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Bonds treading water ahead of CPI
February 15, 2011--South African bonds were a touch firmer in late trade on Tuesday after a relatively well-bid auction earlier in the day. A local trader said the market was treading water ahead of key CPI (consumer price index) figures, which are due to be released on Wednesday.
By 15:50, the benchmark R157 bond was trading at 7.800% from its previous close of 7.805%, while the R207 was trading at its previous close of 8.480%. The R186 was bid at 8.655% from its previous close of 8.660%.
The rand was bid at 7.2899 to the dollar from its previous close of 7.2708.
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Source: FIN24
Poor economic data weigh on JSE
February 15, 2011--The JSE posted modest losses on Tuesday as global sentiments dampened the mood.
Globally, disappointing economic data from the US retail sales, China's inflation data and euro-zone gross domestic product figures were the main reasons for a mild sell-off on the local exchange, said Kevin Algeo, portfolio manager at Imara SP Reid.
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Source: FIN24
Bonds stay firm on improved sentiment
February 14, 2011-- South African bonds were firm in late trade on Monday, largely on the back of improved global risk sentiment following the resignation of Egypt's president, Hosni Mubarak last Friday.
By 15:50, the benchmark R157 bond was trading at 7.800% from its previous close of 7.830%, while the R207 was trading at 8.430% from its previous close of 8.485%. The R186 was trading at 8.650% from 8.675%.
The rand was bid at 7.2737 to the dollar from its previous close of 7.2660.
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Source: AME Info
JSE firmer after hitting record
February 14, 2011--The JSE closed slightly firmer on Monday, pulling back a bit after reaching a record high earlier in the day.
Andrew Todd, a derivatives trader, said the local market experienced a "bout of short covering", which pushed the market to record highs.
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Source: FIN24
Bonds follow rand weaker
February 11, 2011-- South African bonds drifted weaker in quiet late trade on Friday as a softer rand weighed on the bond market.
The rand has weakened on the back of a strong dollar and a sell-off in emerging market equities.
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Source: FIN24
JSE rebounds as miners take lead
February 11, 2011--The JSE rallied on Friday, ending the week on a positive note as platinum stocks led the local bourse higher.
Softer global stock markets failed to dampen the upbeat spirit.
The weak rand provided support to the mining counters, Kevin Algeo, portfolio manager at Imara SP Reid, said. The local currency hit the lowest point in nearly six months against the dollar on the back of geopolitical
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Source: FIN24
Africa Holds Potential to Lead Global Growth in Next Two Decades
February 9, 2011--Following the global financial crisis, African economies quickly rebounded, giving the continent the opportunity to become a global growth pole in a mulitpolar world, the World Bank said. To do this, African countries need to sustain macroeconomic reforms and implement business friendly policies that are indispensable for attracting investors
“African governments must walk the talk of reform,” said World Bank Vice President for the Africa Region Obiageli Ezekwesili in an interview with the BBC on the sidelines of the 16th Session of the African Union summit.
“They must also ensure that the macroeconomic stability attained over the past decade does not unravel,” Ezekwesili added. “The continent must ensure that current improvements in the business and policy environment continue and that reforms in the energy, agriculture, tourism, infrastructure and basic service delivery sectors are sustained.”
Africa, she explained, has the potential to be a growth pole for many sectors. Agriculture, tourism, real estate, financial and banking services, and transport can all replicate the enormous success of Africa’s Information and Communication Technologies (ICT) revolution.
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Source: World Bank
Bonds remain a touch weaker on rand
February 10, 2011-- South African bonds remained slightly weaker in late trade on Thursday, taking their cue from a weaker local currency
By 15:50, the benchmark R157 bond was trading at 7.830% from its previous close of 7.815%, while the R207 was bid at 8.495% from its previous close of 8.465%. The R186 was bid at 8.680% from 8.630%.
The rand was bid at 7.2783 to the dollar from its previous close of 7.1995.
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SOurce: FIN24
JSE ends lower as yields rise
February 10, 2011--The JSE pared some earlier steep losses but still closed weaker on Thursday as investors appeared to be switching to bonds from equities. Also adding selling pressure to shares was global investors reducing their exposure to emerging markets.
The volatile trade, which saw the benchmark index drop more than 250 points, mirrored sour global sentiments, with international stocks generally wobbly. This index was down 1.14%, or 372.26 points, at noon.
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Source: FIN24
Shock as factory output stalls
February 10, 2011--Growth in South Africa’s manufacturing output slowed sharply to 0.2% year-on-year (y/y) in volume terms in December compared with a 4.6% increase in November, Statistics South Africa said on Thursday.
A Reuters poll on Monday predicted a y/y increase of 4.1% in December output.
Compared with November, factory production in volume terms fell by a seasonally adjusted 0.2% in December.
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Source: FIN24