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Bonds mixed in subdued trade
February 21, 2011--South African bonds were mixed in quiet late trade on Monday, with little in the way of action to give the market direction as it bides time ahead of key local data due this week.
Tuesday sees the release of the fourth-quarter 2010 GDP by Stats SA, while finance minister Pravin Gordhan will deliver his Budget speech in Parliament on Wednesday. Stats SA will also release producer price inflation (PPI) on Thursday.
By 15:50, the benchmark R157 bond was trading at 7.550% from its previous close of 7.680%, while the R207 was at 8.435% from its previous close of 8.400%. The R186 was bid at 8.665% from 8.620%.
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Source: FIN24
Commodities fuel JSE's momentum
February 21, 2011-- The JSE added 292 points on Monday, pushed higher by commodity stocks, and gold in particular, as investors continue to keep a watchful eye on political uncertainties in the Middle East and north Africa.
At the close, the JSE all-share index was 0.90% firmer, with gold counters up 3.92% and resources 1.3% better off. Platinum miners added 0.90%. Banks rose 0.91%, financials swelled 0.61% and industrials firmed 0.63%.
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Source: FIN24
Bonds tick firmer on rand
February 18, 2011--South African bonds were mostly firmer in late trade on Friday on the back of a stronger currency. Earlier in the day, a local trader said the R186s were weaker as a result of a fund reducing long-end exposure going into Budget next week.
Market players are keenly awaiting Finance Minister Pravin Gordhan's Budget speech on February 23. By 15:50, the benchmark R157 bond was trading at 7.680% from its previous close of 7.705%, while the R207 was trading at 8.400% from its previous close of 8.425%. The R186 was trading at 8.630% from 8.620%.
The rand was bid at 7.1618 to the dollar from its previous close of 7.1714.
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Source: FIN24
Resources pull on JSE
February 18, 2011--The JSE ended the week on a low key note on Friday as resources, which fell on profit-taking and the strong rand, dragged down the overall market.
At the close, the JSE all-share index was down 0.64%, with resources sliding 1.33%. But gold counters advanced 1.62% and platinum miners rose 0.79%. Banks fell 0.32% and financials lost 0.40%, while industrials were flat.
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Source: FIN24
SA formally joins the BRIC
February 18, 2011-- India’s finance minister said on Friday South Africa was being brought in alongside his country, China, Brazil and Russia as part of the group of developing economies hitherto known as the BRIC club.
“Today South Africa has been formally inducted into the BRIC grouping. From now on it will be the BRICS and this will be a key south-south global forum,” said Pranab Mukherjee, who was in Paris for talks with other finance ministers.
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Source: FIN24
IMF Executive Board Concludes 2010 Article IV Consultation with Nigeria
February 17, 2011--On February 11, 2011, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Nigeria.1
Background
Nigeria has weathered the global economic recession and its own domestic banking crisis reasonably well. Economic growth in the first half of 2010 remained above 7½ percent and is expected to reach about 8½ percent for the whole year on the back of a recovery in oil production and continued strong growth in other sectors.
However, inflation has been stuck in the low double digits for the past two years and foreign reserves have been falling as the Central Bank of Nigeria has focused on maintaining exchange rate stability and low interest rates.
The fiscal stimulus intensified in 2010, notwithstanding the already solid growth performance and high inflation. After rising by 10 percent in 2009, consolidated public spending increased by 37 percent in 2010. The non-oil primary deficit has increased by 5 percentage points to 32 percent of non-oil GDP. Despite world oil prices well in excess of the budget benchmark price, the government spent all current oil revenues and drew on savings in the Excess Crude Account, at a time when stabilization called for a rebuilding of buffers. Despite high inflation, the CBN reduced the rate on its standing deposit facility. In response to pressure on the currency, the CBN sold reserves rather than raise interest rate or let the exchange rate depreciate. The CBN recently raised interest rates, but short-term real interest rates remain negative.
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Source: IMF
Bonds stay firm on rand
February 17, 2011--South African bonds remained firm in late trade on Thursday, on the back of a strong currency and local and foreign demand.
By 15:50, the benchmark R157 bond was trading at 7.720% from its previous close of 7.770%, while the R207 was trading at 8.470% from its previous close of 8.460%. The R186 was trading at 8.630% from 8.635%.
The rand was bid at 7.2234 to the dollar from its previous close of 7.2433.
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Source: FIN24
Rudderless JSE ends in the red
February 17, 2011--The JSE ended marginally in the red on Thursday lacking any clear direction with a trader noting that it shrugged off slightly worse than expected US economic data.
"There were no strong moves today to provide clear direction," he said.
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Source: FIN24
Bonds remain firm on rand and CPI
February 16, 2011--South African bonds remained firm in in late trade on Wednesday on the back of a stronger rand and a relief rally after CPI data came in better than market expectation.
By 15:50, the benchmark R157 bond was trading at 7.770% from its previous close of 7.800%, while the R207 was bid at 8.470% from its previous close of 8.480%. The R186 was trading at 8.620% from 8.640%.
The rand was bid at 7.2807 to the dollar from its previous close of 7.3169.
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Source: FIN24
Resources pull down JSE
February 16, 2011--The JSE finished lower on Wednesday, dragged down by heavy-weight resources stocks, especially BHP Billiton [JSE:BIL]. The benchmark all-share index lost just over 280 points, with resource index dropping close to 2%.
"BHP Billiton, Anglo American JSE:AGL] and Sasol [JSE:SOL] pulled the entire benchmark index down," said Kevin Algeo, portfolio manager at Imara SP Reid
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Source: FIN24
