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SA bonds gain, rand softens on factory data
September 1, 2011--South Africa’s bonds firmed across the curve on Thursday after PMI data showed the manufacturing sector contracted for the second month in August, supporting the case for accommodative monetary policy.
The rand softened to the dollar after its gains to three-week highs below R7.00/$ attracted importers to buy dollars.
Stocks ended in positive territory after starting off on the back foot and investors will be watching US non-farm payrolls on Friday for direction.
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Source: FIN24
JSE follows global markets higher
August 31, 2011--The JSE was trading higher at noon on Wednesday following global markets buoyed by speculation that the fed would provide some sort of stimulus in the US.
A local trader said there was a lot of confidence in the markets after the fed made it clear that they would take necessary measures fuelling speculation that some sort of stimulus would take place in the US.
The trader said: "People are switching out of defensive stocks and looking at the diversified miners."
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Source: FIN24
Bonds mixed as curve steepens
August 31, 2011--South African bonds were mixed in midday trade on Tuesday, owing to a much steeper curve and poor liquidity in the market, according to a local trader.
By 11:48, the benchmark R157 bond was trading at 6.445% from 6.500% at the previous close. The R207 was bid at 7.635% and offered at 7.700% from 7.655% and the R186 was trading at 7.980% from a close of 7.925%.
The rand was bid at R7.0249 against the dollar from its previous close of R7.0700.
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Source: FIN24
Rand gains, breaks through key level
August 31, 2011--The rand gained over 1% against the dollar, breaching the key R7/$ figure in afternoon trade on Wednesday, following a higher close on the Johannesburg equity market.
The rand was at 7.0054 to the dollar in late afternoon trade, 0.91% firmer than its previous close in New York. It briefly touched a session high of R6.9932/$ as local stocks closed at their highest in four weeks and sentiment filtered to the rand, dealers say.
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Source: AME Info
JSE ends higher on consolidation
August 30, 2011--The JSE ended marginally higher on Tuesday as it consolidated following the previous day's strong performance.
The local exchange hovered along a flat line for most of the trading session after registering a 2.95% gain on Monday.
By 17:00 local time, the JSE All Share [JSE:J203] index was up 0.24% to 30,365.13 points. Gold stocks led the way with a 1.05% rise, while industrials picked up 0.59%, resources gained 0.37%, platium miners lifted 0.23%. Banks however, lost 1.01%, while financials shed 0.77%.
The rand was trading at 7.07 rand to the dollar, from 7.02 at the JSE's close on Monday.
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Source: FIN24
Bonds firm in late trade
August 30, 2011--South African bonds remained firm in quiet late trade on Tuesday. A bond trader said the GDP figure had been positive for bonds, as it indicated that the Reserve Bank would be inclined to keep rates lower for longer.
By 15:50, the benchmark R157 bond was trading at 6.480% from 6.550% at the previous close. The R207 was trading at 7.630% from 7.680% and the R186 was trading at 7.950% from 7.930%
The rand was bid at 7.0727 against the dollar from its previous close of 7.0443.
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Source: FIN24
SA's economic growth slows
August 30, 2011--South Africa’s economic growth slowed to 1.3% in the second quarter of 2011 on a seasonally adjusted and annualised basis, compared with a downwardly revised 4.5% expansion in Q1, data showed on Tuesday.
On an unadjusted year-on-year basis, the economy expanded by 3.0% from 3.5% in the first quarter.
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Source: FIN24
SA stocks go into orbit
August 29, 2011-- South African stocks went into orbit on Monday, tracking stronger global equity and commodity prices, and rising over 3% the highest intra-day rise in nearly three weeks.
The rand also advanced to a three-week high, gaining on a defensive dollar as risky assets enjoyed positive investor sentiment after the Federal Reserve left open the possibility of further monetary stimulus in the United States.
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Source: FIN24
Bonds remain on firm footing
August 29, 2011--South African bonds retained their firmer bias in late trade on Monday, tracking the strong local currency.
By 15:50, the benchmark R157 bond was trading at 6.535% from 6.585% at the previous close. The R207 was bid at 7.695% and offered at 7.665% from 7.705% and the R186 was trading at 7.910% from 7.965%
The rand was bid at 7.0533 against the dollar from its previous close of 7.1338.
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Source: FIN24
Treasury to apply twin peaks bank rules
August 29, 2011--The period for comment on the National Treasury's "twin peaks" model of financial regulation has expired and the proposals set out in the department's policy document released in February are being implemented, Ingrid Goodspeed, the Treasury's chief director of financial inclusion and market conduct, said on Monday.
Goodspeed was addressing delegates at a conference of the Compliance Institute of SA.
The twin peak model aims to improve the local financial sector's regulatory framework, where the SA Reserve Bank would act as the prudential supervisor while the Financial Services Board (FSB) regulates market conduct.
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Source: FIN24
