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Nigeria to overhaul oil industry
August 19, 2012--It was the year the world became acquainted with Barack Obama, when "tweet" was labelled a buzzword by Time magazine-and when legislation was introduced to overhaul Africa's biggest oil industry.
That was way back in 2008, and many deadlines set by Nigeria's government to carry out the oil reforms have passed without action, creating uncertainty that has limited new investment, threatening future output.
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Source: FIN24
JSE closes lower- banks weigh
August 17, 2012--The JSE closed weaker on Friday with all the main indices closing in negative territory, while the platinum price made strong gains on the back of violence at Lonmin's Marikana mine this week.
At 17:10, the platinum price had gained 2.06% to trade at $1‚462.50 due to supply concerns. SA supplies 80% of global platinum demand.
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Source: FIN24
Bonds weaker on US concerns
August 17, 2012--South African bonds were weaker in afternoon trade on Friday after US institutions sold SA assets on concerns that the crisis at Marikana could escalate.
"We were trading steady in the morning‚ but when the US entered trading this afternoon‚ the rand gapped and our bonds followed‚” a local trader said.
At 15:42‚ the benchmark R157 bond was trading at 5.705% from 5.660% at 11.35am‚ Thursday’s close of 5.655% and Wednesday’s close of 5.670%‚ the R207 was bid at 6.790% and offered at 6.760% from its previous close of 6.725% and the R186 was trading at 7.650% from its previous close of 7.575%.
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Source: FIN24
JSE closes firmer on US data
August 16, 2012--The JSE closed firmer on Thursday picking up momentum near the close, with gold miners and resources leading the upside.
“The JSE was picking up momentum as we were getting into the close on the back of much better economic data out of US‚” said David Shapiro‚ director at Sasfin Securities.
“There was an overall better feel to the market today and it was not a bad trading day at all‚” he added.
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Source: FIN24
Bonds tad firmer on rand recovery
August 16, 2012--South African bonds were a touch firmer in afternoon trade on Thursday on the back of a recovery in the rand.
“The US housing data was worse than expected so the dollar lost against the euro‚ which helped the rand to strengthen and that gave a boost to our bond market‚” a local trader said.
At 15:46‚ the benchmark R157 bond was trading at 5.650% from 5.670% at Wednesday’s close. The R207 was bid at 6.725% and offered at 6.705% from its previous close of 6.740% and the R186 was trading at 7.570% from its previous close of 7.560%.
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Source: FIN24
JSE closes a fraction lower
August 15, 2012--The JSE closed a tad softer on Wednesday, in line with weaker worldwide equity markets and due to investors booking gains from recent rallies.
The all-share index ended down 0.06% at 35 543.93 points‚ with gains in industrial stocks offering some support‚ while banks led the declines‚ with the index shedding 1.14%‚ and one of its biggest components‚ Nedbank‚ slipping 1.77% to R182.31.
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Source: FIN24
Rand and retail data pressure long end
August 15, 2012--The long end of the South African bond curve continued to come under pressure in afternoon trade on Wednesday on the back of a softer rand and better than expected June retail sales data.
"It seems we have a dichotomy in the bond market as the short end continues to price in stable rates‚ while the long end reflects the view that the next move in the repo rate will be higher. That may be due to carry trade activity‚ as we still offer attractive returns compared with those available overseas‚ but those hot money flows are like a coiled spring and can be unwound very quickly‚” a local trader said.
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Source: FIN24
JSE ends stronger, banks lead
August 14, 2012--The JSE Limited [JSE:JSE] closed firmer on Tuesday in line with world markets, despite quiet trade and low volumes, with banks and financials leading the upside.
“We have had a quiet session today but this is not only a local occurrence; last night the US had volumes worth $13bn‚ the slowest trading day for the year so far‚” said Francois Venter‚ equity dealer at Investec Asset Management in Cape Town
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Source: FIN24
Rand little moved in quiet trade
August 14, 2012--The rand was slightly weaker in afternoon trade from earlier levels, pushing towards the 8.15/US dollar level, off low volumes.
At 15:50 local time the rand was bid at R8.1482 to the dollar from Monday’s close of R8.1491. It was bid at R10.0567 to the euro from its previous close of R10.0515 and at R12.7761 against sterling from R12.7775 before.
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Source: FIN24
JSE closes weaker, gold miners gain
August 13, 2012--The JSE closed weaker on Monday amid some consolidation after last week's strong showing, with gold miners the only index to finish in positive territory (0.45%).
The bourse gave up 0.44% to close at 35 417 points at 5pm local time‚ after offshore markets also slipped in the wake of disappointing economic data prints from China and Japan.
“The JSE has been gyrating in a narrow range today and it has been a mixed bag. Kumba drew attention being ex-dividend and down 5.5% and Exxaro rallied after its latest decline. There has been a bit of interest in gold shares‚ but it has not been a fun day today. The US is a bit down and that is seen percolating through to our markets‚” said Mark Wilkes‚ trader at Global Trader.
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Source: FIN24
