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Shorter dated bonds weaker
November 4, 2010-- South African shorter-dated bonds were weaker in late trade on Friday, which a trader attributed to players squaring off their positions ahead of the weekend.
By 15:30 the benchmark R157 bond was at 6.910% from 6.890 at its close on Thursday, while the R207 was bid at 7.695% and offered at 7.665% from 7.685% at its previous close. The R186 was bid at 7.000% and offered at 7.885% after closing at 7.905%
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Source: FIN24
JSE firmer on gold, US jobs data
November 5, 2010-- The JSE ended on a strong note on Friday, as rallying gold stocks and better than expected US jobs data bode well for the local bourse.
Even though general mining counters were firmer, gold "outperformed considerably", a dealer said. Gold price hit a new all-time high of US$1 398.20 an ounce on Friday.
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Source: FIN24
World Bank funding for SA green energy
November 5, 2010--The World Bank's Clean Technology Fund plans to invest $85m in renewable energy and co-generation projects in South Africa, according to an advertisement in the Business Day newspaper on Friday.
The fund said it had $50m available for wind and solar renewable energy projects and $35m for co-generation, where waste energy and gases are used to produce power.
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Source: FIN24
SA reserves jump higher
November 5, 2010--South Africa's net reserves rose in October, official data showed on Friday, pointing to heightened efforts by the Reserve Bank to intervene in the market and try and curb gains in the rand.
The rand has gained nearly 30% against the dollar since the beginning of last year as foreign investors buy emerging market assets offering higher yields than those in developed countries.
Net gold and foreign exchange reserves stood at at $43.112bn at the end of October from $40.854bn in September, the South African Reserve Bank said in a statement posted on its website on Friday.
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Source: FIN24
Bonds perky on rand
November 4, 2010-- South African bonds were up to 7 basis points firmer in late trade on Thursday, as they continued to track a stronger local currency.
Markets worldwide are being supported by the widely expected decision by the US Federal Reserve that it is to engage in a second round of asset purchases (QE2).
By 15:50 the benchmark R157 bond was at 6.900% from 6.970 at its close on Wednesday, while the R207 was bid at 7.700% and offered at 7.670% from 7.755% at its previous close. The R186 was bid at 7.935% and offered at 7.890% after closing at 7.935%
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Source: FIN24
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
