Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
JSE drops, Zim hits platinum mines
December 10, 2010-- The JSE ended broadly weaker on Friday, with platinum counters taking a beating on reports that the Zimbabwean government plans to take 51% control of mining companies.
Impala Platinum Holdings [JSE:IMP] dropped over 2% on the news, Kevin Algeo, portfolio manager at Imara SP Reid, said.
read more
Source: FIN24
Bonds mostly flat in quiet trade
December 9, 2010-- South African bonds were mostly unchanged from their previous close in quiet late trade on Thursday amid thin trading volumes. The R186s were slightly weaker.
By 15:45 the benchmark R157 bond was at 7.470% from its previous close of 7.470%, while the R207 was bid at 8.310% and offered at 8.300% from 8.310% at its previous close. The R186 was bid at 8.515% and offered at 8.490% after closing at 8.495%.
The rand was bid at 6.8862 to the dollar from its previous close of 6.9027.
read more
Source: FIN24
Softer metal prices hit JSE
December 9, 2010--The JSE edged lower on Thursday, dragged down by softer commodity prices, which hit mining stocks. But Wall Street opened higher on Thursday after encouraging weekly jobs data.
Andrew Todd, an equity derivatives trader at Imara SP Reid, said Anglo American [JSE:AGL] , whose share price fell over 2%, weighed on the overall market. Todd said he was not sure why Anglo was dropping. Compagnie Richement added downward pressure on the market due mainly to profit-taking.
read more
Source: FIN24
Oil slides below $88 a barrel
December 8, 2010--Oil fell below $88 in Asian trade on Wednesday as traders took profits after prices reached two-year highs at the start of the week, analysts said.
New York's main contract, light sweet crude for January delivery, slid 95 cents to $87.74 a barrel in the afternoon while Brent North Sea crude for January fell $1.05 to $90.34.
"The weakness we've had yesterday and today is just a bit of profit-taking," said Ben Westmore, minerals and energy economist for the National Australia Bank in Melbourne.
read more
Source: FIN24
Bond market still glum on US
December 8, 2010-- South African bonds were up to 15 basis points weaker in late trade on Wednesday, after a sharp sell-off in US government bonds continued to weigh on the local market.
By 15:45 the benchmark R157 bond was at 7.470% from its previous close of 7.315%, while the R207 was bid at 8.325% and offered at 8.295% from 8.140% at its previous close. The R186 was bid at 8.460% and offered at 8.475% after closing at 8.345%.
The rand was bid at 6.9044 to the dollar from its previous close of 6.8986.
read more
Source: FIN24
JSE ends flat amid investor buying
December 8, 2010--The JSE closed out the day flat on Wednesday amid investor buying back into the market.
The local bourse had opened the day 200 points lower amid profit taking, however, volumes remained fairly thin throughout the course of the day, a trader noted.
At 17:00, the JSE all share index ended flat with resources losing 0.52% and gold miners fell 0.93%. Platinum miners however, added 0.13%.
read more
Source: FIN24
SA stocks to sizzle in 2011: Analysts
December 8, 2010-- South African blue-chip stocks are expected to continue their recent rally and add another 5% by mid-2011, buoyed by demand for dividends and commodity companies, a Reuters poll showed on Wednesday.
Johannesburg's Top40 index is expected to reach 29 600 by the middle of 2011, a poll of ten traders and analysts showed, compared with Tuesday's close of 28 317.92
read more
Source: FIN24
Rand can't be reined in soon: AbsaCap
December 7, 2010-Emerging market economies are likely to continue seeing "robust capital inflows" over the medium term, macro strategist at Absa Capital Jeff Schultz said on Tuesday.
The capital inflows are also likely to result in a further appreciation of the currencies in these markets.
read more
Source: FIN24
Bonds still mixed in quiet trade
December 7, 2010--South African longer-dated bonds were weaker in quiet late trade on Tuesday, on the back of a softer local currency, while the shorter end of the market remained slightly firmer after a relatively well-bid auction, earlier in the day.
By 15:45 the benchmark R157 bond was at 7.330% from its previous close of 7.335%, while the R207 was bid at 8.165% and offered at 8.135% from 8.145% at its previous close. The R186 was bid at 8.390% and offered at 8.340% after closing at 8.355%.
read more
Source: FIN24
Profit-taking trims gains on JSE
November 7, 2010--- The JSE trimmed some gains on Tuesday, ending slightly higher as profit taking set in following a strong run in the past few days. By contrast, global equities rose strongly.
Andrew Todd, equity derivatives trader at Imara SP Reid, the market had rallied around 1 700 points or 5.6% over the past five days. "This is why the market is coming off. It is not surprising to see money being taken off the table," Todd said.
read more
Source: FIN24
