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Rand awaits Bernanke
August 27, 2010--The rand was off its intraday worst levels in afternoon trade on Friday, following profit taking in the midday session, and ahead of the anticipated speech from Federal Reserve chair Ben Bernanke on plans for the ailing US economy.
At 15.39 local time the rand was bid at 7.3570 to the dollar from 7.3065 at the previous close. It was bid at 9.3607 to the euro from 9.2735 before and at 11.3909 against the sterling from 11.3250 at its previous close.
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Source: FIN24
Skittish JSE lower after US data
August 27, 2010--The JSE posted losses on Friday, despite better than expected US GDP data and comments by US Federal Reserve Chair Ben Bernanke indicating he is ready to do whatever is required to support an economic recovery.
By 17:00 local time the JSE all share index had fallen 0.50%, with resources sliding 1.20%, gold counters losing 0.46%, and platinum stocks
declining 2.21%. Banks shed 0.51%, financials gave up 0.07%, and industrials fell 0.07%.
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Source: FIN24
Rand awaits Bernanke
August 27, 2010-- The rand was off its intraday worst levels in afternoon trade on Friday, following profit taking in the midday session, and ahead of the anticipated speech from Federal Reserve chair Ben Bernanke on plans for the ailing US economy.
At 15.39 local time the rand was bid at 7.3570 to the dollar from 7.3065 at the previous close. It was bid at 9.3607 to the euro from 9.2735 before and at 11.3909 against the sterling from 11.3250 at its previous close.
The euro was bid at $1.2712 from $1.2731 overnight.
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Source: FIN24
Zuma: SA aims for 7% growth
August 25, 2010--SA is developing plans to achieve a target growth rate of at least 7% per annum in the near future, President Jacob Zuma said on Wednesday.
In a lecture prepared for delivery to the Renmin University in Beijing, China, Zuma said this target growth rate was achievable as the country was investing heavily in electricity, freight transport systems, and public transport.
Last year SA suffered its first recession in 17 years as a result of the global financial crisis.
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Source: FIN24
Nigeria plans to take its bourse public
August 23, 2010--Nigeria plans to become the latest emerging market to demutualise its stock exchange amid a struggle for control of sub-Saharan Africa’s second-biggest bourse
The plans, which are at an early stage, are part of efforts to establish the Nigerian Stock Exchange among the prime destinations for frontier investors. They would see the current mutual owners – mainly its broker-dealer customers – joined by new investors, probably through a flotation.
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Source: FT.com
Leading indicator shows growth moderation
August 23, 2010-- The latest leading economic indicator (LEI), published by the Reserve Bank, fell between May and June this year and the annual rate of increase also came down, with economists saying this shows economic growth losing momentum in the months ahead.
The LEI came in at 128.2, a month-on-month (m/m) fall of 1.8%. This is the second consecutive monthly fall after May's 0.5% decline. Economists warn against reading too much into the m/m falls, saying the year-on-year (y/y) rate of change is a more important indicator of where economic growth is going. Y/y, the LEI increased by 16.9% - down from the 20.6% recorded in May.
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Source: FIN 24
Rand steady amid euro slide
August 20, 2010--The rand held its ground in afternoon play on Friday, amid a euro slide against the dollar below $1.27.
Although the rand has softened against the dollar, its activity was rather muted in comparison to other emerging currencies, and the euro against the dollar, with a trader pointing to a possible lag on the local currency.
At 15:38 local time the rand was bid at R7.3372 to the dollar from R7.3045 at the previous close. It was bid at R9.3032 to the euro from R9.3538 before and at R11.3551 against the sterling from R11.3698 at its previous close.
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Source: FIN24
Bonds still perky on US jobs data
August 20, 2010--South African bonds were up to eleven basis points firmer in late trade on Friday, as they continued to rally on disappointing US jobs data that has renewed concerns about the pace of global economic recovery.
Data on Thursday showed that US jobless claims unexpectedly rose to their highest level in nine months, further stoking fears about the
country's already weak labour market. The US Labour Department said on Thursday that initial unemployment claims rose by 12 000 to 500 000 in the week ended August 14.
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Source: FIN24
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
