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Bonds maintain firm bias in late trade
May 27, 2011--South African bonds remained firm but were off the day's best levels in late trade on Friday, as the strong rand continued to buoy the local market.
By 15:45, the benchmark R157 bond was trading at 7.460% from its previous close of 7.500%. The R207 was bid at 8.225% and offered at 8.205% from 8.250% and the R186 was trading at 8.435% and offered at 8.445% from 8.490%.
The rand was bid at 6.9009 against the dollar from 6.9576 late on Thursday.
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Source: FIN24
JSE buoyed by global sentiment
May 27, 2011-- The JSE ended more than 400 points to the good on Friday, buoyed by global sentiment, while a weaker dollar boosted commodity stocks.
By 17:00 local time, the JSE All Share [JSE:J203] index was up 1.26%, with resources rising 1.21%, platinum miners gaining 1.34% and gold miners firming 0.89%. Banks added 1.16%, financials were 1.03% higher and industrials lifted 1.40%.
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Source: FIN24
Rand regains strength after soft week
April 27, 2011--The rand firmed against the dollar on Friday and bonds gained as foreigners snapped up local debt after a central banker said inflation pressures may have abated to some extent.
Foreign investors have been buying bonds in the past week in the wake of softer-than-expected consumer inflation and producer inflation data that suggested the beginning of monetary tightening may be pushed back into 2012.
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Source: FIN24
SA eyes robust first-quarter growth: BER
May 27, 2011--The economy is likely to have grown by 4.3% in the first quarter of 2011, from 4.4% in the fourth quarter of 2010, Hugo Pienaar, senior economist at the Bureau for Economic Research (BER), said on Friday.
Stats SA will release the first-quarter gross domestic product (GDP) figures next week.
"There's robust growth expected for the early stages of this year. But the growth that we are seeing is pretty unbalanced at this stage," Pienaar said.
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Source: FIN24
JSE tracking positive world stocks
May 26, 2011--- The JSE rose at the opening bell on Thursday, taking its cue from generally stronger world equities.
Resources were early leaders thanks to the weaker rand and firmer commodities, a trader said.
By 09:13 local time, the JSE All Share [JSE:J203] index was up 0.46%, with resources rising 0.73%, platinum miners adding 0.36% and gold miners gaining 0.76%. Banks also firmed 0.48%, financials were 0.30% higher and industrials inched up 0.37%.
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Source: FIN24
Bonds stay firm on rand
May 26, 2011-- South African yields were firmer in late trade on Thursday, mainly due to the local currency. A local trader said the better than expected producer price index (PPI) print had been supportive for bonds.
SA's PPI registered growth of 6.6% year on year (y/y) in April from 7.3%% y/y in March, Statistics SA data on Thursday showed.
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Source: FIN24
As Millions Mark Africa Day, World Bank Vice President Points Investors to Africa’s ‘Endless Possibilities’
May 25, 2011-- Africa offers endless possibilities to investors, the World Bank said Wednesday.
"Investors going into Africa today are taking advantage of the continent’s endless possibilities," World Bank Vice President for the Africa Region Obiageli Ezekwesili told investors and African ambassadors accredited to the United States in a speech delivered as part of celebrations marking Africa Day.
Observed each year on May 25, the day commemorates the founding in 1963 of the Organization of African Unity, the forerunner organization of the African Union.
Ms Ezekwesili noted that at a time of major global economic turmoil when even rich economies need bailouts, debt buy-backs and IMF funding to stay afloat, Africa is poised to rise as one of the world’s most important growth poles in a multi-polar world.
Africa has rebounded from the global financial and economic crisis, posting GDP growth of 4.5 percent last year. The continent’s GDP is expected to reach 5.1 percent and 5.8 percent in 2011 and 2012 respectively.
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Source: World Bank
Bonds tag weaker rand
May 25, 2011--South African bonds weakened further in late trade on Thursday as they continued to track a weaker rand.
By 15:50, the benchmark R157 bond was trading at 7.565% from its previous close of 7.540%. The R207 was bid at 8.330% and offered at 8.305% from 8.290% and the R186 was bid at 8.545% and offered at 8.525% from 8.490%.
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Source: FIN24
Choppy JSE picks up modest gains
May 25, 2011-- The JSE finished modestly firmer on Wednesday after a choppy session that saw robust mining counters offset falling industrial and financial stocks.
Global equities, which were also slightly higher, helped to boost market sentiments, an equity derivatives dealer said, adding that trading was lacklustre and choppy.
By 17:00 local time, the JSE All Share [JSE:J203] index had risen 0.20%, with resources firming 1.15%, platinum miners jumping 2.40% and gold miners adding 0.65%. However, banks lost 1.23%, financials fell 0.41% and industrials shed 0.37%.
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Source: FIN24
Bruised rand pares back losses
May 25, 2011-- The rand hit a 10-week low on Wednesday but then made up ground as power producer Eskom denied rumours of imminent power outages that had hit the currency.
The rand hit a session low of R7.0748/$, its weakest since March 18, partly as rumours spread that there would be wide power outages, which Eskom denied.
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Source: FIN24
