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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
Strikes weigh on rand, SA assets
July 28, 2011--The rand slipped on Thursday after posting strong gains this week, while bond prices fell on concerns over the US debt standoff and stocks fell for the fourth straight day.
Mining stocks fell as unions went on strike, helping drag down the resource-heavy Top-40 index of blue chips by 0.52%. The All Share [JSE:J203] index fell 0.47%.
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Source: FIN24
JSE extends losses on US data
July 27, 2011--The JSE ended decidedly weaker on Wednesday, as disappointing US economic data added to risk aversion.
Nick Kunze, head of dealing at BJM Private Client Services, said the worse than expected US manufacturing data also triggered a sell-off in commodities, particularly the spot price of Brent Crude. He noted that US debt worries still topped investors' concerns.
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Source: AME Info
