
By 11:50, the benchmark R157 bond was trading at 6.935% from its previous close of 6.770%. The R207 was bid at 8.100% and offered at 8.080% from 7.915% and the R186 was trading at 8.370% from its close of 8.190%.
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Source: FIN24
Rand sinks to new low against dollar
September 19, 2011--The rand fell over 2% against the dollar on Monday to its weakest level in over a year, with investors dumping higher risk assets on signs that the eurozone debt crisis is far from over.
The rand’s losses may see the market curb expectations of a rate cut over the next few months, especially after Finance Minister Pravin Gordhan said earlier South Africa’s inflation was persistent.
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Source: FIN24
JSE on the front foot in light trade
September 16, 2011--The JSE firmed in midday trade on Friday, albeit in light trade following a futures close-out on Thursday which generated large volumes.
Resources led the way, with banking stocks in negative territory amid some profit taking.
A local trader noted thin volumes, following a futures close-out on Thursday. "There is not a lot of movement today, but resources appear to be supporting the market's gains.
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Source: FIN24
Bonds firmer on short covering
September 16, 2011--South African bonds were firmer in quiet midday trade on Friday, which a trader attributed to some short covering.
By 11:50, the benchmark R157 bond was trading at 6.750%, from its previous close of 6.800%. The R207 was bid at 7.915% and offered at 7.895% from 7.920% and the R186 was trading at 8.180% from its close of 8.190%.
The rand was bid at 7.3859 against the dollar from its previous close of 7.3775.
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Source: FIN24
Rand ends week softer, stocks inch up
September 16, 2011--The rand ended the week on a bearish note on Friday, but bonds recovered somewhat after a sharp sell-off seen as overdone earlier in the week.
Domestic stocks inched to their highest close in two weeks, rising 0.13% as gains in Harmony Gold and other miners offset a downturn in banks.
Trade was subdued ahead of the weekend and after the settlement of September index futures on Thursday.
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Source: FIN24
JSE follows European stocks up
September 14, 2011--The JSE ended in the black as trade remained buoyed by earlier positive news out of Europe.
A local trader said that the JSE picked up following positive reaction to news of temporary financial assistance to European banks earlier.
"European markets didn't react to the French banks' downgrade and there maybe this was a result of the move being already priced in".
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Source: FIN24
Rand remains softer against dollar
September 14, 2011--The rand remained weaker against the dollar in noon trade on Wednesday as it tracked a faltering euro and speculation that Greece would default showed no sign of abating.
"The dollar is keeping its strength as safe haven demand increases," a local rand trader said.
"The biggest driver for the rand though is news out of Europe," he added.
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Source: FIN24
Bonds weak but off worst levels
September 14, 2011--South African bonds retained their weaker bias but were off the day's worst levels in late trade on Wednesday, as concern over an imminent Greek default continued to cast a shadow.
A local trader noted that it had been an "extremely" volatile day.
By 15:50, the benchmark R157 bond was trading at 6.930%, from its previous close of 6.820%. The R207 was trading at 8.100% from 7.985% and the R186 was trading at 8.250%, from its close of 8.240%.
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Source: FIN24
JSE drops following eurozone concerns
September 13, 2011--The JSE turned around at noon on Tuesday as negative sentiment surrounding the European debt crisis crept back in.
A local trader said that trade had become quite volatile. Concerns remain around the sovereign debt situation despite talk of China getting involved.
"The talk of China's involvement is not official and investors have now begun to consider how much effect the move would have even if it went through."
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Source: FIN24
Rand off 5-week lows, bonds weaken
September 13, 2011--South Africa's rand gained against the dollar on Tuesday, bouncing from 5-week lows as exporters came in the market and sentiment towards risky assets improved in late trade.
Stocks rose for the first time in three sessions as FirstRand [JSE:FSR] finished up nearly 3 percent after South Africa's second-largest bank said it would pay a special dividend.
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Source: FIN24
