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Bonds high on rate cut euphoria
March 26, 2010--Bonds ended the week firmer on Friday, extending a rally on the back of Thursday's decision by the South African Reserve Bank's Monetary Policy Committee (MPC) to cut the repo rate by 50 basis points to 6.5%.
A strong rand was lending added support to the market.
By 15:45 the short-term government R154 bond was bid at 6.730% and offered at 6.710% after closing at 6.845% on Thursday and the medium-term R157 was at 7.930% from 8.060% at its previous close. The long-term R186 was bid at 8.675% and offered at 8.705% from 8.855% previously.
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Source: FIN24
ETFs outshine unit trusts - report
March 23, 2010-- Investors who have been diligently tucking money into an actively managed unit trust over the last five years will probably find they are worse off than those who bought into the Satrix Top 40 index tracking product.
According to Mike Brown, CEO of online transacting platform etfSA, only five out of 47 actively managed unit trust funds were able to outperform the Satrix Top 40 during this time.
Brown calculated that over the five-year period, funds had an average return of 16.15% per year, while Satrix 40 returned about 19.8%.
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Source: etfSA
Rand firm amid 'wobbly' euro
March 19, 2010--The rand firmed against the euro in the afternoon session on Friday blocking rand/dollar play, a local trader noted.
At 15:43 the rand was bid at R7.3031 to the dollar from R7.3065 at its previous close. It was bid at R9.8979 to the euro from its previous close of R9.9455 and was at R11.0391 against the sterling from R11.1285.
The euro was bid at $1.3549 from $1.3609 previously.
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Source: FIN24
Bonds firm ahead of data releases
March 19, 2010--Bonds remained firm on Friday afternoon ahead of the long weekend holiday and a busy data-filled period next week.
Traders said the strong rand, which was lingering just below the R7.30 per dollar level, was lending support to the market.
Conditions were quiet ahead of the long weekend - markets are closed Monday for the Human Rights Day public holiday.
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Source: FIN24
JSE suffers closeout hangover
March 19, 2010--The JSE was soft in midday trade on Friday, suffering from a futures closeout hangover.
By 12:00 the JSE all share index had given up 0.49%, with resources 0.52% softer. Gold miners were down 0.66% and platinum miners declined 0.48%. Banks were 0.56% worse off, financials dropped 0.37% and industrials moved 0.52% lower.
The rand was bid at R7.31 to the dollar, from R7.29 when the JSE's closed on Thursday. Gold was quoted at $1 122.14 a troy ounce from $1 122.21/oz at the JSE's last close. Platinum was at $1 622/oz from $1 629/oz at the JSE's last close.
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Source: FIN24
Bonds expecting a quiet day
March 12, 2010--Bonds were virtually unchanged from their overnight levels in early trade on Friday and traders expected "more of the same" for the remainder of the day.
By 08:22 the short-term government R154 bond was bid at 7.120% and offered at 7.100% after closing at 7.115% on Thursday and the medium-term R157 was at 8.250% from 8.245% at its previous close. The long-term R186 was bid at 9.080% and offered at 9.055% from 9.070% previously.
The rand was bid at R7.4163 to the dollar from R7.4057 at its previous close.
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Source: FIN24
JSE boosted by US retail data
March 12, 2010--South African stocks closed firmly in the black on Friday amid far better than expected US retail data.
The Commerce Department said Friday that US retail sales rose by 0.3% in February, with many expecting a decline.
By 17:00 the JSE all share index was up 1.26%, with resources gaining 1.98%, gold miners picked up 2.21% and platinum miners firmed 1.86%. Banks pocketed 1.12%, financials found 0.93% and industrials were up 0.69%
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Source: FIN24
Rand firms on US retail data
March 12, 2010--The rand firmed in the afternoon session on Friday, amid better than expected US retail data.
Retail sales rose last month by 0.3%, counter to the 0.3% decline expected, Dow Jones Newswires reported.
At 16:01 the rand was bid at R7.3566 to the dollar from R7.4057 at its previous close. It was bid at R10.1381 to the euro from its previous close of R10.1515 and was at R11.1566 against the sterling from R11.1682.
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Source: FIN24
Bonds drift weaker
March 5, 2010--Bonds continued to drift weaker in late trade on Friday with little in the way of fresh news to provide direction.
By 16:00 the short-term government R154 bond was bid at 7.065% and offered at 7.045% after closing at 7.040% on Thursday and the medium-term R157 was at 8.170% from 8.155% at its previous close. The long-term R186 was bid at 9.020% and offered at 9.015% from 8.940% previously.
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Source: FIN24
Rand steady amid firming dollar
March 5, 2010--The rand remained well positioned in the afternoon session on Friday amid better than expected non-farm payrolls data in the US which boosted the dollar.
At 15:45 the rand was bid at R7.4272 to the dollar from R7.4755 at its previous close. It was bid at R10.0935 to the euro from its previous close of R10.1470 and was at R11.1638 against the sterling from R11.2208.
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Source: FIN24