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Futures close-out boosts JSE
December 15, 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
Business optimistic on 2011 outlook
December 15, 2010--Business Unity SA (Busa) president Futhi Mtoba said on Wednesday the group was "cautiously optimistic" about the economic and business outlook for 2011.
However, Mtoba said that while economic recovery in 2010 has been mild, 2011's prospects seem brighter.
Analysts are already warning that although growth will edge up in 2011, employment could remain subdued and unemployment was likely to remain at 25.3% for some time.
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Source: FIN24
Carbon tax could hurt business, consumers
December 15, 2010--South Africa is likely to phase-in a carbon tax on fossil fuel inputs as part of new measures to curb carbon dioxide emissions, the national treasury said, in a move that may hit company profits and hurt consumers.
Africa's biggest economy, also the continent's worst polluter, is considering three carbon tax options as it moves to reduce CO² discharges by 34% over the next decade.
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Source: FIN24
Nigeria would like to see Turkey as energy investor
December 14, 2010--Nigeria's minister of state for power has invited Turkey to invest in Nigeria's energy sector to address its energy shortage despite the fact Nigeria is the world's eighth largest oil exporter
Nuhu Somo Wya, Nigeria's state minister of state for power, briefed Turkish State Minister Zafer Ça?layan on the energy situation in Nigeria on Tuesday and emphasized that the country needs Turkey's expertise in the field of electricity production.
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Source: Todays Zaman
Bonds firm in quiet late trade
December 14, 2010--South African bonds remained firm in quiet late trade on Tuesday after a tepid auction and higher than expected CPI figure.
By 15:45 the benchmark R157 bond was at 7.370% from its previous close of 7.405%, while the R207 was bid at 8.215% and offered at 8.185% from 8.235% at its previous close. The R186 was bid at 8.380% and offered at 8.350% after closing at 8.430.
The rand was bid at 6.8152 to the dollar from its previous close of 6.8159.
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Source: FIN24
Gold stocks support JSE at close
December 14, 2010--The JSE closed in positive territory on Tuesday as commodity stocks shone on the back of a softer US dollar.
At 17:00, the JSE all share index was 0.32% higher, with gold miners climbing 1.49%. Both banks and financials advanced 0.59%.
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Source: Fin24
Treasury eases exchange controls
December 14, 2010--South Africa has eased exchange controls further to allow local institutional investors to invest more assets abroad, the National Treasury said.
In a statement late on Monday, the Treasury said it had raised the limit on the amount institutional investors can take offshore by 5 percentage points.
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Source: FIN24
Bonds remain weak on US
December 13, 2010--South African bonds remained weak in late trade on Monday, as recent gains in US Treasury yields continued to weigh on the local market.
By 15:45 the benchmark R157 bond was at 7.405% from its previous close of 7.365%, while the R207 was bid at 8.250% and offered at 8.220% from 8.195% at its previous close. The R186 was bid at 8.445% and offered at 8.415% after closing at 8.390.
The rand was bid at 6.8312 to the dollar from its previous close of 6.8340.
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Source: FIN24
JSE firmer thanks to mine stocks
December 13, 2010--The JSE closed slightly firmer on Monday, as mining stocks, especially gold counters, lent support to the domestic market. But bank, financial and industrial indices fell, weighing on the local bourse.
Higher commodity prices offered support to local resources shares, Kevin Algeo, portfolio manager at Imara SP Reid, said.
However, the rand strengthened on the back of weaker dollar, limiting gains in mining stocks.
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Source: FIN24
Weaker rand no silver bullet: Analysts
December 13, 2010--Economic Development Minister Ebrahim Patel's plan to weaken the rand by cutting interest rates is unlikely to gain support in government and would not increase the country's competitiveness.
His proposals on the rand are at odds with the policy articulated by both the central bank and the Finance Ministry and raise old questions over who exactly is driving policy.
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Source: FIN24
