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Pace of SA's recovery slow: Reserve Bank
October 14, 2010-SA's economic growth has remained below potential while the growth outlook remains subdued, the South African Reserve Bank (Sarb) said in its October Monetary Policy Review released on Thursday.
Various economic data and indicators were showing that the South African economy was recovering at a slower pace, the Bank said.
It highlighted recent movements in its leading economic indicator which it says points to a continuation of the recovery in economic activity, although at a more moderate pace.
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Source: FIN24
Bonds firm on hope of rate cut
October 13, 2010--– South African bonds were up to 9 basis points firmer in late trade on Wednesday, on the back of Federal Open Market Committee (FOMC) minutes that have backed expectations for further Fed quantitative easing - lifting risk appetite for higher yielding emerging market assets.
A local trader said that this, coupled with retail sales figures that came in below market expectations have ignited hopes of a rate cut.
By 15:56 the benchmark R157 bond was at 7.150% from its close of 7.240% on Tuesday, while the R207 was bid at 7.850% and offered at 7.845% from 7.930% at its previous close. The R186 was bid at 7.990% and offered at 7.980% after closing at 8.025%.
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Source: FIN24
Commodities helps the JSE extend gains
October 13, 2010--The JSE racked up more than 320 points by midday on Wednesday, trading above 30 000 points amid further signs that the US Federal Reserve will implement quantitative easing measures soon.
This news put the dollar under further pressure, spurring global equity markets and lifted commodity stocks in particular.
By noon local time the JSE all share index was 1.09% firmer, with platinum miners 1.32% higher and resources gained 1.57%. Gold stocks declined 0.45%.
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Source: FIN24
Rand tracks softer euro
October 12, 2010--The rand was a tad softer in early trade on Tuesday, tracking a weaker euro amid a firmer dollar.
At 09:06 local time the rand was bid at R6.8813 to the dollar from R6.8470 at the previous close. It was bid at R9.5405 to the euro from R9.5282 before and at R10.9362 against sterling from R10.8917 at its previous close.
The euro was bid at $1.340 from $1.3878 overnight.
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Source: FIN24
Bonds stay firm after auction
October 12, 2010-- South African bonds were firmer in late trade on Tuesday on the back of a relatively well-bid auction.
By 15:41 the benchmark R157 bond was at 7.240% from its close of 7.260% on Monday, while the R207 was bid at 7.950% and offered at 7.920% from 7.960% at its previous close. The R186 was bid at 8.020% and offered at 8.015% after closing at 8.030%.
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Source: FIN24
JSE up marginally on softer dollar
October 12, 2010--The JSE closed marginally higher after a slight dollar weakness led to a mild pick up in local stocks, a local trader said.
By 17:00 local time the JSE all share index was up 0.11%, with industrials 0.80% firmer and gold miners 0.70% higher. Banks added 0.21% while financials gained 0.09%. Platinum miners were down 1.28% with shedding 0.63%
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Source: FIN24
Gauteng economy still leads SA
October 12, 2010--Gauteng continues to contribute the most to South Africa's gross domestic product and was expected to do so until 2014, according to the Gauteng Provincial Economic Review and Outlook released on Tuesday.
"The province has continued to contribute the most to the GDP of the country at over 35% and this trend is expected to continue all the way into 2014," the report, released by the provincial finance MEC Mandla Nkomfe, said.
Rand in a range amid Japanese holiday
The euro was bid at $1.3965 from $1.3975 overnight. read more
Shorter dated bonds stay firm read more
JSE up modestly as industrials shine read more
Source: FIN24
October 11, 2010--The rand was hardly off its weekend levels on Monday morning with a trader citing thin trade due to a holiday in Japan.
At 08:58 local time the rand was bid at R6.8207 to the dollar from R6.8326 at the previous close. It was bid at R9.5427 to the euro from R9.5450 before and at R10.8805 against sterling from R10.8822 at its previous close.
Source: FIN24
October 11, 2010-- South African shorter-dated bonds remained firm in late trade on Monday. A local trader said that the shorter end of the market was better bid.
By 15:50 the benchmark R157 bond was at 7.260% from its close of 7.275% on Friday, while the R207 was bid at 7.975% and offered at 7.945% from 7.970% at its previous close. The R186 was bid at 8.050% and offered at 8.015% after closing at 8.035%.
Source: FIN24
October 11, 2010--The JSE closed marginally firmer on Monday, with industrial stocks getting a boost from bargain hunting in a session that lacked direction amid caution ahead of the third-quarter earnings in the US.
By 17:00 local time the JSE all share index was up 0.33%, with resources rising 0.03% and platinum miners gaining 0.85%. But gold miners edged down 0.21%.
Source: FIN24
