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Rand firmer against dollar, eyeing euro
September 7, 2011--The rand remained firmer against the dollar in noon trade on Wednesday as it tracked the euro. The common currency moved briefly higher after a German Constitutional Court ruling which upheld the first rescue bailout of Greece.
"We'll have to watch the euro which only spiked for a short amount of time on the court decision - if it collapses any further then I see dollar/rand pushing through R7.16," a local rand trader said.
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Source: FIN24
Bonds weaken further on selling
September 7, 2011--South African bonds were up to 12 basis points weaker in volatile midday trade on Wednesday on the back of selling.
By 11:50, the benchmark R157 bond was trading at 6.420% from 6.320% at the previous close. The R207 was bid at 7.600% and offered at 7.585% from 7.470% and the R186 was trading at 7.840% from 7.730%.
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Source: FIN24
Bonds weaken further on selling
September 7, 2011--South African bonds were up to 12 basis points weaker in volatile midday trade on Wednesday on the back of selling.
By 11:50, the benchmark R157 bond was trading at 6.420% from 6.320% at the previous close. The R207 was bid at 7.600% and offered at 7.585% from 7.470% and the R186 was trading at 7.840% from 7.730%.
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Source: FIN24
SA competitiveness creeps up
September 7, 2011-- South Africa has improved its ranking and remains the highest-ranked country in sub-Saharan Africa on the World Economic Forum's (WEF's) global competitiveness index, released on Wednesday.
"South Africa moves up by four places to attain 50th position this year, remaining the highest-ranked country in sub-Saharan Africa and the second-placed among the Brics (Brazil, Russia, India, China, South Africa) economies," according to the Global Competitiveness Report 2011-2012.
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Source: FIN24
Stocks knocked by renewed jitters
September 6, 2011--Global stock markets fell on Tuesday on fears of the European debt crisis worsening, while the Swiss franc plunged 8% against the euro after Switzerland’s central bank sought to slow the safe-haven rush into its currency, which it worries could hurt its economy.
Nervous investors channeled cash into less risky assets as doubts resurfaced over Italy and Greece’s willingness to implement tough budget and debt measures demanded by other eurozone members, while Germany hardened its stand against giving them more aid.
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Source: FIN24
Rand firmer against dollar
September 6, 2011-- The rand was firmer against the dollar in noon trade on Tuesday as it tracked a euro that had managed to trim earlier losses.
"The Swiss National Bank announced that it would buy an unlimited amount of forex in order to weaken its currency," a market analyst said.
"That rallied the euro and consequently the rand moved firmer against the dollar," he added.
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Source: FIN24
Bonds firm after weekly auction
September 6, 2011-- South African bonds remained firm in midday play on Tuesday after the weekly government bonds auction, which a trader said had gone "quite well".
The National Treasury received bids totalling R2.54bn for R1.1bn worth of R209 bonds at a clearing yield of 7.960% and bids totalling R2.87bn for R1bn worth of R214 bonds at a clearing yield of 8.010%.
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Source: FIN24
JSE down amid US economy worries
September 5, 2011--The JSE tracked global stocks to open weaker on Monday as markets continued to respond to Friday's disappointing US jobs data. Markets were worried about growth prospects for the world's largest economy.
A local trader said the JSE opened weaker in line with the "performance in international markets." She said that although the US was closed for a holiday, US futures were still "pointing weaker". The trader also expected a "quiet day ahead, volume wise," due to the closed US market.
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Source: FIN24
JSE, global stocks hit by US data
September 2, 2011-- South Africa’s Top 40 - (Tradeable) [JSE:J200] blue-chip index dropped more than 2% after US nonfarm payroll figures ignited fears the world’s biggest economy could be headed for a recession.
“It took a big knock when those numbers came out,” said Ferdi Heyneke, a portfolio manager at Afrifocus Securities.
“This is still the concern that the United States is kind of heading for a recession. We will now have to wait and see.”
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Source: FIN24
SA bonds hit record after US jobs data
September 2, 2011--South Africa’s government bonds extended gains on Friday, with one benchmark issue hitting an all-time high after weaker-than-expected US jobs data fuelled fears of a significant global growth slowdown.
Yields fell sharply across the curve, with the 2015 bond yield hitting record lows at 6.32% before coming back to 6.345%. The 2026 yield fell 13.5 basis points on the day to 7.895%.
The rand softened after the data to R7.04/$ from R6.9950/$ prior to the data release.
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Source: FIN24
