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JSE rallies after Fed action
November 4, 2010-The JSE rallied on Thursday, a day after the US Federal Reserve announced a new round of quantitative easing (QE2) measures that were well ahead of expectations, boosting equities around the world.
Local mining stocks led the rally as investors dumped the dollar in favour of commodities and equities.
The benchmark index broke through a key technical resistance level, moving above the 31,000 mark, Kevin Algeo, portfolio manager at Imara SP Reid, said, adding that this is a bullish sign.
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Source: FIN24
Bonds firmer on rand; eye FOMC
November 3, 2010--South African bonds were firmer in late trade on Wednesday on the back of a firmer currency.
By 15:56 the benchmark R157 bond was at 6.970% from its close of 6.975 on Tuesday, while the R207 was bid at 7.775% and offered at 7.745% from 7.775% at its previous close. The R186 was bid at 7.940% and offered at 7.920% after closing at 7.980%
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Source: FIN24
JSE ends firmer ahead of Fed outcome
November 3, 2010--The JSE stayed in the black until the final bell on Wednesday in anticipation of the US Federal Reserve's decision on a widely expected new round of quantitative easing (QE2). The US Fed's Open Market Committee will reveal its plans for further quantitative easing at 20:15 local time.
Retailers, banks, and mining stocks, particularly iron ore producers, performed particularly well, Kevin Algeo, portfolio manager at Imara SP Reid, said.
By 17:00 local time the JSE all share index was up 0.68%, with industrials gathering 1.29%, financials firming 0.78% higher and banks gaining 0.77%. But platinum miners lost 1.35% and gold stocks shed 0.15%, while resources closed flat.
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Source: FIN24
Bonds follow rand firmer
November 2, 2010-- South African bonds were up to six basis points firmer in late trade on Tuesday, mainly in line with a stronger rand.
By 15:50 the benchmark R157 bond was at 6.975% from its close of 7.010% on Monday, while the R207 was bid at 7.770% and offered at 7.765% from 7.810% at its previous close. The R186 was bid at 7.980% and offered at 7.970% after closing at 8.040%.
The rand was bid at 6.9242 to the dollar from its previous close of 6.9695
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Source: FIN24
JSE ends flat ahead of FOMC
November 2, 2010--The JSE closed with its nose in negative territory on Tuesday, ahead of the FOMC meeting on Wednesday in the US.
Positive global sentiment helped the local bourse recover some of its earlier losses, following profit taking in the morning session
By 17:00 local time the JSE all share index was down 0.09%, with gold stocks losing 0.89%, resources shedding 0.24% and platinum miners coming off 0.44%. Industrials gathered 0.16%, but financials were 0.35% weaker and banks were 0.51% worse off.read more
Source: FIN24
Nationalisation 'will cost taxpayers'
November 2, 2010--NATIONALISED mines would have cost South African taxpayers R67bn in 2009, outgoing Chamber of Mines (COM) president and Exxaro Resources CEO Sipho Nkosi said on Tuesday
“It is worth pointing out to the proponents of nationalisation that mines operate in a tough global environment which is not about the enormous accumulation of wealth,” Nkosi said at the COM annual general meeting.
“It is a difficult industry. Nationalisation has never been a successful enduring business anywhere and has impoverished many countries.”
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Source: miningmx.com
Rate cut hopes keep bonds firm
October 29, 2010--South African bonds remained firm in midday trade on Friday. A local trader said that bonds were being spurred on by positive data releases which all point to a rate cut in November.
By 12:00 the benchmark R157 bond was at 7.065% from its close of 7.095% on Thursday, while the R207 was bid at 7.840% and offered at 7.830% from 7.875% at its previous close. The R186 was bid at 8.040% and offered at 8.030% after closing at 8.070%.
The rand was bid at 7.0200 to the dollar from its previous close of 6.9900.
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Source: FIN24
JSE down, caution ahead of US GDP
October 29, 2010--The JSE was modestly weaker at noon on Friday, with light trading volumes indicating caution ahead of the release US GDP data later today and the US Federal Reserve's policy meeting on Tuesday. Only gold stocks remained resilient.
By noon local time the JSE all share index was 0.35% weaker, with resources falling 0.77% and platinum miners declining 0.90%. But gold stocks gained 0.47%. Industrials lost 0.08%, financials shed 0.10% and banks were down 0.17%.
The rand was bid at 7.01 to the dollar from 6.99 at the JSE's close on Thursday. Gold was quoted at US$1 336.50 a troy ounce from $1 332.07/oz at the JSE's previous close, while platinum was at $1 686.00/oz from $1 682/oz before.
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Source: FIN24
Bonds firm on rand; rate cut hopes
October 28, 2010-- South African bonds were on the front foot in late trade on Thursday on the back of a strong rand and on increased expectations of a rate cut.
By 15:50 the benchmark R157 bond was at 7.090% from its close of 7.200% on Wednesday, while the R207 was bid at 7.885% and offered at 7.855% from 7.950% at its previous close. The R186 was bid at 8.070% and offered at 8.040% after closing at 8.090%.
The rand was bid at 6.9927 to the dollar from its previous close of 7.0640.
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Source: FIN24
Absa Capital to Start First Gold Exchange Traded Funds in Nigeria, Kenya
October 27, 2010--Absa Capital, a unit of South Africa’s Absa Group Ltd., said it may start the first gold- backed exchange-traded funds in Kenya and Nigeria.
“Absa Capital is in talks with the Nigerian Stock Exchange to potentially secondary list our NewGold exchange-traded fund,” Vladimir Nedeljkovic, the Johannesburg-based investment bank’s principal for ETFs and index products, said today. He is in Kenya to discuss starting the ETF in the East African nation.
NewGold, which has its main listing on South Africa’s JSE Ltd., is the largest gold ETF in Africa’s biggest economy, with more than $2 billion in assets. Earlier this year, Absa Capital, listed NewGold on the Botswana Stock Exchange.
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Source: Bloomberg