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Rand hits new high
September 28, 2010--The rand advanced to a new two-and-a-half-year high against the dollar on Tuesday as the greenback fell across the board.
The rand was trading at 6.97 against the dollar at 17:41, from Monday's New York close of 7.02. It hit 6.9665 earlier in the day.
A local dealer noted current dollar weakness amid a recovering euro, with the rand potentially sustaining a push below 7.00 against the greenback as a result.
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Source: FIN24
JSE up on Massmart, world equities fall
September 27, 2010--The JSE held up well on Monday, closing higher despite wobbly global stocks and a strong rand, which tends to weigh on rand-hedge stocks and mining counters.
The local market cheered the Massmart news and played catch-up today as the exchange was closed for a public holiday on Friday, when world equities posted strong gains, Kevin Algeo, portfolio manager at Imara SP Reid, said.
By 17:00 local time the JSE all share index was up 0.85%, with resources gaining 0.63%. But platinum miners shed 0.39% and gold miners fell 1.80%. Banks rallied 2.47%, industrials were up 0.72% and financials edged up 1.56%.
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Source: FIN24
Economic outlook perks up
September 27, 2010--- The Reserve Bank’s leading economic indicator – which shows the path of the economy six months to a year ahead – surprised by rising 1.1% to 130.7 in July.
This follows two months of declines which led economist to speculate that an upper turning point in the indicator had been passed and the path downward had started.
Bureau for Economic Research (BER) economist Hugo Pienaar pointed out that the sub-components – economic data – that make up the leading indicator tell the story.
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Source: FIN24
Stats SA: Liquidations decrease in August
September 27, 2010--The total number of liquidations recorded for August 2010 decreased by 8.0% (from 264 to 243) compared with August 2009, Statistics SA said on Monday.
The total number of liquidations recorded for the first eight months of 2010 decreased by 2.0% (from 2643 to 2589) compared with the first eight months of 2009.
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Source: FIN24
Zambia Business Survey – An Analysis of Micro, Small and Medium-Sized Enterprises
September 24, 2010--Past analysis of Zambia’s business environment has shown that private sector competitiveness has been hampered by focusing on large formal-sector enterprises.
While studies have yielded important insights, it is important to note that 80 percent of private sector business in Zambia is conducted by enterprises with fewer than 50 employees. Most of these firms are small informal operations, with less than five employees.
These firms constitute the bulk of private sector employment in Zambia, employing 73 percent of total labor. However, little is known about how these firms perform and the constraints under which they operate, rendering it difficult for policy makers, businesses and donors to design policies, services and programs to help improve their performance.
view the Zambia Business Survey
Source: World Bank
Bonds end week firmer
September 23, 2010-- South African bonds were firmer heading into the long weekend in late trade on Thursday
Markets will be closed on Friday for the Heritage Day public holiday.
By 15:50 the benchmark R157 bond was at 7.190% from 7.195% at its close on Wednesday, while the R207 was bid at 7.810% and offered at 7.795% from 7.840% at its previous close. The R186 was bid at 7.900% and offered at 7.845% after closing at 7.885%
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Source: FIN24
JSE slightly down on world stocks
September 24, 2010--The JSE ended marginally weaker on Thursday, in line with lower global stocks as investors sifted through economic news that gave mixed signals. Gold stocks, especially AngoGold (ANG) and Harmony (HAR), performed remarkably well, a trader said.
Local investors squared their positions ahead of a public holiday on Friday, the trader said.
By 17:00 local time the JSE all share index was down 0.03%, with resources falling 0.17% and platinum miners shedding 0.58%. But gold miners rose 0.83%. Banks added 0.22%, industrials were up 0.07% and financials gave up 0.04%.
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Source: FIN24
Samda report: nationalisation is proper
September 24, 2010--A new report commissioned by the SA Mining Development Association (SAMDA) released Thursday has come out in support of mine nationalisation and called for a drastic overhaul of the country's mining sector.
A Black Economic Empowerment consultancy KIO Advisory Services conducted the report.
The report said the overhaul would place the sector in a better position to drive economic growth and development.
The overhaul should include the development of a new vision and plan for the sector and the establishment of new institutions, the report said.
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Source: FIN24
'Suicide' to peg rand to dollar
September 24, 2010--Pegging the rand to the dollar would be "national suicide", Minister in the Presidency Trevor Manuel said at the ANC's national general council (NGC) in Durban on Friday.
"To ask that you peg against a volatile currency like the dollar is to commit national suicide," Manuel said at a briefing on the NGC's commission on the economy.
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Source: FIN24
Bonds take strain on foreign sales
September 17, 2010-- The wind was taken out of the sails of South African bonds on Friday as they continued to lose ground on the back of foreign selling.
Bonds lost up to 20 basis points in late trade, with a trader saying bonds were weaker after 'massive offshore selling' yesterday. It follows foreigners selling up to two billion rand worth of South African bonds on Thursday.
By 16:00 the benchmark R157 bond was at 7.370% from 7.240% at its close on Thursday, while the R207 was bid at 8.030% and offered at 8.015% from 7.865% at its previous close. The R186 was bid at 8.095% and offered at 8.050% after closing at 7.885%.
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Source: FIN24
