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Platinum Prices Climb Amid Unrest
August 22, 2012--Platinum prices rose to their highest level in four months Wednesday, as spreading labor unrest in South Africa raised the possibility that a further 40% of world production of the metal could be affected by a dispute that has already shut down significant output.
South Africa, which accounts for 75% of world platinum supply, has been roiled by violent clashes at three of its four leading platinum mines this year. Fears that a near two-week standoff between workers and bosses at Lonmin LMI.LN 0.00% PLC's Marikana mine could spread to the world's biggest platinum producer, Anglo-American Platinum Ltd., AMS.JO -0.13% or Amplats, likely underpinned the prices, traders and analysts said.
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Source: Wall Street Journal
JSE closes lower, resources drag
August 22, 2012--The JSE closed lower on Wednesday with the heavy--weighted resources and gold counters placing most of the drag on the bourse, with profit taking seen after the JSE reached highs on Tuesday.
Markets are now awaiting the release of the minutes to the Federal Reserve’s latest policy-setting committee meeting‚ which are due at 20:00 local time on Wednesday. Clues will be sought therefrom on how close the Fed might be to providing additional monetary stimulus.
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Source: FIN24
Bonds firmer despite weak rand
August 22, 2012--South African bonds were firmer in afternoon trade on Wednesday, despite a weaker rand as better than expected July consumer price index (CPI) data boosted demand.
"The CPI data was better than expected so that helped in the morning and in the afternoon we have seen continued foreign buying despite the weak rand‚” a local bond trader said.
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Source: FIN24
Industrials, miners push JSE to record close
August 21, 2012--Stocks booked a fresh record close on Tuesday as industrials and miners pushed higher on hopes that meetings on Greece's future this week and new plans drawn by the European Central Bank will help Europe manage its debt woes.
The benchmark Top-40 index closed up 1.06% at 31 630.26, after earlier touching a lifetime high of 31 690.59.
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Source: FIN24
Marikana impact on bonds minimal
August 21, 2012--South African bonds firmed in afternoon trade on Tuesday on the back of a stronger rand.
"Bonds have strengthened on the combination of a stronger rand and lower European bond yields‚” a local bond trader said.
At 15:53‚ the benchmark R157 bond was trading at 5.560% from 5.610% at Monday’s close and 5.690% at Friday’s close. The R207 was bid at 6.650% and offered at 6.625% from its previous close of 6.695%‚ and the R186 was trading at 7.530% from its previous close of 7.590%.
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Source: FIN24
Firmer rand targets R8.20/$
August 21, 2012--The rand was on a firmer footing against major currencies in late trade, tracking global risk themes, as the negative effects of the Lonmin mine shootings on the local currency receded in the background.
At 16:00 time the rand was trading at R8.2207/$ from Monday’s close of R8.3197. It was trading at R10.2513/€ from its previous close of R10.2714 and at R12.9629/£ from R13.0688 before.
The euro was bid at US$1.2470 from $1.2350.
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Source: FIN24
JSE closes weaker
August 20, 2012--The JSE closed weaker, with gold miners leading the downside. Lonmin [JSE:LON] and Harmony Gold Mining Company Limited [JSE:HAR] are still under pressure, which pulled their respective indices down.
Lonmin shed R3.32‚ or 3.99%‚ to R79.98 and Harmony lost R4.94‚ or 6.15%‚ to R75.42.
Lonmin has delayed suspending workers who had not returned to work on Monday‚ deferring the deadline to Tuesday morning. Last week 44 people were killed in clashes between police and rival unions at the company’s platinum mine in Marikana. Harmony‚ SA’s third-largest gold producer‚ last week posted results that fell below analysts’ estimates.
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Source: FIN24
Rand slightly stronger in midday trade
August 20, 2012--The rand was slightly firmer in midday trade on Monday with the local currency was still feeling the impact of the Lonmin violence from last week.
"The current bout of weakness in the rand is most readily ascribed to the Lonmin [JSE:LON] violence. As soon as this abates‚ I’m sure the rand will strengthen again‚ based on other current market indicators‚” said Mark Kalkwarf‚ a portfolio manager from Iquad.
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Source: FIN24
Absa to list gold ETF on Ghana Stock Exchange
The GSE's managing director says the listing of Absa Capital's gold-backed NewGold ETF will broaden the exchange's range of products beyond equities and bonds.
August 21, 2012--The Ghana Stock Exchange (GSE) will list Absa Capital's gold-backed NewGold exchange traded fund on Wednesday, marking the bourse's first ETF, officials said on Tuesday.
The listing is intended to broaden the exchange's range of products beyond equities and bonds, its managing director, Kofi Yamoah, said.
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Source: MineWeb
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
