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Bonds firm on auction, short covering
January 25, 2011--South African bond yields were firmer in late trade on Tuesday, on the back of a well-supported auction and a bout of short covering.
By 15:32, the benchmark R157 bond was trading at 7.740% from its previous close of 7.830%, while the R207 was trading at 8.490% from its previous close of 8.600%. The R186 was trading at 8.610% from 8.665%.
The rand was bid at 7.0545 to the dollar from its previous close of 6.9924.
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Source: FIN24
JSE drops on UK GDP data
January 25, 2011--The JSE ended in the red on Tuesday, tracking a weaker FTSE after data revealed that the UK's economy shrunk for the first time in more than a year in the fourth quarter of 2010.
At 17:00 local time, the JSE all share index dropped 0.67%, with resources 1.24% lower, platinum miners 2.03% off, while gold miners surrendered as much as 2.69%.
Financials wavered 0.40%, banks lost 0.09% and industrials dropped 0.22%.
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Source: FIN24
Bonds firm on institutional buying
January 24, 2011--South African bonds were up to seven basis points firmer in late trade on Monday, on the back of some institutional buying.<
By 15:34, the benchmark R157 bond was trading at 7.850% from its previous close of 7.870%, while the R207 was bid at 8.630% from its previous close of 8.680%. The R186 was bid at 8.695% from 8.770%.
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Source: FIN24
Platinum, resources lead JSE lower
January 24, 2011-- The JSE ended Monday in negative territory on the back of profit-taking. Platinum stocks and resources led the bourse down.
At 17:00 local time, the JSE all share index lost 0.84%, with platinum miners giving up 1.49%, and resources shedding 1.27%. Gold miners wavered 0.91%, while industrials shed 0.63%. Banks were 0.56% weaker and financials were down 0.39%.
The rand was trading at R7.02 to the dollar from R7.03 at the JSE's close on Friday. Gold was quoted at $1 343.82 a troy ounce from $1 344.09/oz at the JSE's previous close, while platinum was at $1 815.50/oz from $1 826.50/oz before.
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Source: FIN24
Demand proves strong for Nigerian bonds
January 21, 2011-Nigeria’s debut international bond issue saw strong demand from investors in spite of worries over its depleted oil savings.
The country, which has been at the centre of controversy over its fund to gather windfall oil revenues, sold $500m to investors.
Olusegun Aganga, Nigeria’s finance minister, said the issue was more than twice oversubscribed.
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Source: FT.com
Bonds weaken sharply in late trade
January 21, 2011-- South African bonds were up to 24 basis points weaker in late trade on Friday. A local trader said the market was "caught long and at the wrong level".
By 15:56, the benchmark R157 bond was trading at 7.870% from its previous close of 7.630%, while the R207 was bid at 8.685% from its previous close of 8.490%. The R186 was trading at 8.750% from 8.600%.
The rand was bid at 7.1028 to the dollar from its previous close of 7.0631.
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Source: FIN24
Rand slumps as Sarb shores up reserves
January 21, 2011--The rand continued to weaken against the US dollar in late afternoon trade on Friday as the unit battled to withstand reserve accumulation by the SA Reserve Bank (Sarb).
"It's reserve accumulation as well as portfolio outflows - and even though Eskom says it will repatriate the money from its bond issue, we suspect this will be directly absorbed at the Sarb, so it's likely to have limited influence in the spot market," said Michael Keenan, head of Forex Research at Standard Bank.
He said the rand had disengaged from the euro.
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Source: FIN24
JSE bounces back in choppy trade
January 21, 2011-- The JSE retained its composure in choppy trade on Friday, ending on a stronger note as resources led the recovery.
It looks like there is bargain-hunting following a sell-off, which saw the all share index drop 526.61 points on Thursday, an equity dealer said.
"This was overdone," he said of yesterday's sell-off.
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Source: FIN24
Rand slumps to new low
January 20, 2011--The rand weakened to a seven-week low against the dollar on Thursday, with dealers saying the central bank was in the market accumulating foreign exchange.
The unit was trading at R7.0830/$ in afternoon trade after hitting R7.09/$ its weakest since December 1. It closed on Wednesday in New York at R6.99/$.
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Source: FIN24
Bonds firm; unmoved by MPC statement
January 20, 2011--South African bonds remained firm but off the session's best levels in late trade on Thursday as local and foreign interest continued. A trader said SA Reserve Bank (Sarb) Governor Gill Marcus's statement was "fairly neutral".
The SARB's Monetary Policy Committee (MPC) decided on Thursday to leave the repo rate unchanged at 5.5% following a three-day meeting.
By 15:56, the benchmark R157 bond was trading at 7.610% from its previous close of 7.650%, while the R207 was bid at 8.490% from its previous close of 8.510%. The R186 was trading at 8.560% from 8.630%.
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Source: FIN24
