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Why SA won’t nationalise mines
August 3, 2011--Despite mining minister Susan Shabangu’s reluctance to say it, South Africa is not going to nationalise its mines.
Even a cursory glance at the numbers is enough to show that the call from Julius Malema, the silver-tongued leader of the ruling ANC’s Youth League, has its roots in the frustrations and anger of millions of young blacks rather than practical reality.
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Source: FIN24
Global worries weigh on rand, JSE
August 2, 2011--South African government bonds rose on Tuesday, boosted by an auction which saw the strongest demand in a year with foreign buying a key feature.
Local shares and the rand weakened, falling victim to a re-emergence of worries about the debt crisis in the eurozone, which had taken a back seat to US debt talk in the past two weeks.
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Source: FIN24
Bonds firmer after well-bid auction
August 2, 2011--South African points gained up to 6.5 basis points on Tuesday after a well-bid weekly auction.
By 15:20, the benchmark R157 bond was trading at 7.180% from 7.230% at its previous close. The R207 was bid at 8.055% and offered at 8.030% from 8.110%, and the R186 was trading at 8.310% from 8.380%.
The rand was bid at 6.7405 against the dollar from its previous close of 6.7200.
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Source: FIN24
JSE up marginally despite US worry
August 1, 2011--The JSE made modest gains on Monday, despite negative sentiment filtering through the Dow and FTSE amid worse than expected US data and concerns over the US debt agreement.
By 17:00 local time, the JSE All Share [JSE:J203] index was up 0.16%, with banks 0.53% firmer, financials up 0.49%, and industrials advancing 0.24%. Gold miners picked up 1.73%.
Resources shed 0.13%, and platinum miners dropped 0.28%.
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Source: FIN24
JSE up marginally despite US worry
August 1, 2011--The JSE made modest gains on Monday, despite negative sentiment filtering through the Dow and FTSE amid worse than expected US data and concerns over the US debt agreement.
By 17:00 local time, the JSE All Share [JSE:J203] index was up 0.16%, with banks 0.53% firmer, financials up 0.49%, and industrials advancing 0.24%. Gold miners picked up 1.73%.
Resources shed 0.13%, and platinum miners dropped 0.28%.
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Source: FIN24
Rand retreats as investor mood darkens
August 1, 2011--South Africa’s rand fell against the dollar on Monday as a set of weak international manufacturing data reawakened worries about the global economy, prompting investors to go for traditional safe-haven trades.
Government bonds extended gains from last week, taking yields on the short end to multi-month lows, after a deal to raise the United States’ debt ceiling fuelled demand for fixed income securities.
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Source: FIN24
New law to regulate rating agencies
July 31, 2011--The government gave notice at the weekend that the Treasury would be tabling legislation to govern credit rating agencies in South Africa, according to the Business Report on Monday.
Finance Minister Pravin Gordhan would pilot the legislation through Parliament but the cabinet has already given its nod to the Credit Rating Services Bill.
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Source: FIN24
JSE ends weaker on risk aversion
July 29, 2011--Shares on the JSE slid on Friday as worse than expected US GDP data heightened risk aversion, while continued uncertainty about the US debt situations also weighed on investor sentiment.
The US faces a technical default if a fiscal agreement is not reached and the debt ceiling raised by next week Tuesday.
By 17:00 local time, the JSE All Share [JSE:J203] index was down 0.76% to 31,208.04 points, with resources losing 1.46%, platinum miners tumbling 2.17% and gold miners giving up 0.09%. Banks lost 0.36%, financials were down 0.34% and industrials were off 0.35%.
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Source: FIN24
Rand firmer, strikes weigh on stocks
July 29, 2011--The rand regained some lost ground on Friday as exporters sold dollars, betting the local currency will keep its upward trend intact.
Stocks fell for a fifth straight day as concerns over a strike-induced supply shortfalls at heavyweight miners such as Anglo American [JSE:AGL] weighed.
Government bonds tracked the rand higher, with the yield on the 2015 bond falling to six-month lows.
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Source: FIN24
JSE in red as US debt still weighs
July 28, 2011-- The JSE closed in the red yet again on Thursday, but it came off its worst levels throughout the course of the afternoon, cheered somewhat by better than expected labour and housing data out of the US. However, debt issues still weighed.
By 17:00 local time, the JSE All Share [JSE:J203] index was down 0.47%, with resources losing 1.10%, platinum miners shed 1.58% and gold miners gave up 2.07%. Banks lost 0.45%, financials were down 0.53%, but industrials added 0.17%.
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Source: FIN24
