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Robust JSE pays no heed to Europe
May 24, 2011--The JSE made a comeback before the close on Tuesday, despite lingering concerns over sovereign debt in Europe, as local investors scooped bargains and felt emboldened by their enthusiastic global counterparts.
While the euro-zone debt concerns remained, no further news perpetuated gloom over the European troubles, said Kevin Algeo, portfolio manager at Imara SP Reid.
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Source: FIN24
Weak rand forces bonds on back foot
May 23, 2011--A softer rand forced bonds onto the back foot on Monday, with the market down around four basis points on the day.
By 15:45, the benchmark R157 bond was trading at 7.590% from its previous close of 7.550%. The R207 was bid at 8.355% from 8.300% and the R186 was trading at 8.520% from 8.465%.
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Source: FIN24
JSE succumbs to euro-zone woes
May 23, 2011-- The JSE ended a volatile, gloomy session on Monday on a sharply lower note in trading dominated by renewed debt woes in Europe and worries over slowing Chinese growth. Stock markets worldwide fell in tandem.
"There is heightened risk-aversion, which has seen the rand weaken and industrial metals (in particular) fall," said Kevin Algeo, portfolio manager at Imara SP Reid.
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Source: FIN24
Risk aversion drags down rand
May 23, 2011--The rand fell 1.8% against the dollar to a week low on Monday, extending earlier losses as investors turned their backs on riskier holdings.
Government bonds were dragged weaker by the currency in a thin market that kept local dealers away at current levels.
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Source: FIN24
Treasury extends comments deadline
May 23, 2011-- The National Treasury called for comments on a draft financial sector policy document entitled A safer financial sector to serve South Africa better on Monday.
"Given the complexity of the proposed reforms, the National Treasury will be accepting comments on the document until June 30 2011,” it said.
Africa set to be investment capital read more
JSE weakens on Greek rating cuts read more
Bonds mixed in late trade read more
Bonds buoyed by strong rand
The rand was bid at 6.8559 to the dollar from its previous close of 6.9019.
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Dollar eases from three-week high read more
Source: FIN24
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.
Source: FIN24
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%).
Source: FIN24
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.
Source: FIN24
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%.
Source: FIN24
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
Source: FIN24
