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SA ups global competitiveness
May 19, 2010--South Africa has seen its economic competitiveness rise for the second year running, but labour issues are still perceived as an obstacle.
According to a survey from the World Competitiveness Yearbook, published by the Swiss-based Institute of Management Development (IMD), South Africa has increased its ranking to 44th this year, following its 2009 and 2008 rankings of 53rd and 48th respectively.
The survey highlights that South Africa, like other emerging markets, benefited from inflows of foreign capital
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Source: FIN24
Rand fends off euro
May 14, 2010--The rand held up well in midday trade on Friday as the euro dipped under $1.25 against the greenback amid increasing concerns in the euro zone.
At 11.37 the rand was bid at R7.5088 to the dollar from R7.4792 at its previous close. It was bid at R9.3680 to the euro from its previous close of R9.3807 and was at R10.8976 against the sterling from R10.9607.
Source: FIN24
JSE ships 700 points on fears
May 14, 2010--The JSE ended firmly in the red on Friday in line with global sentiment as concern over the debt burden of eurozone countries deepened.
At its close, the JSE all share index was 2.49% lower, with resources 3.54% worse off. Platinum miners declined 5.04% and Gold miners wavered 1.76%.
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Source: FIN24
Bonds a tad softer in late trade
May 14, 2010-- After a strong start, South African bonds reversed direction and were around three basis points softer in late trade on Friday, due mainly to a weaker rand.
By 16:00 the short-term government R154 bond was bid at 6.705% and offered at 6.685% after closing at 6.675% on Thursday and the medium-term R157 was at 7.950% from 7.920% at its previous close. The long-term R186 was bid at 8.800% and offered at 8.785% from 8.770% previously.
The rand was bid at 7.5398 to the dollar from 7.4792 at its previous close.
A local trader earlier attributed the strong start for bonds to the firmer rand and receding risk aversion. However, the rand has come under pressure as the euro once again ran into trouble, and bonds have followed suit.
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Source: FIN24
JSE wounded by Wall Street freefall
May 7, 2010-- The JSE shipped just under 1 000 points, or 3.6% on Friday tracking a freefall on Wall Street with a trader citing possible panic in the markets due to a lack of any substantial new initiatives to address the eurozone sovereign debt crisis.
The local bourse has dropped more than 100 points over the past four days.
At its close the JSE all share index was off 3.63%, with resources 2.67% softer, and platinum miners 3.3% weaker. Gold miners added 0.71%. Banks were off 5.85%, financials shed 4.86% and industrials were 3.96% lower.
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Source: FIN24
Rand trades in ranges, tracks euro
May 7, 2010--The rand was barely changed in afternoon trade on Friday from its midday levels.
A local trader said the local currency had recovered 'quite well' after a morning scare on news of Wall Street's drop on Thursday.
At 15:50 the rand was bid at R7.6952 to the dollar from R7.7442 at its previous close. It was bid at R9.7614 to the euro from its previous close of R9.7923 and was at R11.3290 against the sterling from R11.5210.
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Source: FIN24
Economic woes hurt bonds
May 7, 2010--Bonds have lost up to 18 basis points as investors shied away from riskier assets in the wake of ongoing global economic jitters.
Factors weighing on global markets include the continuing Greek crisis and the uncertainty over the outcome of the UK general election which has resulted in a hung parliament.
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Source: FIN24
New trading record set on the JSE
May 6, 2010--The JSE recorded the highest number of trades ever traded in the exchange's 123-year history today.
One hundred and eighty four thousand three hundred and thirty six trades (184,336) trades valued at more than R20bn were executed on the exchange.
"Some of this trade can be attributed to increased global uncertainty, and therefore increased market volatility," says Leanne Parsons, Head of Equities Trading at the JSE.
The record comes on the back of the JSE's introduction of a new billing model on 1 March 2010. The new billing system was implemented to recognise both low value and high volume traders.
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Source: FT.com
Resources lead JSE into the red
April 30, 2010-The JSE ended in negative territory on Friday led by jittery resource stocks ahead of the Henry Tax Review, which is due for release on Sunday in Australia.
The review could propose additional taxes for mining companies.
The JSE all share index was down 0.28%, with resources off 1.03%. Platinum miners however were up 1.13% and gold miners firmed 1.15%.
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Source: FIN24
Rand firm on Greece news
April 30, 2010--The rand remained on the front foot on Friday afternoon amid a stronger euro on news of an imminent rescue package for Greece.
The local currency was attracting good bids at 7.31-32 against the dollar, a local forex trader said.
At 15.35 the rand was bid at 7.3318 to the dollar from 7.3573 at ts previous close. It was bid at 9.7759 to the euro from its previous close of 9.7667 and was at 11.2167 against the sterling from 11.2975.
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Source: FIN24
