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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
Bond market still glum on US
December 8, 2010-- South African bonds were up to 15 basis points weaker in late trade on Wednesday, after a sharp sell-off in US government bonds continued to weigh on the local market.
By 15:45 the benchmark R157 bond was at 7.470% from its previous close of 7.315%, while the R207 was bid at 8.325% and offered at 8.295% from 8.140% at its previous close. The R186 was bid at 8.460% and offered at 8.475% after closing at 8.345%.
The rand was bid at 6.9044 to the dollar from its previous close of 6.8986.
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Source: FIN24
JSE ends flat amid investor buying
December 8, 2010--The JSE closed out the day flat on Wednesday amid investor buying back into the market.
The local bourse had opened the day 200 points lower amid profit taking, however, volumes remained fairly thin throughout the course of the day, a trader noted.
At 17:00, the JSE all share index ended flat with resources losing 0.52% and gold miners fell 0.93%. Platinum miners however, added 0.13%.
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Source: FIN24
SA stocks to sizzle in 2011: Analysts
December 8, 2010-- South African blue-chip stocks are expected to continue their recent rally and add another 5% by mid-2011, buoyed by demand for dividends and commodity companies, a Reuters poll showed on Wednesday.
Johannesburg's Top40 index is expected to reach 29 600 by the middle of 2011, a poll of ten traders and analysts showed, compared with Tuesday's close of 28 317.92
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Source: FIN24
Rand can't be reined in soon: AbsaCap
December 7, 2010-Emerging market economies are likely to continue seeing "robust capital inflows" over the medium term, macro strategist at Absa Capital Jeff Schultz said on Tuesday.
The capital inflows are also likely to result in a further appreciation of the currencies in these markets.
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Source: FIN24
Bonds still mixed in quiet trade
December 7, 2010--South African longer-dated bonds were weaker in quiet late trade on Tuesday, on the back of a softer local currency, while the shorter end of the market remained slightly firmer after a relatively well-bid auction, earlier in the day.
By 15:45 the benchmark R157 bond was at 7.330% from its previous close of 7.335%, while the R207 was bid at 8.165% and offered at 8.135% from 8.145% at its previous close. The R186 was bid at 8.390% and offered at 8.340% after closing at 8.355%.
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Source: FIN24
Profit-taking trims gains on JSE
November 7, 2010--- The JSE trimmed some gains on Tuesday, ending slightly higher as profit taking set in following a strong run in the past few days. By contrast, global equities rose strongly.
Andrew Todd, equity derivatives trader at Imara SP Reid, the market had rallied around 1 700 points or 5.6% over the past five days. "This is why the market is coming off. It is not surprising to see money being taken off the table," Todd said.
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Source: FIN24
Quiet day as bonds go untraded
December 6, 2010-- South African bonds were untraded in quiet early trade on Monday, with no fresh news to give the market direction.
By 08:45 the benchmark R157 bond was at 7.325% from its previous close of 7.320%, while the R207 was bid at 8.135% and offered at 8.105% from 8.125% at its previous close. The R186 was bid at 8.335% and offered at 8.305% after closing at 8.320%.
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Source: FIN24
JSE rises as dollar lags
December 6, 2010--The JSE started well in morning trade on Monday amid a weaker US dollar, while commodity prices continued to surge with gold trading near record highs, while oil and platinum prices also boosted the local bourse according to a local dealer.
By 09:12 local time the JSE all share index added 0.47%, led by gold miners, 1.5% firmer with platinum miners rising 0.41%, and resources gained 0.89%. Banks improved 0.47%, financials added 0.12%, and industrials picked up 0.19%.
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Source: FIN24
Rand holds firm as it eyes euro
December 6, 2010--The rand remained strong in early trade on Monday, remaining below the R6.90 per dollar level as the euro, although off its best levels, remained firm against the US dollar.
At 08:32 local time the rand was bid at R6.8413 from R6.8475 at its previous close. It was bid at R9.1573 to the euro from R9.1970 before and at R10.7857 against sterling from R10.7951 at its previous close.
The euro was bid at $1.3363 from $1.3413.
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Source: FIN24
