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RMB: Rand 15% overvalued
June 15, 2011--Rand Merchant Bank (RMB) currency strategists said on Wednesday they believe that the rand "seems 15% or so overvalued", and forecast that the unit will start to weaken more substantially in 2012.
Currency strategists John Cairns and Nema Ramkhelawan said in a note that they expect the rand's strength to last throughout this year.
"However, given our expectation of an increase in the US Federal Reserve funds rate by the middle of next year, we maintain our core forecast that the unit will start to weaken more substantially in 2012."
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Weak US data, Greece woes hit JSE read more
JSE braces for futures close-out read more
Bonds weaken a bit after US PPI data read more
Bonds weaken a bit after US PPI data read more
Marcus: Sarb has kept rand in check read more
Bonds retain weak sheen in late trade read more
Flat JSE remains nervous read more
JSE, world stocks slide on global gloom read more
Bonds drift weaker in quiet trade
Source: FIN24
June 15, 2011--The JSE ended lower on Wednesday as local investors looked past the futures close-out and focused on persistent concerns over Greece and over downbeat US economic data, which pulled on stocks worldwide.
After the futures close-out the domestic bourse briefly firmed, but later gave up these gains and fell thanks to disappointing economic data from the US, said Kevin Algeo, portfolio manager at Imara SP Reid. The JSE will be closed for the public holiday on Thursday.
Source: FIN24
June 14, 2011--The JSE ended slightly firmer on Tuesday, but it underperformed its US and European counterparts despite positive economic data.
Resources, including Exxaro Resources [JSE:EXX], were big market-movers today, said Andrew Todd, an equity derivatives trader at Imara SP Reid, noting that futures-related activity dominated action on the local exchange. The futures close-out occurs on Wednesday.
Source: FIN24
June 14, 2011--South African bonds were slightly weaker in late trade on Tuesday, which a Cape Town-based trader said was on the back of a higher than expected US producer price index (PPI) figure.
"We're basically a bit weaker on the US PPI figure. The US equity market is looking stronger and the bonds are up - the US 10-year is at 306 from 301 this morning. The rand hasn't done much today; it's been stuck in a range," she said.
Source: FIN24
June 14, 2011--South African bonds were slightly weaker in late trade on Tuesday, which a Cape Town-based trader said was on the back of a higher than expected US producer price index (PPI) figure.
"We're basically a bit weaker on the US PPI figure. The US equity market is looking stronger and the bonds are up - the US 10-year is at 306 from 301 this morning. The rand hasn't done much today; it's been stuck in a range," she said.
Source: FIN24
June 14, 2011--The South African Reserve Bank will continue to accumulate foreign reserves to tame the strength of the rand despite running up a financial loss over the last year, Governor Gill Marcus said on Tuesday.
"The reserve bank is not for profit. We take decisions in the interest of the country and the exchange rate is important in terms of its impact," Marcus said, adding that the bank did not target a specific level for the rand.
Source: FIN24
June 13, 2011--South African bonds remained in weak territory during late trade on Monday, largely on the back of the softer local currency. A trader noted that the market was quiet and volumes were thin.
By 15:50, the benchmark R157 bond was trading at 7.490% from its previous close of 7.470%. The R207 was bid at 8.305% and offered at 8.275% from 8.275% and the R186 was trading at 8.520% and offered at 8.505% from 8.495%.
Source: FIN24
June 13, 2011-- The JSE erased earlier losses before closing flat on Monday, with bargain-hunting and global corporate deals failing to calm investors, who remained concerned about the worsening global economic prospects.
The big sell-off in equities last week saw key indices globally, including the JSE all-share index, break through technical support levels, said Kevin Algeo, portfolio manager at Imara SP Reid. Stability has returned and investors are looking for bargains, Algeo said.
Source: FIN24
June 10, 2011--South African stocks slid more than 1% on Friday, dragged down by resource firms such as platinum producer Lonmin [JSE:LON], and the rand was also weaker against the dollar mainly on global risk aversion.
The JSE Top-40 index of blue chips fell 1.76% to hovering near the key support level of 28 000 which it has failed to breach three times since mid-March. The All-Share [JSE:J203] index lost 1.49%.
Source: SEC.gov
June 10, 2011-- South African bonds were up to six basis points weaker in quiet late trade on Friday, as the weaker rand continued to weigh on the market. Traders noted that trade had been very thin and there was not much in the way of news to offer fresh direction.
By 15:50, the benchmark R157 bond was trading at 7.435% from its previous close of 7.410%. The R207 was bid at 8.245% and offered at 8.240% from 8.185% and the R186 was trading at 8.480% and offered at 8.465% from 8.420%.
