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Bonds a tad softer in thin trade
December 27, 2012--The South African bond market drifted slightly weaker in quiet afternoon trade despite a firmer rand.
At 3:40‚ the benchmark R186 was trading at 7.230% from a previous close of 7.210%. The R157 was trading at 5.320% from 5.290% previously and the R207 was untraded.
The rand was last bid at R8.4998/$ from R8.5657/$ previously.
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Source: FIN24
Rand gains on possible US cliff solution
December 27, 2012--The rand gained ground in late trade on Thursday on a firmer euro due to the prospect of the US averting the fiscal cliff before year-end.
Such a resolution would lead to risk on trade and would help the rand gain further value.
“The rand is a bit stronger due to a firmer euro‚ amid thin and quiet trade and low volumes seen. We will continue trading in the R8.45 to R8.60 range until there is a clear idea of how US politicians are going to resolve the cliff issue‚” a local trader said.
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Source: FIN24
JSE boosted by gold shares
December 24, 2012--Gold stocks helped the JSE finish the quiet and shortened Monday session in positive territory ahead of public holidays on Tuesday and Wednesday.
At 12pm‚ the All Share [JSE:J203] index had added 0.16% to 39‚187.38‚ with gold counters lifting 1.25%.
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Source: FIN24
Bonds close session untraded
December 24, 2012--South African bonds has closed the shortened Monday session untraded ahead of the Christmas and Day of Goodwill holidays.
“No trades went through today... most people are already on holiday‚” a local trader said.
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Source: FIN24
Rand little changed in quiet trade
December 24, 2012-With local markets set to close at midday on Monday ahead of the Christmas Day and the Day of Goodwill holidays and little in the way of local or international news to offer any direction, the rand is expected to remain little changed on Monday.
At 8:30‚ the rand was bid at R8.5659/$ from its previous close of R8.5700. The local currency was bid at R11.2911/€ from its previous close of R11.3204 and at R13.8434 against sterling from R13.7965 before.
Africa: Rise of the African Sovereign Wealth Fund
Almost every member of Opec operates a sovereign wealth fund - a state-owned investment fund - to ring-fence oil revenues and ease the impact of commodity price volatility. Now, after years of poor fiscal management and the 'resource curse', African countries are also looking to SWFs to save hydrocarbon revenues, diversify their wealth and boost domestic growth. view more
JSE soft on weak world markets view more
Rand extends losses on US fiscal concerns view more
Bonds off best level on profit taking read more
Nigeria, Others Plan Record Bond Sales As Yields Sink read more
Source: FIN24
December 22, 2012--African sovereign wealth funds are emerging to save and invest resource revenues. If efficient, they could also boost domestic growth and credit ratings
A spate of sovereign wealth funds are opening across Africa as resource-rich countries look to manage their revenues. Nigeria and Angola have both launched funds in recent months, with Tanzania's president Jakaya Kikwete also stating his intent to set aside revenues from new gas discoveries.
Source: AllAfrica.com
December 21, 2012--The JSE was softer at noon on Friday tracking global sentiment weaker as negative headlines about the US fiscal cliff issue sparked a sell-off in the US, Asia and Australia, which has filtered through to our market.
Platinums led the downside‚ followed by banks‚ both of which had good rallies recently.
Source: FIN24
December 21, 2012--The rand lost further ground in midday trade on Friday amid global risk aversion, linked to stalled US budget talks.
At 11:48‚ the rand was bid at R8.5796/$ from its previous close of R8.4816. The local currency was bid at R11.3205/€ from its previous close of R11.2295 and at R13.9290 against sterling from R13.7965 before.
Source: FIN24
December 21, 2012--South African bonds were off the day's best levels in midday trade on Friday on profit taking prompted by a weaker rand.
“We had a strong run during December‚ especially in the long end‚ so we are not surprised to see some profit taking once the rand failed to move below R8.40‚” said a local bond trader.
Source: FIN24
December 21, 2012--Nigeria, Angola and Ghana are preparing to sell as much as $3.75 billion in international bonds in 2013, the most from the continent ever, after yields sank below Italy and Spain and investors set aside concerns sparked by the Cote D'Ivoire's default almost two years ago.
According to Bloomberg, Nigeria planned to borrow $1 billion on overseas markets, twice as much as it sold in 2011, while Angola is seeking $2 billion of debt. Also, Ghana, which issued the first Eurobonds in sub- Saharan Africa outside of South Africa in 2007, may sell a further $750 million, the country's Deputy Finance Minister, Seth Terkper
Source: All Africa.com
