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Africa set to be investment capital
May 20, 2011--Resource-rich Africa is set to be the world's next investment destination thanks to an array of reforms sweeping across many previously troubled countries, a former Nigerian leader said on Wednesday.
Olusegun Obasanjo, in office in Nigeria for eight years until 2007, said that after many years of stagnation the continent's economies saw a sharp growth in the past decade. Real GDP increased by 5.2% annually, compared with 2.3% in the 1990s.
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Source: FIN24
JSE weakens on Greek rating cuts
May 20, 2011--News of a downgrade in Greece's foreign and local-currency ratings led global stocks and the JSE weaker on Friday afternoon. The local bourse ended the week 124 points weaker.
By 17:00 local time, the JSE All Share [JSE:J203] index was off 0.39%, with banks falling 0.78%, resources 0.70% lower, and financials off 0.35%. Gold miners shed 0.30%, while industrials gave up 0.12%. Platinum miners were flat (-0.06%).
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Source: FIN24
Bonds mixed in late trade
May 20, 2011--South African bonds painted a mixed picture in late trade on Friday.
The longer end was firmer on the back of a bout of offshore buying, while the benchmark R157 was slightly weaker in line with the local currency.
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Source: FIN24
Bonds buoyed by strong rand
May 19, 2011-- South African bonds were up to 11 basis points firmer in late trade on Thursday, which a trader attributed to the strong local currency.
By 15:45, the benchmark R157 bond was trading at 7.545% from its previous close of 7.640%. The R207 was bid at 8.315% and offered at 8.295% from 8.400% and the R186 was trading at 8.505% and offered at 8.500% from 8.615%.
The rand was bid at 6.8559 to the dollar from its previous close of 6.9019.
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Source: FIN24
Dollar eases from three-week high
May 19, 2011--The dollar eased against the yen in Asia on Thursday after hitting its highest levels in three weeks as Japanese exporters sold the greenback, dealers said.It bought ¥81.66 in Tokyo afternoon trade, after topping ¥81.80 earlier in the day. The US unit traded at ¥81.64 in New York late on Wednesday.
The dollar lost ground due to selling by Japanese exporters, a senior dealer at a major Japanese bank told Dow Jones Newswires
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Source: FIN24
Bonds maintain firmer tone
May 17, 2011-- South African bonds remained firm in late trade on Tuesday, on the back of a lower than expected consumer price index (CPI) figure and a "good" government auction earlier in the day.
By 15:55, the benchmark R157 bond was trading at 7.665% from its previous close of 7.720%. The R207 was bid at 8.435% and offered at 8.405% from 8.470% and the R186 was trading at 8.620% from 8.695%.
The rand was bid at 6.9954 to the dollar from its previous close of 6.9779.
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Source: FIN24
JSE tumbles on bleak global news
May 17, 2011--The JSE ended weaker on Tuesday as the pullback in commodity prices, questions over global economic growth and lingering concerns over euro-zone debt revived fears among investors around the world. The local bourse will be closed on Wednesday due to the local government elections.
Commodities, especially gold and platinum, weakened and dragged mining stocks along, a stock broker said.
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Source: FIN24
Weaker rand weighs on bonds
May 16, 2011--South African bonds were weaker in midday trade on Monday, mainly in line with the weaker rand.
By 11:55, the benchmark R157 bond was trading at 7.735% from 7.720% at the previous close. The R207 was bid at 8.505% and offered at 8.475% from 8.470%. The R186 was trading at 8.735% and offered at 8.720% from its previous close of 8.670%.
The rand was bid at 7.0036 to the dollar from its previous close of 7.0154.
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Source: FIN24
Defiant JSE on comeback trail
May 16, 2011--The JSE erased all the day's losses and ended firmer on Monday, with a modestly weaker dollar, slightly stronger commodities and upbeat earnings boding well for the local bourse. The domestic exchange defied most of its global counterparts.
There were continued concerns over the Greek debt crisis and the arrest of International Monetary Fund (IMF) chief Dominique Strauss-Kahn, said Kevin Algeo, portfolio manager at Imara SP Reid.
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Source: FIN24
Bonds track rand weaker
May 13, 2011--South African bonds lost up to nine basis points in late trade on Friday after a sharp weakening in the rand owing to a spike in demand for the dollar.
The dollar lost some ground after US CPI came in in line with expectations.
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Source: FIN24
