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Poor auction, rand weighs market down
October 19, 2010-- South African bonds felt some heat in the afternoon session on Tuesday as a poor auction and weak rand set the tone for selling bias.
A senior dealer said the weak rand had added to the selling "to some extent", but it was mainly the poor auction result that sparked the selling in an overbought market.
By 16:26 the benchmark R157 bond was at 7.150% from its close of 7.070% on Monday, while the R207 was at 7.935% from 7.810% at its previous close.
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Source: FIN24
SA moots Cape-to-Cairo trade deal
October 19, 2010--African countries need to boost regional trade and investment to keep pace with growth in other emerging economies that have large consumer bases, such as India and China, Trade and Industry Minister Rob Davies said on Monday.
Davies, in Cairo for a high-level, bilateral state visit to the continent's second biggest economy, said Egypt and South Africa were trying to seal a Cape-to-Cairo free trade agreement that could help reduce dependence on flagging European economies.
"The fact of the matter is we don't as single countries begin to touch the sizes of the domestic market of China and India, but as a grouping from Cape-to-Cairo we do start to hit that league," Davies said.
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Source: FIN24
Softer rand boosts maize futures
October 18, 2010--South African white maize futures ended a tad higher on Monday, boosted by the softer rand.
A local dealer noted that some market participants were clearing their positions ahead of the Crop Estimate Committee (CEC) report on summer and winter crops on Thursday.
The October maize contract gained five rand to R1 290 per ton, the December contract picked up two rand to R1 322 and the March 2011 white maize contract picked up three rand to R1 353.
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Source: FIN24
JSE makes modest gains on dollar
October 18, 2010--The JSE closed marginally firmer on Monday, recouping earlier losses as a weakening dollar saw equities climb.
In the morning session, the greenback strengthened on speculation that the US Federal Reserve may not inject enough stimulus to support the fragile economy, driving stocks lower worldwide.
By 17:00 local time the JSE all share index was 0.37% stronger, with financials adding 0.18 and industrials gaining 0.75%. Banks finished flat on the day.
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Source: FIN 24
Firms must be prepared for new laws
October 18, 2010--While the SA Institute of Professional Accountants (Saipa) welcomes government's decision to postpone the new Consumer Protection Act and the Companies Act until April 2011, it warned businesses to make sure they are prepared for the new legislation.
Ettiene Retief, professional accountant and chairperson of Saipa's National Tax Technical Sub-Committee said the department of trade and industry (dti) had indicated it was busy finalising regulations that would give effect to both Acts, and the postponement would allow time for more consultation with stakeholders before implementation.
"This is important because there is no way companies can prepare themselves for implementation unless they know exactly what the regulations for these Acts will require," Retief said.
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Source: FIN24
Bonds follow rand slightly weaker
October 15, 2010-- South African bonds were slightly weaker in late trade on Friday as the rand moved back above the 6.80 per dollar level.
By 16:00 the benchmark R157 bond was at 7.130% from its close of 7.120% on Thursday, while the R207 was at 7.800% from 7.815% at its previous close. The R186 was bid at 7.990% after closing at 7.955%.
The rand was bid at 6.8228 to the dollar from its previous close of 6.7657.
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Source: FIN24
Maize futures up on softer rand
October 15, 2010--South African white maize futures ended slightly firmer on Friday owing to a softer rand. Traders said unfortunately gains were capped by Thursday's weaker finish on the Chicago Board of Trade (CBOT).
The October maize contract gained four rand to R1 285 per ton, the December contract added six rand to R1 320 and the March 2011 white maize contract picked up six rand to R1 350.
Source: FIN24
JSE slides on US consumer data
October 15, 2010--The JSE shed 185 points by its close on Friday following disappointing consumer sentiment data out of the US.
A slightly firmer greenback also weighed on commodity stocks, while earlier news that British banking group HSBC had ended talks on a potential offer for Nedbank [JSE:NED] did little for the local banking sector, a local equity trader said.
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Source: FIN24
Kganyago: Rand rise poses risks
October 15, 2010-- The sharp appreciation of South Africa's rand poses a risk to the country's competitiveness, a Treasury official said on Friday.
"We cannot rely on the foreign exhange rate as a panacea for our competitiveness," said National Treasury director general Lesetja Kganyago, adding it was difficult to fight and withstand the global forces that have pushed the currency stronger.
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Source: FIN24
Don't use maize for biofuels
October 15, 2010--South Africa should not review its biofuels policy to include maize as this would fuel food prices hikes, an industry body on biofuels said on Friday.
The government unveiled blending ratios for biofuels three years ago but said maize, the country's staple food, could not be used in the production of biofuels in order to ensure food security and keep a lid on high prices.
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Source: FIN24
