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Improved rand keep bonds bid
Novemeber 27, 2009--Bonds gained five basis points on Friday thanks to a more positive global marketplace and a recovering rand in the wake of the Dubai debt bombshell.
By 15:55, the short-term government R154 bond was at 7.270% from a previous close of 7.320%. The medium-term R157 was at 8.450% from 8.470% at its previous close, while the long-term R186 was at 9.190% from 9.180% before.
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Source: Fin 24
Rand weakens on stronger dollar
November 20, 2009-- The rand softened in the afternoon session on Friday, trading at its weakest levels of the day amid a stronger dollar particularly against the euro, according to a local trader
At 15:25 the rand was bid at 7.5767 to the dollar from 7.5222 at its previous close. It was bid at 11.2264 to the euro from its previous close of 11.2325 and was at 12.5020 against sterling from 12.5395.
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The euro was bid at $1.4817 from $1.4914 overnight.
Source: Fin 24
Economic growth 'has returned'
November 20, 2009-- South Africa's economy is expected to have turned the corner during the third quarter, with growth in gross domestic product expected to be 0.7% quarter-on-quarter (seasonally adjusted annualised), according to a poll of leading economists.
This will follow from the -3.0% and -6.4% in the first and second quarters. Statistics SA is due to release GDP growth figures on Tuesday.
The third-quarter GDP of 2008 was the fortieth consecutive quarter of positive growth since 1998, but this came tumbling down in the fourth quarter as the first decline in a decade was registered.
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Source: Fin24
Bond sales to foreigners drop
November 16, 2009--Foreigners were net buyers of R2.961bn worth of South African bonds, including repurchase agreements, in the week ended November 13, after net purchases of R3.121bn worth of local bonds the week before, figures from the Bond Exchange of South Africa show.
This brought net sales, including repurchase agreements for the year to date, to R7.977bn.
In 2008 foreigners were net sellers of R40.729bn worth of South African bonds, including repurchase transactions.
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Source: Fin24
Rand firm ahead of weekend
October 13, 2009--The rand remained firm ahead of the weekend with the dollar still under some pressure amid an improvement in global risk appetite.
At 16:00 the rand was bid at 7.4308 to the dollar from 7.4564 at its previous close. It was bid at 11.0543 to the euro from its previous close of 11.0703 and was at 12.4050 against sterling from 12.3720.
The euro was bid at $1.4873 from $1.4845 overnight.
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Source: FIN24
Gold drives firmer rand
November 9, 2009--A firmer rand tracked record gold prices and a weaker greenback in the afternoon session on Monday.
At 15:52 the rand was bid at 7.4179 to the dollar from 7.5052 at its previous close. It was bid at 11.1250 to the euro from its previous close of 11.1693 and was at 12.4355 against sterling from 12.5018. The euro was bid at $1.4986 from $1.4873 overnight.
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Source: Fin24
Africa to Receive $1.1 billion in New Financing for Climate Action
November 6, 2009--African efforts to invest in clean energy and prepare for the devastating consequences of climate change have received a boost with six countries set to receive $1.1 billion in new financing for climate action. From solar water heaters to wind power development and development policy planning, a range of new, scalable investments were given the green light at Trustee meetings of the Climate Investment Funds (CIF) in Washington
Mozambique, Niger and Zambia will each receive up to $50-70 million in additional resources to help transform their economies through climate resilience. While, Morocco and South Africa will join Egypt in receiving very low-interest loans for $150 million, $500 million, and $300 million respectively, to strengthen their investments in clean energy in support of national priorities for low carbon development.
“The CIF support for Africa is coming at a critical time. Climate change has the potential to turn back the clock on hard won development gains across the continent,” said Katherine Sierra, Vice President of Sustainable Development at the World Bank. “CIF financing is teaching us how to work together with governments, civil society and the private sector to make truly transformational investments a reality. Each CIF dollar so far is leveraging an additional ten dollars in private and public investments,”she said.
The Climate Investment Funds are a unique pair of financing instruments designed to test what can be achieved to initiate transformational change towards low-carbon and climate-resilient development through scaled-up financing channeled through the Multilateral Development Banks. The two funds are the Clean Technology Fund (CTF), financing scaled up demonstration, deployment and transfer of low-carbon technologies for significant greenhouse gas reductions within country investment plans; and the Strategic Climate Fund (SCF), financing targeted programs in developing countries to pilot new climate or sectoral approaches with scaling-up potential.
In Africa, where access to energy is critical for economic growth and, therefore, poverty alleviation, the challenge is to help countries obtain the energy they need, without aggravating climate change.
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Source: World Bank
JSE ends flat on US data
November 6, 2009--The JSE ended flat on Friday, up 36 points, having edged into the red in late afternoon trade pressured by US unemployment data, which rose more than expected.
At 17:00 the JSE all share index was flat, up 0.14%, with resources collecting 0.85%, gold miners firming 2.80% and platinum producers edging up 0.18%.
Banks were down 2.32% and financials lost 1.33%, but industrials inched 0.10% higher.
The rand was bid at 7.50 to the dollar from 7.60 when the JSE closed on Thursday. Gold was quoted at $1 096.60 a troy ounce from $1 090.15 at the JSE's last close, and platinum was at $1 352/oz, from $1 351.50/oz at its previous close.
Source: Fin24.com
Bonds eye rand, Eskom
November 6, 2009- South African bonds were in the black by the late afternoon on Friday, but the rally seen in early trade had died down to a whimper.
The strong rand remains key, but a number of concerns - now including the ongoing debacle at Eskom - are weighing on sentiment.
By 16:04, the short-term government R154 bond was bid at 7.045% from a previous close of 7.040%. The medium-term R157 was at 8.305% from 8.350%, while the long-term R186 was at 8.900% from 8.955%.
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Source: Fin24.com
Johannesburg Stock Exchange signs up for responsible investment
November 3, 2009--The JSE has become one of the first stock exchanges worldwide to become a signatory to the United Nations Principles of Responsible Investment (UN PRI), an initiative which aims to help the global financial services industry towards responsible investment.
The exchange sees the moves as a step forward in its already strong support of corporate and investor decision-making which includes environmental, social and corporate governance factors as well as traditional business issues.
It has for several years worked on ways to prompt businesses and business analysts to increase their focus on environmental, social and governance factors.
"Our listing requirements include elements of the King Code of Corporate Governance, for example. Signing the UN PRI further demonstrates our commitment. It also highlights our role as a pioneer in the sustainability field globally, particularly and amongst stock exchanges," explained JSE deputy CEO Nicky Newton-King in a statement this week.
"We believe that stock exchanges have a role to play in stimulating debate between listed entities and investors about these issues."
Socially responsible investment index
The JSE has contributed to the cause of responsible investment through developing the Socially Responsible Investment Index (SRI Index), which was launched in 2004 as the first of its kind in an emerging economy.
An index whose constituents are companies who attain required levels in an annual review of their policies, practices and reporting, it is becoming a widely accepted gauge for good corporate citizenship for listed entities.
"Responsible investing is coming of age in South Africa as evidenced the burgeoning support and growing numbers of signatories to the UN PRI," said Newton-King. "In South Africa, there are currently 25 signatories to the principles, a significant number considering the size of our financial sector compared to other developed countries."
Signatories include large asset owners such as the Government Employees Pension Fund and recent signatory Eskom Pension & Provident Fund.
Guide for investment professionals
Founded in 2005, the UN PRI is a set of principles developed to guide investment professionals to consider environmental, social and corporate government issues in the selection of investment opportunities and to align investors with broader societal objectives.
In South Africa, apart from greater adoption of the UN PRI, there are other factors raising awareness of responsible investing.
"In South Africa, no business can operate divorced from our past. In this respect, issues of sustainability and social responsibility are entrenched and companies have had to address labour, affirmative action and health related issues with much more urgency and vigour than elsewhere," said Newton-King.
"To add to this, there is no fund manager who can deny the existence of great inequality in South Africa and we don’t needs to educate people about the importance of socially responsible investment as much as may be needed in more developed countries."
Source: www.southafrica.info
