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Bonds little changed in quiet trade
March 3, 2011--South African bonds were little changed in quiet trade on Thursday afternoon, with little fresh news to offer direction.
By 16:40, the benchmark R157 bond was trading at 7.710% from 7.700% at its previous close, while the R207 was bid at 8.635% and offered at 8.610% from its previous close of 8.580%. The R186 was bid at 8.915% and offered at 8.885% from 8.870% before.
The rand was bid at 6.8819 to the dollar from its previous close of 6.8820.
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Source: AME Info
Upbeat global mood lifts JSE
March 3, 2011--The JSE rallied on Thursday, gaining more than 350 points as the local bourse benefited from an improving global economic outlook, rising inflation and a lack of bad news from the Middle East and north Africa.
The JSE all-share index gained 1.18%, with resource stocks jumping 2.06%, platinum miners climbing 2.00% and gold counters rising 0.34%. Banks were flat (-0.09%), while financials were a slight 0.16% higher and industrials gained 0.74%.
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Source: FIN24
JSE Launches Any Day Expiry Currency Contracts
March 2, 2011--The JSE has launched a new initiative on the foreign currency contracts, namely the “Any Day Expiry”. These new currency derivative contracts broaden the exchange’s existing range of currency futures and options contracts and allow investors the flexibility to pick the expiry date of the contract.
The introduction of this new currency product is in response to the wholesale market looking to hedge their currency risk with increased precision. “This new contract meets the needs of a certain clients, for example, hedge fund managers working on a short term currency strategy or those in the import and export arena who would like to match exact expiry dates with those of the delivery of goods,” says Warren Geers General Manager of Derivatives Trading at the JSE.
The contract is designed with wholesale investors in mind with a minimum exposure of one million of the foreign underlying (for example $1million or £1million).
Apart from the added flexibility of picking the expiry date, other contract specifications and fees remain the same as the existing currency derivative products, which expire on set quarterly close-out dates.
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Source: JSE
Bonds perkier on rand
March 2, 2011--South African bonds were up to nine basis points firmer in late trade on Wednesday, mainly on the back of a stronger local currency
By 15:50, the benchmark R157 bond was bid at 7.715% from its previous close of 7.780%, while the R207 was bid at 8.575% from its previous close of 8.670%. The R186 was trading at 8.890% from 8.970%.
The rand was bid at 6.9128 to the dollar from its previous close of 6.9850.
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Source: FIN24
JSE follows global markets lower
March 2, 2011-- Following global markets lower on Wednesday, the JSE ended in the red as concerns over the rising oil price and the continuing Libyan political upheaval prevailed.
Libyan leader Muammar Gaddafi warned the West on Wednesday afternoon against intervening to support the rebellion against him, saying that would unleash a "very bloody war" in which "thousands of Libyans would die."
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Source: FIN24
Bonds weaker in late trade
March 1, 2011--- South African bonds were weaker in late trade on Tuesday. A local trader said the market was caught long of stock after the weekly government bond auction.
By 15:50, the benchmark R157 bond was trading at 7.750% from its previous close of 7.770%, while the R207 was bid at 8.695% from its previous close of 8.645%. The R186 was trading at 9.010% from 8.945%
The rand was bid at 6.9303 to the dollar from its previous close of 6.9615.
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Source: FIN24
Global stocks fail to inspire JSE
March 1, 2011--The JSE finished lower on Tuesday, defying generally firmer global equities. Heavyweights - Anglo American [JSE:AGL], BHP Billiton [JSE:BIL] and Sasol [JSE:SOL] led the broad-based slide.
At the close, the JSE all-share index lost 0.69%, with resource stocks sliding 1.17%, gold counters shedding 0.11% and platinum miners sliding 0.95%. Banks fell 0.80%, financials eased 0.49% and industrials were 0.27% lower
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Bonds paint mixed picture in late trade The rand was bid at 6.9292 to the dollar from its previous close of 6.9756. read more
US sentiment leads JSE turnaround Banks were relatively flat, but financials added 0.35%, while industrials were 0.89% stronger,
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South Africa launches state mining company read more
Source: FIN24
February 28, 2011--South African bonds were mixed in late trade on Monday. The R157s were slightly firmer, while the R186s were a touch weaker on the back of issuance concerns.
By 15:50, the benchmark R157 bond was trading at 7.760% from its previous close of 7.770%, while the R207 was bid at 8.650% from its previous close of 8.625%. The R186 was bid at 8.950% from 8.910%.
Source: FIN24
February 28, 2011--The JSE added more than 300 points on Monday following a sharp turnaround, tracking sentiment on Wall Street.
At the close, the JSE all-share index gained 0.96%, led by resource stocks, adding 1.29%, with gold counters gaining 1.04%. Platinum miners advanced 0.97%.
Source: FIN24
February 25, 2011--The launch of state-owned mining company is renewing questions about whether South Africa has long-term plans to nationalize the lucrative industry.
President Jacob Zuma officially launches the company this weekend at a coal mine in eastern South Africa. The mining ministry says the company, known as the African Exploration Mining and Finance Corporation, will initially focus on ensuring the state-owned electricity utility has enough coal.
Source: Times Live
