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Rand, emerging markets under fire
August 9, 2011--Emerging assets tumbled on Tuesday to their weakest in over a year as China's higher-than-expected inflation reading intensified a global sell-off fuelled by the weekend's unprecedented US credit rating downgrade.
Risk premiums for Turkey and Hungary spiked higher in tandem with sharp currency losses while Russia's rouble fell over 3 percent as investors braced for a drop in oil demand.
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Source: FIN24
JSE closes almost 3% down
August 8, 2011--JSE stocks continued to tumble on Monday, closing the session nearly 3% in the red, tracking global sentiment.
By 17:00 local time, the JSE All Share [JSE:J203] index was down 2.97%, with resources losing 3.32% and platinum miners shedding 2.60%. Gold miners were the only gainers at 1.05% up.
Financials dropped 2.23% and industrials lost 2.81%, banks tumbled 3.43%.
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Source: FIN24
Bruised rand weakens more against dollar
August 8, 2011--The rand extended losses to trade at a five month low against the dollar as investors fretting about the global economy dumped emerging market assets perceived as risky.
The rand fell 3.1% to R7.1300/$, its weakest level since March.
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Source: FIN24
Risk aversion hammers SA stocks
August 5, 2011--South Africa’s blue-chip index officially closed down 1.08% on Friday, booking its biggest weekly decline since May 2010 as investors worldwide fled risky assets on worries about growth in the United States and sovereign debt in Europe.
The JSE Top-40 index of blue chips fell to 25 993.94, bringing this week’s losses to 6.69% - the biggest decline since early May 2010. The broader All Share [JSE:J203] index surrendered 1.17% to 29 256.75.
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Source: FIN 24
Bonds weaken on profit taking
August 5, 2011--South African bond yields weakened in late trade on Friday, which a trader attributed to some profit taking, after recent strong gains.
Bonds rallied up to 18 basis points during trade on Thursday, with traders describing yesterday's interest in the local market by foreign buyers as "phenomenal".
By 15:50, the benchmark R157 bond was trading at 7.150% from 7.085% at its previous close. The R207 was bid at 7.955% and offered at 7.950% from 7.860% and the R186 was trading at 8.040% from 8.080%.
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Source: FIN24
Bonds rally on foreign buying
August 4, 2011--South African bonds were up to 17 basis points firmer in late trade on Thursday as they continued to rally on foreign buying.
By 15:50, the benchmark R157 bond was trading at 7.030% from 7.115% at its previous close. The R207 was bid at 7.830% and offered at 7.810% from 7.975%, and the R186 was trading at 8.030% from 8.210%.
The rand was bid at 6.8634 against the dollar from its previous close of 6.7157.
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Source: FIN24
JSE weaker, but off session lows
August 3, 2011--The JSE shares remained weaker in midday trade on Wednesday, but was well of the session lows.
By 12:00 local time, the JSE All Share [JSE:J203] index was 0.48% off to 30 722.63, with resources down 0.16%, but platinum miners gained 0.99%, with gold miners higher at 1.16%.
Banks lost 0.68%, financials dropped 0.63% and industrials gave up 0.74%.
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Source: FIN24
Bonds firmer on rand, foreigners
August 3, 2011--South African bonds were up to 6 basis points firmer in late trade on Wednesday which a trader attributed to the stronger local currency and interest from offshore market participants.
By 15:50, the benchmark R157 bond was trading at 7.145% from 7.200% at its previous close. The R207 was bid at 7.995% and offered at 7.970% from 8.050%, and the R186 was trading at 8.240% from 8.300%.
The rand was bid at 6.7475 against the dollar from its previous close of 6.7877.
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Source: FIN24
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
