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Zimbabwe expects 9.3% growth
July 25, 2011-- Zimbabwe’s economy is on course to grow by 9.3% in 2011, up from 8.1% percent last year, mainly due to a recovery in the impoverished state’s key mining and agriculture sectors, Finance Minister Tendai Biti said on Tuesday.
“We are still on course to achieve our GDP growth rate of 9.3%. Agriculture and mining, with 19.3% and 44% growth respectively, are at the epicentre of this growth,” Biti said in a half-year budget review statement.
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Source: FIN24
JSE drops on US earnings
July 22, 2011--The JSE ended 109 points off on Friday, led lower by sentiment in the US on the back of worse than expected corporate earnings.
A firmer rand also helped curb any potential gains among resource stocks.
By 17:00 local time, the JSE All Share [JSE:J203] index slipped 0.34%, with resources up 0.24% but platinum miners off 0.40%.
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Source: FIN24
Bonds quiet with firmer bias
July 22, 2011--The longer-dated R186 was a bit firmer in late trade on Friday, while other major bonds were flat. A local trader noted that it had been a "very" quiet day, with not much market action.
By 15:54, the benchmark R157 bond was trading at 7.360% from its previous close of 7.360%. The R207 was bid at 8.220% and offered at 8.200% from 8.215%, and the R186 was trading at 8.440% from 8.450%.
The rand was bid at 6.7968 against the dollar from its previous close of 6.7648.
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Source: FIN 24
JSE ends up as Europe, US lift mkts
July 21, 2011--The JSE ended in positive territory as reports of progress made in resolving the Greek sovereign debt lifted markets, as well as on the back of some positive economic data from one of the US's Federal Reserve Banks.
By 17:00 local time, the JSE All Share [JSE:J203] index was 0.22% higher, with banks rising 1.11%, financials gaining 1.02%, and industrials lifting 0.11%.
Gold miners were down 1.16%, while platinum miners fell 0.79%, and resources were 0.04% off.
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Source: FIN24
Bonds firm after repo rate decision
July 21, 2011--South African bonds were firmer in late trade on Thursday after the SA Reserve Bank Monetary Policy Committee decided to leave the repo rate unchanged at 5.5% following a three-day meeting.
The repo rate was widely expected to remain unchanged, according to a survey of seven leading economists by I-Net Bridge.
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Source: FIN24
Rand rebounds against softer dollar
July 21, 2011-- Government bonds gained on Thursday after a dovish Reserve Bank statement that suggested interest rates could stay at 30-year lows throughout 2011.
The rand hit one-week highs against a softer dollar as optimism about the eurozone’s debt crisis prompted investors to buy risky assets.
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Source: FIN24
JSE closes flat on US data
July 20, 2011--The JSE ended flat on Wednesday as mixed economic data from the US continued to drive markets.
By 17:00 local time, the JSE All Share [JSE:J203] index was flat (-0.01%), with gold miners down 1.43%, platinum miners falling 0.33%, and resources giving up 0.24%.
Financials gained 0.20%, while industrials rose 0.11%. Banks were also flat (0.04%).
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Source: FIN24
Foreign buying keeps bonds perky
July 20, 2011--South African bonds rallied in late trade on Wednesday, and were up to 12 basis points firmer as offshore interest boosted the market.
By 15:50, the benchmark R157 bond was at 7.410%, from its previous close of 7.495%. The R207 was bid at 8.270% and offered at 8.265% from 8.370%, and the R186 was trading at 8.490% from 8.615%.
The rand was bid at 6.9032 against the dollar from its previous close of 6.9118.
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Source: FIN24
JSE gains on US housing data
July 19, 2011-- The JSE ended in the black on Tuesday buoyed by sentiment in both Europe and the US.
By 17:00 local time, the JSE All Share [JSE:J203] index garnered 0.59%, with platinum miners rising 1.45%, and resources up 1.40%. Gold miners however, lost 0.75%. Banks slipped 0.04%, financials eked out a gain of 0.06%, and industrials added 0.19%.
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Source: FIN24
Bonds stay firm in late trade
July 19, 2011--South African bonds were firmer in late trade on Tuesday, which a trader said was on the back of the strong local currency.
"The rand has strengthened a few cents and we're tracking that. The auction also went quite well," the trader said
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Source: FIN24