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Bonds take strain on offshore sales
November 24, 2010--South African bonds lost steam and were up to 18 basis points weaker in late trade on Wednesday on the back of 'massive offshore selling'
By 15:55 the benchmark R157 bond was at 7.200% from 7.040% at the previous close, while the R207 was bid at 8.105% and offered at 8.075% from 7.910% at its previous close. The R186 was bid at 8.315% and offered at 8.280% after closing at 8.130%.
The rand was bid at 7.0559 to the dollar from its previous close of 7.0818.
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Source: FIN24
JSE closes higher in volatile trade
November 24, 2010--The JSE ended stronger on Wednesday as it regained composure in a volatile session dominated by persistent debt worries in Europe and concerns over military tension in the Korean peninsula. The market swung from gains to losses, before closing in positive territory.
“There was nervousness today after the Dow Jones [industrial average] fell around 440 points, but the market managed to regain composure,” an equity derivatives trader said.
The fact that the rally was broad based was encouraging, he said.
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Source: FIN24
China moves beyond resources in SA
November 24, 2010--Energy deals took centre stage during a southern African tour by China's leader-in-waiting, but the growing ties between China and Africa are quickly moving beyond the traditional sectors of energy and infrastructure.
Vice-President Xi Jinping this week wrapped up a visit to South Africa, Angola and Botswana.
Xi, who is expected to succeed Hu Jintao as head of the ruling Communist Party in 2012, witnessed the signing of deals worth millions of dollars to build a power plant and solar panel factory and to increase South African exports to China.
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Source: FIN24
Longer dated bonds weaker
November 23, 2010--South African longer dated bonds were up to five basis points weaker in late trade on Tuesday, which a trader attributed to the market being “long on stock.”
By 15:50 the benchmark R157 bond was at 7.025% from 7.030% at the previous close, while the R207 was bid at 7.915% from 7.870% at its previous close. The R186 was bid at 8.085% after closing at 8.055%.
The rand was bid at 7.0649 to the dollar from its previous close of 6.9990.
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Source: FIN24
JSE ends lower, tracks global stocks
November 23, 2010--The JSE tracked global stocks lower and ended in the red on Tuesday as Korean politics unsettled investors and the dollar strengthened on the US economy growing at a faster than expected pace in the third quarter.
The JSE all share index closed 1.62% weaker, with industrials shedding 1.99%. Resources slid 1.48% while platinum counters gave up 1.42%. Financials shed 1.08% and banks were 1.01% down. Gold stocks added 0.56%.
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Source: FIN24
Fitch upbeat about SA's prospects in 2011
November 23, 2010--Fitch Ratings says in a new report that corporate ratings in South Africa are expected to remain largely stable in 2011, supported by issuers' moderate leverage profiles and sound liquidity at end-2010.
This follows an anaemic economic recovery in South Africa from early 2010, which should gather steam into 2011, improving issuers' medium-term financial flexibility.
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Source: FIN24
Africa: Continent Getting Increased Attention At Stock Exchanges
November 22, 2010-- NYSE Euronext Inc. -- the home of the New York Stock Exchange and other exchanges -- has seen a threefold increase in the trading of African stocks on its exchanges over the past five years and a doubling of exchange traded funds focused on Africa in the past 12 to 18 months.
Altogether, these increases stand as clear evidence of a "strong and growing focus" on doing business in Africa.
Stefan Jekel, managing director for Europe, Middle East and Africa at NYSE Euronext, made that point in a November 10 interview with America.gov. Jekel took time out of his busy schedule to discuss the exchange's relationship with and outlook for Africa just after the opening bell rang to start trading for that day.
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Source: All Africa
Bonds weaker; market caught long
November 22, 2010--South African bonds were slightly weaker in midday play on Monday. A local trader said that the market was caught long after some offshore selling on Friday.
By 11:30 the benchmark R157 bond was bid at 7.020% from 7.010% at the previous close, while the R207 was bid at 7.890% and offered at 7.860% from 7.850% at its previous close. The R186 was bid at 8.050% and offered at 8.030% after closing at 8.040%.
The rand was bid at 6.9741 to the dollar from its previous close of 6.9837.
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Source: FIN 24
JSE little changed amid Irish doubts
November 22, 2010-- The JSE ended almost flat on Monday, failing to hold on to earlier strong gains amid scepticism over the anticipated bailout of Ireland. It is unclear what the size of the financial aid will be.
The market is nervous as investors speculate about the bailout on Ireland, Kevin Algeo, portfolio manager at Imara SP Reid, said.
The JSE all share index eked out a 0.02 gain, with gold stocks adding 0.15%. Resources slid 0.08% and platinum counters lost 0.78%.
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Source: FIN24
African leaders call for action plan
November 22, 2010--African political and business leaders have called for the breaking down of trade barriers and a Pan-African stock exchange to create "engines of investment" as the continent enters what could be the most "buoyant" period in its economic history.
The call was made in an action plan developed at the Mo Ibrahim Foundation's annual discussion forum in Port-Louis, Mauritius, according to a speech prepared for delivery on Monday.
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Source: FIN24
