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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
Rand consolidates, awaits US data
The euro was bid at $1.3932 from $1.3924 overnight read more
JSE up modestly after key US jobs data read more
Bonds weaker ahead of the weekend read more
Agri- boom in Africa Could Have Greater Impact on Development than Mobile Phone The Summit was convened by Africa Investor Magazine, a pan-African investment promotion monthly with offices in London, Johannesburg and Beijing. “The World Bank is bullish on Africa,” Ms. Ezekwesili told participants at the Summit, which took place alongside the Annual Meetings of the World Bank and International Monetary Fund. Africa is “on the cusp of an economic transformation”, Summit participants noted, suggesting that the continent is probably at the same point where India and China were20 and 30 years ago respectively, just before their own economic takeoff.
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SA battles in global currency war
A wall of foreign capital has flowed to emerging markets because of abnormally low interest rates in developed countries. This flood of capital is pushing up currencies all over the world, and central banks have been intervening (buying dollars) to stop their currencies from overheating.
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JSE ends higher on strong gold stocks 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
October 8, 2010-The rand was slightly weaker in early trade on Friday as the market awaits the key US employment data later in the afternoon.
At 09:00 local time the rand was bid at R6.8882 to the dollar from R6.8611 at the previous close. It was bid at R9.6132 to the euro from R9.5710 before and at R10.9290 against sterling from R10.9049 at its previous close.
Source: FIN24
October 8, 2010-- A volatile JSE ended the week with modest gains on Friday, as investors digested poor US nonfarm payrolls data, which has strengthened hopes that the US might embark on quantitative easing to stimulate fragile economy.
There was excessive volatility in the dollar movement for an hour between 14:30 local time and 15:30, Mpho Mojalefa, trader at BJM Private Client Services, said. The greenback swung from 1.38 against the euro to 1.39.
Source: FIN24
October 8, 2010-South African bonds were weaker in late trade on Friday. A local trader said that players were squaring their positions ahead of the weekend and the US public holiday on Monday.
By 15:50 the benchmark R157 bond was at 7.290% from 7.260% at its close on Thursday, while the R207 was bid at 7.975% and offered at 7.945% from 7.935% at its previous close. The R186 was bid at 8.030% and offered at 8.015% after closing at 7.995%.
Source: FIN24
October 8, 2010-- Agriculture and agri-business offer the biggest transformational potential for Africa, with an even greater positive impact on ordinary people’s lives than the mobile phone boom.
“If you ask me what the next ‘big thing’ in Africa will be, I’d say without hesitation agriculture and agri-business,” the World Bank Vice President for Africa, Ms. Obiageli K. Ezekwesili, told investors at the Africa Investment Climate Summit in Washington, DC, Friday.
Source: World Bank
October 7, 2010--The Reserve Bank bought at least $618m in the currency markets to try to push the rand weaker in September, the bank's latest statement on its gold and foreign exchange reserves shows. This is more than the $504m bought the previous month.
That is SA's contribution to the so-called currency war being waged in international markets at the moment. It's small by international standards - central banks like Brazil's think nothing of buying $1bn a day.
Source: Fin 24
October 5, 2010--The JSE closed higher on Tuesday supported by a strong performance in gold stocks and stronger than expected US manufacturing numbers.
By 17:00 local time the JSE all share index was up 0.94%, with gold miners adding 2.48% and resources gaining 1.79%. Platinum miners edged up 0.97% while banks added 0.83%. Financials were 0.67% higher and industrials were up 0.30%.
Source: FIN24
