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Bonds firmer on auction
November 30, 2010--South African bonds were up to 8 basis points firmer in late trade on Tuesday after a better than expected government bond auction earlier in the day.
The National Treasury received bids totalling R6.40bn for R1.3bn worth of R204s at a clearing yield of 8.320% and bids totalling R2.53bn for R800m worth of R213 bonds at a clearing yield of 8.580%.
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Source: FIN24
Contagion fears weigh on JSE
November 30, 2010--The JSE fell sharply on Tuesday, as fears of contagion from the European sovereign debt crisis continued, precipitating a sell-off on Wall Street in early trading as investors shied away from riskier assets. The strong dollar kept commodity prices on the back foot, indicating risk-aversion.
The selling has been broad-based, led by banking counters, which tumbled over 2%, an equity derivatives dealer said.
At 17:00, the JSE all share index was 1.46% weaker, with platinum counters shedding 1.40%, resources falling 1.26% and gold stocks declining 1.02%. Banks slumped 2.08%, financials lost 1.76% and industrials were down 1.53%.
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Source: FIN24
Rand is cruising for a bruising
November 29, 2010-- A six-month uptrend by the South African rand against the dollar may be ending, technical analysis suggests, with the rand showing signs of medium-term weakness against the dollar.
The dollar/rand, now at 7.16, broke above its downtrend line from May and its 50-day moving average against the dollar, now at 6.95, two weeks ago. Resistance on that average had been tested and held three times since July.
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Source: FIN24
Bonds weaker on rand
November 29, 2010- South African bonds were up to 10 basis points weaker in late trade on Monday on the back of a weaker rand.
By 15:55 the benchmark R157 bond was at 7.705% from 7.420% at the previous close, while the R207 was bid at 8.380% and offered at 8.360% from 8.310% at its previous close. The R186 was bid at 8.460% and offered at 8.495% after closing at 8.445%.
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Source: FIN24
JSE wavers amid euro zone worries
November 29, 2010--The JSE headed south late on Monday, reversing the day's earlier gains as global equities tanked on lingering concerns over the European debt crisis. Only the gold index was stronger, indicating heightened risk-aversion.
"There are concerns that Portugal and possibly Spain might also need aid," Warren Saevitzon, portfolio manager at Imara SP Reid, said.
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Source: FIN24
Rand under fire, markets battle
November 26, 2010-- The rand fell as much as 1.9% against the dollar on Friday, testing two-and-a-half month lows as risk aversion fed by debt woes in Europe hit riskier emerging market assets in general.
Government bonds sold off in tandem, with yields hitting multi-month highs across the curve, while stocks broke two days of gains, led lower by miners on faltering commodity prices.
The rand weakened to a session low of 7.1740 against the greenback, its softest level since mid September according to Reuters data. By 17:46 the currency was at 7.12/dollar, down 1.21% from Thursday's close at 7.0350.
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Source: FIN24
JSE lower as dollar gains
November 26, 2010--The JSE opened in negative territory on Friday as the dollar posted gains. The euro has taken strain as investors continue to be worried about sovereign debt problems in some countries in the eurozone. The euro was bid at $1.3306 from $1.3339. Developments in the North-South Korea skirmishes are also being closely watched.
By 09:12 local time the JSE all share index was down 0.31%, with platinum miners losing 0.78%, resources shedding 0.57% and gold miners were slightly in the black, collecting 0.07%.
Banks were down 0.61%, financials were 0.49% weaker and industrials lost 0.05%.
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Source: FIN24
Bonds weaker, mkt caught long
November 26, 2010--South African bonds were weaker in early trade on Friday. A local trader said the market was caught long after a spate of foreign selling.
By 08:46 the benchmark R157 bond was at 7.275% from 7.210% at the previous close, while the R207 was bid at 8.195% and offered at 8.165% from 8.115% at its previous close. The R186 was bid at 8.330% and offered at 8.340% after closing at 8.290%.
The rand was bid at R7.0883 to the dollar from its previous close of R7.0314.
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Source: FIN24
SA cautious on rand moves
November 26, 2010--South Africa will wait to see if recently unveiled measures to keep the rand competitive and stable work before deciding on further steps to slow short-term capital inflows, Finance Minister Pravin Gordhan said on Friday.
"We have said repeatedly that we would like a stable and competitive currency... The short-term capital flows that are affecting emerging markets are also affecting South Africa," Gordhan told a business forum.
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Source: FIN24
Africa is Open for Business, but Not for Just Any Business
November 25, 2010--– Investors focused too narrowly on the bottom line will find their access to African markets increasingly restricted, the World Bank has warned.
“Africa is open for business, but not just any business,” World Bank Vice President for the Africa Region Obiageli Ezekwesili told a summit on “Responsible Investments in Africa”, held November 17 in Brussels, Belgium.
Foreign direct investments (FDI) to the continent rose nearly nine-fold, from US$10 billion in 2000 to US$88 billion in 2008. The amount dwarfs flows to India (US$42 billion) and falls just short of flows to China (US$108 billion).
The flows are further proof that Africa is “a vital strategic interest” and “the next growth pole in a multi-polar world”, Ezekwesili said.
With the wave of investments strengthening, the challenge, Ms. Ezekwesili told the summit in the Belgian capital, is to ensure that businesses going into Africa are “committed to the ethos of responsible investments”.
She called for “collaborative partnerships” built on “shared values” that include government, the private sector and development partners and work to ensure that “Africa is not just a destination for investment and development assistance”, but the continent where partners “work together to guarantee returns for investors while promoting social good and poverty reduction”.
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Source: World Bank
