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Fitch downgrades SA outlook
January 13, 2012--Fitch cut South Africa’s rating outlook to negative from stable on Friday, saying it had seen limited progress on several long-standing structural issues that have over time caused the country’s economic performance to fall behind its peers.
The rand fell 1.5% against the dollar after the move, while South Africa’s 5-year credit default swaps rose 10 basis points.
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Source: FIN24
Banks lead SA stocks higher
Janaury 12, 2012--South African banks such as fourth-largest lender Nedbank followed their European counterparts to close higher after a successful Spanish bond auction generated market optimism and buoyed stocks on Thursday.
Spain raised €10bn earlier on Thursday, twice as much as planned at lower yields. Italy also fared well, paying less than half what it did a month ago to sell one-year bills.
“A good bond auction like that is the main reason for our market picking up initially,” said Byron Lotter, a portfolio manager at Vestact Asset Management.
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Source: FIN24
Factory data helps rand to 5-week high
January 12, 2012--The rand rallied to a five-week high against the dollar on Thursday, breaking through resistance levels as manufacturing data signalled improved economic growth.
Rising risk appetite globally, underpinned by solid Spanish and Italian bond auctions, also supported the rand.
The unit gained 0.4% after the better-than-expected manufacturing data, raising hopes that economic growth in the last quarter of 2011 might have improved from 1.4% quarter-on-quarter growth in the third quarter
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Source: FIN24
SA stocks snap three-day winning streak
January 11, 2012--South African stocks pulled back from a four-week high on Wednesday and ended a three-day winning streak on renewed worries about eurozone debt crisis, but the benchmark index remained within range of its lifetime high.
The benchmark JSE Top 40 - (Tradeable) [JSE:J200] blue-chip index was down 0.7% at 29 276.38, not far from its 30 197.81 record high hit almost a year ago. The broader All Share [JSE:J203] index gave up 0.58% to 32 827.05.
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Source: FIN24
Miners lead JSE to 4-week closing high
January 10, 2012--South African stocks rose for a third straight trading day on Tuesday, pushing the benchmark index to its highest closing level in a month as a rebound in metal prices bolstered miners.
The benchmark JSE Top 40 - (Tradeable) [JSE:J200] blue chip index was up 0.85% to 29 481.51 for its highest closing level since December 7. The broader All Share [JSE:J203] index improved 0.75% to 33 020.16.
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Source: FIN24
Bonds firmer after auction
January 10, 2012--South African bonds were a few points firmer in midday trade on Tuesday, after a "reasonable" auction.
At its first auction for the year, the National Treasury received bids totalling R2.37 billion for R1.1 billion worth of R204 bonds at a clearing yield of 7.880% and bids totalling R3.79 billion for R1 billion worth of R213 bonds at a clearing yield of 9.050%.
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Source: FIN24
JSE edges up as retailers gain
Janaury 9, 2012--South African shares ended a choppy, thin session a touch higher on Monday, helping the benchmark index notch up its second straight day of gains but it continues to look vulnerable to risk aversion due to debt problems in the eurozone.
Retailers topped the advancers’ list, with Richemont posting its second positive session after the luxury goods group announced the opening of its largest Montblanc store in China, a fast-growing luxury goods market.
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Source: FIN24
Platinum options traded on JSE for first time
January 9, 2012--The JSE [JSE:JSE] has seen 800 platinum option contracts traded on the Safex commodity derivative's global market late last week, the first time that the JSE has seen this trading strategy used by market participants.
Chris Sturgess, general manager of the commodities division at the JSE, says: "To date the trade has been solely in futures, but I'm pleased to see the first interest in using options by a hedge fund. Options are versatile instruments that in their simplest form enable traders to acquire a type of insurance. Buyers pay a premium to reduce their risk and have access to upside potential. This is a trend we are optimistic will increase."
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Source: FIN24
Platinum options traded on JSE for first time
January 9, 2011--The Johannesburg Stock Exchange (JSE) has seen 800 platinum option contracts traded on the Safex commodity derivative's global market late last week, the first time that the JSE has seen this trading strategy used by market participants.
Chris Sturgess, general manager of the commodities division at the JSE, says: “To date the trade has been solely in futures, but I'm pleased to see the first interest in using options by a hedge fund. Options are versatile instruments that in their simplest form enable traders to acquire a type of insurance. Buyers pay a premium to reduce their risk and have access to upside potential. This is a trend we are optimistic will increase.”
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Source: Business Report
JSE ticks up as gold miners recover
January 6, 2012--South African shares ticked higher on Friday as battered down stocks such as telecom MTN Group [JSE:MTN] and safe-haven gold miners recovered ground.
Johannesburg’s bourse also received a boost from the positive sentiment generated by better-than-expected US job data that underpinned hopes that the world’s biggest economy is firmly on the recovery path.
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Source: FIN24
