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Rand firmer as Greek fears ease
May 16, 2012--The volatile rand was marginally firmer in afternoon trade after Greek fears were allayed as a result of a pledge made by the European Central Bank to support the country ahead of the new June poll.
The discussions over the formation of a Greek government broke down after only nine days and the consequent risk-off sentiment weighed heavily on the rand and emerging market currencies, until the ECB rescue announcement.
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Source: FIN24
Choppy JSE cuts gains, ends weaker
May 15, 2012--The JSE reversed earlier gains to finish the session lower on Tuesday, as the last-ditch attempt to form a coalition government in Greece ended in failure, hitting global market sentiment.
At 17:00 local time, the JSE All Share [JSE:J203] index was down 0.14% to 33 486.08 points, with gold miners tumbling 2.54%, platinum miners dropping 1.10% and resources shedding 0.72%.
The rand slid to 8.27 to the US dollar, from 8.17 at JSE's close on Monday.
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Source: FIN24
JSE extends losses on risk aversion
May 14, 2012--The JSE extended losses at noon on Monday, tracking a weaker trend on global stock markets.
At 12:00 local time, the JSE All Share [JSE:J203] index was down 0.94% to 33 718.52 points, with gold miners losing 2.70%, platinum miners dropping 1.42% and resources shedding 1.73%.
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Source: FIN24
Bonds weaker on China, eurozone woes
May 14, 2012-- South African bonds were on the back foot in midday play on Monday, as anxiety over the eurozone debt crisis and fresh concerns over China heightened risk aversion.
China's central bank on Saturday lowered the reserve requirement ratio for banks by 0.5% in order to boost liquidity and aid the slowing economy.
At 11:50, the benchmark R157 bond was trading at 6.490% from Friday's close of 6.440%. The R207 was bid at 7.680% and offered at 7.660% from a previous close of 7.605% and the R186 was trading at 8.400% from its close of 8.305%.
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Source: FIN24
Rand weak on euro breakup jitters
May 14, 2012--The rand was weaker in afternoon trade on Monday as tension between Germany and Greece raised the possibility of a breakup of the eurozone.
"The market is very jittery right now, so the flight is into safe havens such as the US dollar," a local trader said.
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Source: FIN24
SA economy recovering slowly -index
May 14, 2012--The South African economy is recovering, although at a very slow pace, according to the BankservAfrica Economic Transaction Index (Beti) released on Monday.
"Whilst the economy is not treading water, but actually moving ahead, the pace does seem pedestrian," said Brad Gillis, CEO regulated products at BankservAfrica, in a statement.
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Source: AME Info
Sustaining Growth amid Global Uncertainty-Regional Economic Outlook: Sub-Saharan Africa region
May 14, 2012--Sub-Saharan Africa continues to record strong economic growth, despite the weaker global economic environment. Regional output rose by 5 percent in 2011, with growth set to increase slightly in 2012, helped by still-strong commodity prices, new resource exploitation, and the improved domestic conditions that have underpinned several years of solid trend growth in the region's low-income countries.
But there is variation in performance across the region, with output in middle-income countries tracking more closely the global slowdown and with some sub-regions adversely affected, at least temporarily, by drought. Threats to the outlook include the risk of intensified financial stresses in the euro area spilling over into a further slowing of the global economy and the possibility of an oil price surge triggered by rising geopolitical tensions.
view the IMF Regional Economic Outlook-Sub-Saharan Africa
Sustaining Growth amid Global Uncertainty
Source: IMF
Rand weakness limits JSE losses
May 11, 2012-- The JSE was off the session's lows at noon on Friday, with the weaker rand keeping losses on the local exchange in check, against global negative investor sentiment.
At 12:01 local time, the JSE All Share [JSE:J203] index was down 0.21% to 33 797.81 points, with resources losing 1.07%, platinum miners dropping 0.73% and gold counters shedding 0.65%.
Financials were flat (0.05%), while banking stocks were off 0.26% and industrials lifted 0.25%
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Source: FIN24
JSE ends 5-day losing streak
May 10, 2012--The JSE ended firmer on Thursday, snapping a five-day losing streak, as investors picked up beaten down shares following the recent selloff on euro area jitters.
The general mining counters led the rebound, which was boosted in part by improved global sentiment following the better than expected US jobless claims data.
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Source: FIN24
Rand stronger on dollar sale
May 10, 2012--The rand was stronger in afternoon trade on Thursday after a big order to take profit on dollars, according to a dealer. However, continuing European jitters are expected to keep the rand in a weaker band.
The dollar sale order meant rand's were purchased. But the dealer added: ?We could see big buying interest of the dollar at 7.95/dlr rand to the dollar.?
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Source: FIN24
