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Bonds firm on rand, ignore MPC
March 24, 2011-- South African bonds were firmer in late trade on Thursday, mainly on the back of a stronger local currency. As largely expected the Monetary Policy Committee (MPC) kept the repo rate on hold at 5.5%.
By 15:50, the benchmark R157 bond was trading at 7.740% from its previous close of 7.790%, while the R207 was trading at 8.670% from its previous close of 8.640%. The R186 was bid at 8.895% from its previous close of 8.910%.
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Source: FIN24
Bargain-hunting props up JSE
March 23, 2011--The JSE was surprisingly strong at noon on Wednesday, with Anglo American [JSE:AGL] and BHP Billiton [JSE:BIL] leading the upside as they benefited from the broad-based bargain hunting.
"I did not expect the market to gain more than 1% today. It has surprised a lot of people," said Andrew Todd, an equity derivatives trader at Imara SP Reid, adding that the market expected a flat day.
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Source: FIN24
Bonds firm in late trade
March 23, 2011--South African bonds were up to five basis points firmer in late trade on Wednesday as market focus turned toward the Monetary Policy Committee (MPC) meeting and the expected decision on interest rates by Reserve Bank governor Gill Marcus due on Thursday.
By 15:50, the benchmark R157 bond was trading at 7.790% from its previous close of 7.830%, while the R207 was trading at 8.655% from its previous close of 8.710%. The R186 was trading at 8.880 from its previous close of 8.930%.
The rand was bid at 6.9101 to the dollar from its previous close of 6.9029
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Source: FIN24
Cairo bourse falls nearly 10% on reopening
March 23, 2011--Egypt's stock exchange on Wednesday plummetted nearly 10% after reopening for the first time since January 27 at the start of an uprising that brought down long-time president Hosni Mubarak.
The main EGX-30 index shed 560.87 points to be at 5 085.63 within little more than one minute of reopening, prompting officials to suspend trading for half an hour in line with emergency regulations.
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Source: FIN24
SA to join Bric mid-April
March 23, 2011--Heads of the world's leading emerging economies will gather in China in mid-April to discuss post-crisis financial reforms and mark the inclusion of South Africa as a member of the bloc.
Qu Xing, president of the government think tank China Institute of International Studies, said at a Wednesday briefing that China had invited South Africa to join the Bric group last year to make it "more representative."
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Source: FIN24
Sarb index shows growth on track
March 23, 2011-SA's leading economic indicator rose 5.5% year-on-year (y/y) in January from an 8.9% y/y increase in December, according to South African Reserve Bank (Sarb) data released on Wednesday.
The indicator provides a guideline for economic growth for at least six months ahead. It has shown a steady rise over the past year, indicating that SA's economic growth is on track.
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Source: FIN24
Resilient JSE gives up some gains
March 23, 2011-- The local bourse ended in positive territory with platinum, banking and industrial counters providing most of the support.
At its close, the JSE all-share index rose 0.62%, with platinum miners jumping 2.18%, industrials rising 1.41%, financials gaining 0.90% and banks picking up 1%. But resources lost 0.35% and gold counters shed 0.36%.
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Source: FIN24
JSE tests 30 000 level
March 21, 2011-Last week the JSE’s all-share index tested the important 30 000 support level.
The local market is however oversold in the short term at current levels following the sharp declines in global share markets in reaction to the Japanese earthquake and tsunami.
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Source: FIN24
JSE firmer on Japan, Libya news
March 18, 2011--The JSE stayed firmer at noon on Friday as the latest developments in Japan and Libya boosted investor confidence and lifted some uncertainty.
By 12:00 local time, the JSE all-share index was up 0.32%, with resources rising 0.62% and gold counters gaining 0.46%. But platinum miners were flat and so were industrials. Financials were up 0.26% and banks advanced 0.60%.
The rand was bid at 7.03 to the dollar from 7.04 at the JSE's close on Thursday. Gold was quoted at US$1 415.18 a troy ounce from US$1 404.19/oz at the JSE's previous close, while platinum was at $1 721.50/oz from $1 709.00/oz before.
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Source: FIN24
Bonds firm ahead of long weekend
March 18, 2011-- South African bonds were slightly firmer in late trade on Friday, mainly on the back of a stronger rand. A trader said it had been a very quiet day, without much activity. Local markets will be closed on Monday for the Human Rights Day public holiday.
By 15:50, the benchmark R157 bond was trading at 7.895% from its previous close of 7.900%, while the R207 was bid at 8.795% from its previous close of 8.795%. The R186 was bid at 8.985% from its previous close of 8.980%.
The rand was bid at 7.0228 to the dollar from its previous close of 7.0813.
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Source: FIN24
