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Euro plunges ahead of eurozone meeting
December 6, 2010--The euro slumped against the dollar Monday on concerns that the Irish debt crisis will spread, amid a bond rating downgrade for Hungary, as eurozone finance ministers braced for a crucial gathering.
In morning trade, the European single currency nosedived to $1.3277 from $1.3415 in New York late on Friday.
Against the Japanese currency, the dollar rose to ¥82.71 from ¥82.58 yen on Friday.
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Source: FIN24
SA to subsidise green energy
December 6, 2010--South Africa will start a much-delayed plan to buy electricity from green energy plants next year under a new subsidies programme to help boost private investment in renewable power, a senior official said on Monday.
South Africa is struggling to meet fast rising demand for power. State-owned utility Eskom said supply would remain tight until 2015, and especially over the next two years, until its two new power plants come on stream.
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Source: FIN24
Bonds firm ahead of weekend
December 3, 2010--South African bonds were up to 8 basis points firmer in late trade on Friday on the back of a strong rand and weaker-than-expected US non-farm payroll data.
By 15:55 the benchmark R157 bond was at 7.320% from its previous close of 7.400%, while the R207 was bid at 8.145% and offered at 8.115% from 8.220% at its previous close. The R186 was bid at 8.335% and offered at 8.305% after closing at 8.390%.
The rand was bid at 6.8896 to the dollar from its previous close of 6.9006.
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Source: FIN24
Commodity prices lift JSE
December 3, 2010-The JSE ended in the black on Friday, boosted by stronger commodity prices which firmed as the dollar weakened after non-farm payroll figures in the US came in worse than expected
At 17:00, the JSE all share index was up 0.74%, with platinum miners surging 2%, and gold miners adding 1.09%. Resources gained 1.04%, while industrials added 0.67%. Banks were 0.49% higher, and financials rose 0.28%.
The rand was bid at 6.87 to the dollar from 6.96 at the JSE's close on Thursday. Gold was quoted at US$1 403.12 a troy ounce from US$1 388.95/oz at the JSE's previous close, while platinum was at $1 722/oz from $1 710/oz before.
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Source: FIN24
Bonds weaker on US data
December 2, 2010--South African bonds were weaker in late trade on Thursday on the back of worse than expected US Jobless Claims data.
Initial unemployment claims climbed by 26 000 to 436 000 in the week ended November 27, the US Labour Department said Thursday in its weekly report.
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Source: FIN24
Mining stocks lead JSE rally
December 2, 2010--The JSE posted solid gains again on Thursday in tandem with rising global equities, with mining stocks leading the rally after receiving a boost from the European Central Bank's announcement.
The ECB reassured on Thursday that it would not withdraw liquidity from the system, providing some certainty to the markets that is wary of the debt crisis in the euro zone, an equity derivatives dealer said.
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Source: FIN24
Factory activity gains momentum
December 2, 2010--The Bureau for Economic Research's (BER's) manufacturing survey showed that confidence in the sector increased by 11 index points to 41 in the fourth quarter of the year.
However, the BER's analysts cautioned that this did not detract from the fact that profitability in the sector "remained under considerable pressure".
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Source: FIN24
Bonds buoyed by strong rand
December 1, 2010-- South African bonds were up to 8 basis points firmer in midday trade on Wednesday on the back of a firm rand.
By 11:55 the benchmark R157 bond was at 7.380% from its previous close of 7.460%, while the R207 was bid at 8.240% and offered at 8.210% from 8.310% at its previous close. The R186 was bid at 8.395% and offered at 8.365% after closing at 8.430%.
The rand was bid at 7.0297 to the dollar from its previous close of 7.0928.
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Source: FIN 24
JSE bounces back
December 1, 2010--The JSE rebounded in the morning trade on Wednesday following a sell-off over the past few sessions, but investors remain cautious on lingering fears of contagion from the European debt crisis.
Local mining counters rallied amid bargain hunting and recovery in commodity prices, a trader said.
By 09:22 local time the JSE all share index was up 0.87%, with platinum miners rising 1.21%, resources gaining 1.21% and gold miners picking up 1.55%. Financials added 0.62%, banks were up 0.82%, and industrials gained 0.66%.
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Source: FIN24
Bonds follow rand firmer
December 1, 2010--- South African bonds were firmer in quiet early trade on Wednesday on the back of a firmer local currency.
By 08:55 the benchmark R157 bond was at 7.704% from its previous close of 7.460%, while the R207 was bid at 8.260% and offered at 8.230% from 8.310% 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 7.0769 to the dollar from its previous close of 7.0928.
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Source: FIN24
