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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
Bonds mostly firmer in late trade
February 9, 2011--South African bonds were mostly firmer in late trade on Wednesday. But a local trader said the curve had steepened after the auction announcement in which the National Treasury said it would auction 500 million rand worth of R203 bonds and 1.6 billion rand worth of R186 bonds at its weekly auction on February 15.
By 15:50, the benchmark R157 bond was trading at 7.450% from its previous close of 7.850%, while the R207 was bid at 8.490% from its previous close of 8.500%. The R186 was trading at 8.680% from 8.640%.
The rand was bid at 7.2053 to the dollar from its previous close of 7.1704.
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Source: FIN24
JSE weaker amid profit-taking
February 9, 2011--The JSE gave up the day's gains and ended weaker on Wednesday as investors took profits of the table after a strong run in the past few sessions.
At its close, the JSE all share index was down 0.34%, with gold counters 0.21% lower and platinum miners giving up 0.46%. Resources, meanwhile, fell 0.47%.
Banks dropped 0.13%, financials were unchanged and industrials lost 0.35%.
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Source: FIN24
Japan plans to invest billions in Africa
February 9, 2011--Japan is keen to invest "billions of dollars" in minerals and infrastructure in Africa, trying to catch up to regional rival China for influence on the continent, a Japanese trade official said on Tuesday.
Yoshikatsu Nakayama, vice minister of economy, trade and industry, said Japan was scouting for projects in which to invest, either via its state-owned oil and mining company JOGMEC or via joint ventures between local and Japanese companies.
China has spent billions of dollars on projects in Africa, trying to secure the resources it needs to fuel its quickly accelerating economy.
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Source: Miningmx
Bonds stay firm in quiet late trade
February 8, 2011-- South African bonds were firm in quiet late trade on Tuesday. A local trader said the market had been tracking the currency throughout the session.
By 15:50, the benchmark R157 bond was trading at 7.850% from its previous close of 7.885%, while the R207 was bid at 8.520% from its previous close of 8.555%. The R186 was bid at 8.665% from 8.670%.
The rand was bid at 7.2165 to the dollar from its previous close of 7.2302.
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Source: FIN24
Flat JSE digests China rate move
February 8, 2011-- The JSE ended flat on Tuesday,failing to keep earlier gains as investors reacted negatively to plans of another interest rate hike in China.
Wall Street and Asian stock exchanges had yet to digest the latest round of Chinese monetary tightening, a portfolio manager said.
At its close, the JSE all share index was unchanged, with gold counters rising 0.89% and platinum miners gaining 0.93%. But resources fell 0.16%
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Source: FIN24
Bonds firmer in quiet trade
February 7, 2011--South African bond yields were firmer in quiet late trade on Monday on the back of local and foreign investor interest.
By 15:30, the benchmark R157 bond was trading at 7.850% from its previous close of 7.910%, while the R207 was trading at 8.550% from its previous close of 8.585%. The R186 was bid at 8.685% from 8.690%.
The rand was bid at 7.2616 to the dollar from its previous close of 7.2351.
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Source: FIN24
Profit-taking sinks JSE
February 7, 2011--The JSE gave up the day's gains and ended weaker on Monday as local investors brushed aside a flurry of bullish corporate activities in the US and banked profits instead.
The local market was under pressure on the back of profit-taking, Kevin Algeo, portfolio manager at Imara SP Reid, said. If one excluded Anglo American [JSE:AGL], BHP Billiton [JSE:BIL] and Richemont [JSE:CFR], the rest of the stocks looked softer, Algeo said.
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Source: FIN24
Bonds mostly weaker on rand
February 4, 2011--South African bonds were mostly weaker in late trade on Friday on the back of a softer local currency. The longer-dated R186 was slightly firm on local buying interest.
By 15:50, the benchmark R157 bond was trading at 7.930% from its previous close of 7.885%, while the R207 was trading at 8.640% from its previous close of 8.580%. The R186 was trading at 8.690% from 8.700%.
The rand was bid at 7.2713 to the dollar from its previous close of 7.2355.
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Source: FIN24
