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Volatile JSE ends on sour note
July 6, 2011--The JSE ended the volatile session lower on Wednesday as a combination of profit-taking, Portugal's downgrade and poor US economic data took a toll on the local market. Gold stocks, however, bucked the trend, putting in a good performance, said Andrew Todd, an equity derivatives trader at Imara SP Reid.
The market, Todd said, had a couple of wild swings today, with knee-gerk reactions to the downgrade of Portugal punctuating increased volatility on the day.
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Source: FIN24
Bonds firmer in thin late trade
July 6, 2011-- South African bonds were firmer in late trade on Wednesday, which a trader said was "probably" due to some late offshore buying.
By 15:50, the benchmark R157 bond was trading at 7.465%, from its previous close of 7.480%. The R207 was bid at 8.335% and offered at 8.310% from 8.345%, and the R186 was trading at 8.545% from 8.560%.
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Source: FIN24
Rainfall, Financial Development, and Remittances: Evidence from Sub-Saharan Africa
July 6, 2011--Summary: We use annual variation in rainfall to examine the effects that exogenous, transitory income shocks have on remittances in a panel of 42 Sub-Saharan African countries during the period 1960-2007.
Our main finding is that these income shocks have a significant positive effect on remittances, but that the effect is significantly decreasing in the share of domestic credit to GDP. So much so, that at high levels of credit to GDP transitory increases in income had a significant negative effect on remittances. Our findings are consistent with the view that remittances take advantage of unexploited domestic investment opportunities that can exist due to domestic credit market frictions. Our findings also support the view that when barriers to financial flows are low, remittances effectively provide insurance against transitory income shocks.
view IMF Working paper-Rainfall, Financial Development, and Remittances: Evidence from Sub-Saharan Africa
Source: IMF
Deutsche Bank lists three Exchange Traded Notes
July 5, 2011--These JSE-listed instruments offer a cost-efficient, convenient and liquid solution for South African investors wishing to invest into Emerging Market regions and countries without utilising their offshore allowances.
The ETNs will track the following Indices:
MSCI Emerging Markets Total Return Index:
This is a free float adjusted market capitalisation index and currently includes companies across 23 Emerging Market countries.
The shares listed in the BRIC countries (Brazil, Russia, India and China) account for approximately 50% of the Index whereas South Africa shares account for approximately 7.5%.
MSCI China Total Return Index:
This is a free float adjusted market capitalisation index and includes approximately 150 companies incorporated in the People's Republic of China (listed in USD on the Shanghai Stock Exchange or the Shenzhen Stock Exchange (in HKD), or listed in HKD on the Hong Kong Stock Exchange).
MSCI Africa Top 50 Capped Total Return Index:
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Source: Deutsche Bank Securities
JSE up a pip in lacklustre trade
July 5, 2011- The JSE closed 176 points in the black on Tuesday in line with a positive trend running through the market in recent sessions.
A dealer noted, however, lacklustre trade ahead of key economic data expected out of the US later in the week, with nonfarm payrolls data in particular expected to generate investor interest.
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Source: FIN24
Bonds mixed in late trade
July 5, 2011--- South African bonds were mixed in late trade on Tuesday. The longer dated R186 was weaker and the benchmark R157 bond was slightly firmer
A local trader said: "We've been trading within the ranges throughout the session, 47-46 must have been the low and we're back up to 49. It has a lot to do with the auction, the R203s were fair but the R214s went the other way."
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Source: FIN24
Botswana's economy shrinks
July 5, 2011--Botswana's economy contracted 2.2% in the first quarter compared to the previous three months due to lower mining output,
the Central Statistics Office (CSO) said on Monday.
The mining sector contracted by 4.2% in the first quarter, while finance and business services fell by 6.1%, a statement on the CSO website showed.
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Source: FIN24
JSE ends higher in thin trade
July 4, 2011--The JSE closed a tad stronger on Monday, with trading volumes remaining thin due to the public holiday in the US.
Positive US data on Friday and the approval of Greece's next tranche of aid helped boost sentiments, said Kevin Algeo, portfolio manager at Imara SP Reid.
By 17:00 local time, the JSE All Share [JSE:J203] index was up 0.48%, with resources firming 0.53% and gold miners jumping 1.06%.
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Source: AME Info
Bonds remain firm in late trade
July 4, 2011--South African bonds remained firm in late trade on Monday, which a trader attributed to the strong rand boosting the market. The trader added that it had been a "very quiet" session due to the US holiday.
US markets are closed for the Independence Day holiday.
By 15:50, the benchmark R157 bond was trading at 7.480% from its previous close of 7.520%. The R207 was bid at 8.370% and offered at 8.345% from 8.395%, and the R186 was bid at 8.575% and offered at 8.565% from 8.590%.
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Source: FIN24
Positive US data boost JSE
July 1, 2011--Cheery US economic data boosted the JSE, which ended slightly firmer after spending much of the day trading sideways.
Now that the second round of US quantitative easing has ended, attention was turning to economic data, said Dimitri Mitropapas, a stock broker at PSG Konsult. On Friday, good manufacturing figures from the US helped the local bourse recover, Mitropapas added.
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Source: FIN24
