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Asset shifting to bonds affects JSE
August 20, 2010-- The JSE ended lower on Friday as investors moved out of equities into bonds and as the local market fell in line with its global counterparts.
The sell-off in shares reflected the attractiveness of bond yields rather than risk-aversion, a trader said.
The JSE all share index was down 0.59%, with resources falling 0.62%, gold miners losing 0.76% and platinum stocks sliding 1.57%. Banks fell 0.66%, financial counters shed 0.59% and industrials slid 0.55%.
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Source: FIN24
Banks, BHP drag JSE sharply lower
August 18, 2010--The JSE was awash in red on Wednesday led by BHP Billiton, which declined 3.3% amid speculation that it may raise its offer for Potash Corporation of Saskatchewan, while banks gave up 2.45% amid outlook uncertainty.
At its close the JSE all share index had fallen 1.42%, with resources moving down 1.58% while gold miners shed 1.14%. Platinum miners declined 0.84%, banks fell 2.45%, financials were 1.65% lower and industrials lost 1.17%.
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Source: FIN24
Short end gives back gains on p/taking
August 13, 2010-- The short end of the bond market gave back its earlier gains in late trade on Friday as investors took some profits off the table. The rest of the curve, though, remained buoyed by the impact of foreign appetite for the higher yields on offer in the SA market.
By 15:30 the benchmark R157 bond was trading at 7.405% after closing at 7.410% on Thursday and after being at the 7.340% mark at noon, while the 10-year R207 was at 8.060% from 8.110% previously. The long-term R186 was at 8.235% from 8.270% at its previous close.
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Source: FIN24
Rand softens on stronger dollar
August 13, 2010--The rand had slipped back to its overnight levels against a marginally firmer greenback by the afternoon session on Friday.
A local trader noted some profited taking on euro/rand, adding however, that volumes remain thin.
At 15:32 local time the rand was bid at R7.2884 to the dollar from R7.2880 at the previous close. It was bid at R9.3218 to the euro from R9.3501 before and at R11.3363 against the sterling from R11.3507 at its previous close.
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Source: FIN24
JSE boosted by US, German data
August 13, 2010--The JSE ended the week in the black adding 60 points on Friday, boosted by positive consumer data out of the US and record GDP growth for Germany, Europe's largest economy.
At its close the JSE all share index added 0.22%, with platinum miners rising 0.22% and resources gaining 0.21%. Gold miners however, shed 1.19%. Banks fell 1.54%, financials were 0.72% lower, but industrials gained 0.68%.
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Source: FIN24
Bonds firm on US jobs data
Augsut 6, 2010--South African bonds were up to five basis points firmer in late trade on Friday, on the back of 'worse-than-expected' US jobless data, trader said.
Dow Jones Newswires said that the disappointing US jobs data has sparked fresh worry over the pace of economic recovery.
"The US economy shed more jobs than expected in July while the unemployment rate held steady at 9.5%. Nonfarm payrolls fell by 131 000 last month as the rise in private-sector employment was not enough to make up for the government jobs lost," said the US Labour Department on Friday.
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Source: FIN24
Rand firmer, eyes R7.20/USD
August 6, 2010-- The rand gained ground in afternoon trade on Friday, supported by the firmer euro against the dollar following poor US jobs data.
A local dealer said the US jobs data indicated the fragility of the US economic recovery, hence the dollar weakness against major currencies.
At 15:50 local time the rand was bid at R7.2113 to the dollar from R7.2430 at the previous close. It was bid at R9.5990 to the euro from R9.5430 before and at R11.5109 against the sterling from R11.4973 at its previous close.
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Source: FIN24
JSE takes a hit after poor US jobs data
August 6, 2010--The JSE finished weaker on Friday as US stocks fell sharply after the release of poor US employment data. A local trader said that concerns over the government's order restricting Lonmin [JSE:LON] from selling associated minerals also weighed on the local bourse.
Dow Jones Newswires reported that US stocks slid as Wall Street did not hide its disappointment over the government's July jobs numbers and investors scrambled into safer positions.
The Dow Jones Industrial Average fell 141 points and risk-averse investors moved into Treasurys, with the yield on the 10-year note touching its lowest level in more than a year.
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Source: FIN24
SA reserves on the rise
August 6, 2010--South Africa's net gold and foreign exchange reserves stood at $38.665bn at the end of July from $38.189bn in June, official data showed on Friday.
Gross reserves rose to $43.159bn from $42.203bn, the central bank said in a statement posted on its website.
Foreign currency reserves went up $1.127bn to $35.723bn while gold reserves decreased by $254m to $4.715bn.
Source: FIN24
Johannesburg Stock Exchange To List Copper And Silver Futures
August 5, 2010--– Today the Johannesburg Stock Exchange (JSE) announced that it has extended its existing licensing agreement with CME Group, the world’s leading and most diverse derivatives exchange, to list rand-denominated copper and silver futures contracts. This latest development gives South African investors further exposure to the international metals mark
While listed on the JSE’s Commodity Derivatives Market and accessible to all JSE Equity Derivative members and their registered clients, both futures contracts will reference benchmark settlement prices from CME Group’s COMEX, the world’s primary market for trading futures on metals such as gold, silver and copper. Contracts are priced and settled in rands with smaller contract sizes compared to the standard COMEX contract to make them more accessible to South African investors.
The introduction of these foreign-referenced metals contracts forms part of the JSE’s continued drive to bring global markets closer to local traders in a way that is both cost-effective and accessible,” says Rod Gravelet-Blondin, Senior General Manager: Commodities at the JSE. The listing of these two metals contracts follows on the JSE’s introduction of gold, platinum and sweet crude oil futures in October 2009 thanks to the licensing agreement with CME Group.
As with the existing foreign-referenced commodity futures, local market participants do not need to open accounts with international brokers or require Reserve Bank clearance to transfer forex to meet margin requirements, as all trade takes place locally. Gravelet-Blondin anticipates strong market appetite for copper and silver futures, “These two highly-traded and industrially important commodities are bound to be of interest to local investors.”
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Source: Johannesburg Stock Exchange (JSE)
