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Bonds perk up on rand
November 16, 2011--South African bonds regained some composure and were a few basis points firmer in midday trade on Wednesday, as they tracked the stronger local currency.
By 11:50, the benchmark R157 bond was trading at 6.790% from its previous close of 6.820%. The R207 was bid at 7.970% and offered at 7.975% from a previous close of 8.010% and the R186 was trading at 8.440% from its close of 8.470%.
The rand was bid at 8.1673 against the dollar from its previous close of 8.1791.
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Source: FIN24
JSE follows west up
November 15, 2011--The JSE finished in the black on Tuesday following positive economic data from the west.
A local trader said: "There is a lot of talk of quantitative easing in the US and the lowering of interest rates globally.
Locally, the trader said the currency was giving markets a bit of a boost.
At 17:00 local time, the All Share [JSE:J203] index ended up 1.02%. Platinum climbed 2.32%, resources rose 1.65%, and gold collected 0.69%. Financials acquired 0.91%, banks lifted 0.76%, and industrials picked up 0.53%.
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Source: FIN24
Rand weakens further
November 15, 2011-- The rand weakened further against the buck in afternoon trade on Tuesday tracking a soft euro amid swelling concern over the debt plaguing the eurozone.
At 18:00 local time, the rand was bid at 8.1199 to the dollar from its previous close of 7.9998. It was bid at 11.0042 to the euro from 10.9031 before, and at 12.8534 against sterling from 12.7169 previously.
The euro was at $1.3550 from $1.3623 previously.
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Source: FIN24
JSE ticks higher, miners lead
November 14, 2011-- South African stocks gained marginally on Monday, led by Kumba Iron Ore and other mining firms while industrial group Barloworld rose 2.9% after full-year earnings beat estimates.
Many investors continued to seek guidance from Europe and were awaiting economic growth numbers due from several European countries on Tuesday.
Kumba was the biggest blue chip gainer, rising 2.7% while the Top 40 - (Tradeable) [JSE:J200] index added 0.3% to 28 968.93. The broader All Share [JSE:J203] index gained 0.25% to 32 343.89.
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Source: FIN24
Rand falls as risk appetite wanes
November 14, 2011--South Africa’s rand weakened against the dollar on Monday as nagging worries about euro zone debt came back into play, wiping out some of last week’s gains.
Government bonds also retreated, with local assets taking their cue from a weaker euro as new administrations in Italy and Greece failed calm fears over a crisis that has taken its toll on risk appetite in recent months.
The yield on the benchmark 2015 paper edged up two basis points to 6.69 percent while the yield on the 2026 bond added 4.5 basis points to 8.485 percent.
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Source: FIN24
Zambian Eurobond to test appetite for African debt
November 11, 2011--Zambia's planned $500 million Eurobond will be welcomed by investors eager to increase their exposure to frontier market debt but the timing, as yet unknown, will be crucial given the global environment, analysts say.
In its 2012 budget, announced on Friday, the Zambian government said it would press ahead with the previous administration's plans to launch a 10-year Eurobond. Finance Minister Alexander Chikwanda stressed the country, Africa's biggest copper producer, would manage its debt prudently.
"The external environment is driving a lot of considerations at the moment and therefore finding a window of opportunity in the market so the issuer can get the best possible terms will be a crucial factor," said Stuart Culverhouse, chief economist at Exotix.
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Source: Reuters
SA stocks lose steam at end of volatile week
November 11, 2011-- South African stocks capped a volatile week with a sideways close on Friday, as concerns about the outcome for Italy’s debt crisis kept investors on the sidelines, although platinum miners and other battered-down shares ticked higher.
Shares of private hospital group Netcare rose nearly 3%, after the company said it expects to report an increase of up to 26% in full-year earnings on Monday.
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Source: FIN24
Rand ends week stronger against dollar
November 11, 2011--The rand extended gains against the dollar to 1.4% on Friday, hitting a two-day high as risk sentiment improved after a positive austerity vote out of Italy.
The rand was at 7.8730 against the dollar by 1545 GMT after earlier hitting 7.8620, its strongest level since Wednesday.
However, government bonds were weaker as the market priced out the chance of a rate cut after a hawkish monetary policy statement while the rand jumped against the dollar as global sentiment turned pro-risk.
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Source: FIN24
Bonds weaken after rates kept steady
November 11, 2011-- South African bonds were up to 14 basis points weaker in midday trade on Friday, which a trader said was as a result of selling on the back of the South African Reserve Bank's (Sarb's) monetary policy committee (MPC) decision to keep the repo rate unchanged at 5.5% on Thursday.
"I think most of the guys were heavily skewed for a rate cut and then just bailed after it didn't happen; I believe there were some good selling curves from a local at 57-58 this morning and that made matters worse for the long accounts. We're fairly toppish up here though," the trader said.
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Source: FIN24
SA stocks shrug off rates decision
November 10, 2011--South African stocks rose 0.71% on Thursday, as miner Anglo American jumped on news of a $5.4 billion asset sale, while investors returned to battered firms such as Sappi .
The stock market shrugged off the central banks’s decision to keep interest rates steady, as expected, and broader gains were limited by concerns about the outlook for Europe.
Stocks did briefly extend gains after the ruling African National Congress said it would suspend for five years the controversial leader of its youth wing, who has called for nationalisation of both banks and mines.
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Source: FIN24
