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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
Treasury raises offshore limits
December 13, 2010--The National Treasury said on Monday that it is upping the limit to the percentage amount that institutional investors can invest offshore by 5%.
The Treasury explained that this formed part of a package of measures to respond to surging portfolio inflows.
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Source: FIN24
Bonds follow rand firmer
December 10, 2010-- South African bonds were firm in late trade on Friday, on the back of a firm local currency.
By 15:45 the benchmark R157 bond was at 7.395% from its previous close of 7.440%, while the R207 was bid at 8.235% and offered at 8.205% from 8.280% at its previous close. The R186 was bid at 8.420% and offered at 8.390% after closing at 8.470.
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Source: FIN24
JSE drops, Zim hits platinum mines
December 10, 2010-- The JSE ended broadly weaker on Friday, with platinum counters taking a beating on reports that the Zimbabwean government plans to take 51% control of mining companies.
Impala Platinum Holdings [JSE:IMP] dropped over 2% on the news, Kevin Algeo, portfolio manager at Imara SP Reid, said.
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Source: FIN24
Bonds mostly flat in quiet trade
December 9, 2010-- South African bonds were mostly unchanged from their previous close in quiet late trade on Thursday amid thin trading volumes. The R186s were slightly weaker.
By 15:45 the benchmark R157 bond was at 7.470% from its previous close of 7.470%, while the R207 was bid at 8.310% and offered at 8.300% from 8.310% at its previous close. The R186 was bid at 8.515% and offered at 8.490% after closing at 8.495%.
The rand was bid at 6.8862 to the dollar from its previous close of 6.9027.
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Source: FIN24
Softer metal prices hit JSE
December 9, 2010--The JSE edged lower on Thursday, dragged down by softer commodity prices, which hit mining stocks. But Wall Street opened higher on Thursday after encouraging weekly jobs data.
Andrew Todd, an equity derivatives trader at Imara SP Reid, said Anglo American [JSE:AGL] , whose share price fell over 2%, weighed on the overall market. Todd said he was not sure why Anglo was dropping. Compagnie Richement added downward pressure on the market due mainly to profit-taking.
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Source: FIN24
Oil slides below $88 a barrel
December 8, 2010--Oil fell below $88 in Asian trade on Wednesday as traders took profits after prices reached two-year highs at the start of the week, analysts said.
New York's main contract, light sweet crude for January delivery, slid 95 cents to $87.74 a barrel in the afternoon while Brent North Sea crude for January fell $1.05 to $90.34.
"The weakness we've had yesterday and today is just a bit of profit-taking," said Ben Westmore, minerals and energy economist for the National Australia Bank in Melbourne.
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Source: FIN24
