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Sarb index shows SA growth on track
December 22, 2010--South Africa's leading economic indicator rose 11.5% year-on-year in October from a 16.3% increase recorded in September, according to South African Reserve Bank (Sarb) data released on Wednesday.
The seasonally adjusted leading economic indicator provides a guideline for economic growth for at least six months ahead.
The latest increase takes the indicator to an index level of 129.8 which, on a trend basis, is higher than the 121.8 index level in December 2009.
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Source: FIN24
Bonds remain firm in quiet trade
December 21, 2010-South African bonds were firmer in quiet late trade on Tuesday, on the back of a stronger rand. A local trader said that volumes were thin and many players were away, so the market would remain quiet for the remainder of the week.
By 15:45 the benchmark R157 bond was at 7.390% from its previous close of 7.410%, while the R207 was bid at 8.210% from 8.230% at its previous close. The R186 was bid at 8.375% after closing at 8.400%.
The rand was bid at 6.8055 to the dollar from its previous close of 6.8395.
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Source: FIN24
Commodities shore up JSE
December 21, 2010-- The JSE closed firmly in positive territory on Tuesday, as robust commodity prices provided support, lifting resources and platinum counters. This performance mirrored that of global equities, which were broadly firmer.
Local gold stocks came under pressure as there was no risk-aversion, with tensions on the Korean peninsula beginning to cool, Kevin Algeo, portfolio manager at Imara SP Reid, said.
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Source: FIN24
Bonds steady on firm rand
December 20, 2010--South African bonds were firm in quiet late trade on Monday, on the back of a firmer local currency. This week is expected to be quiet, as many players are away for the summer holidays.
By 15:45 the benchmark R157 bond was at 7.420% from its previous close of 7.430%, while the R207 was bid at 8.245% from 8.250% at its previous close. The R186 was bid at 8.415% after closing at 8.425%.
The rand was bid at 6.8862 to the dollar from its previous close of 6.8250.
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Source: FIN24
Miners, European gains boost JSE
December 20, 2010--- The JSE ended firmer in quiet trade on Monday, led higher by mining counters, especially platinum stocks.
The local market also got a boost from positive European equities, Andrew Todd, equity derivatives trader at Imara SP Reid, said.
At 17:00, the JSE all share index was 0.32% higher, with platinum stocks jumping 2.28%, gold miners rising 0.78% and resources adding 0.62%.
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Source: FIN24
Shorter dated bonds stay tad firmer
December 17, 2010--South African shorter dated bonds remained slightly firmer in late trade on Friday, with little in the way of news to give the market any significant direction.
By 15:45 the benchmark R157 bond was at 7.430% from its previous close of 7.440%, while the R207 was bid at 8.265% from 8.260% at its previous close. The R186 was bid at 8.440% after closing at 8.435%.
The rand was bid at 6.8342 to the dollar from its previous close of 6.8238.
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Source: FIN24
JSE slightly lower as gold weighs
December 17, 2010-- The JSE ended slightly weaker on Friday, with gold stocks weighing heavily on the overall domestic stock exchange. The gold index plunged 4% following a drop in the price of yellow metal.
Gold stocks have had a hard run in the past couple of days, according to Andrew Todd, an equity derivatives trader at Imara SP Reid.
At 17:00, the JSE all share index was 0.23% lower, with gold miners slumping 4.00%, platinum stocks falling 0.49% and resources down 0.61%. Banks fell by a slight 0.15%, while both financials (-0.05%) and industrials (0.06%) hardly moved.
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Source: FIN24
Nigeria spending raises instability fears
December 16, 2010--Heavy election-season spending in Nigeria risks exposing sub-Saharan Africa’s biggest oil producer to economic instability and potentially a currency shock, senior officials and bankers have warned, as fears mount over the rapid depletion of foreign reserves
Successive governments have all but emptied Nigeria’s oil savings account, dragging down hard currency reserves and leaving the central bank ever less room to manoeuvre as it seeks to keep the naira at 150 to the dollar.
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Source: FT.com
Bonds stay weak, but off worst levels
December 16, 2010--South African bonds remained weak but were off the session's worst levels in late on Wednesday. A local trader said that the market was very thin.
By 15:58 the benchmark R157 bond was at 7.440% from its previous close of 7.370%, while the R207 was bid at 8.280% from 8.195% at its previous close. The R186 was bid at 8.450% after closing at 8.365%.
The rand was bid at 6.7906 to the dollar from its previous close of 6.8156.
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Source: AME Info
Futures close-out boosts JSE
December 16, 2010--- The JSE closed slightly firmer on Wednesday despite renewed worries over the euro zone debt crisis, with a futures close-out today propping up local equities. But, global bourses were generally weaker following the threat of downgrade of Spanish debt.
Banks climbed nearly 2% after RMB Holdings [JSE:RMH] on Wednesday announced a far-reaching restructuring of its banking and insurance interests, Andrew Todd, an equity derivatives trader at Imara SP Reid, said.
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Source: FIN24
