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Bonds lose steam; caught long
October 22, 2010--South African bonds were up to 5 basis points weaker in midday trade on Friday. A local trader said that the market was caught long after some foreign selling and players were squaring their positions ahead of the weekend.
By 11:30 the benchmark R157 bond was at 7.235%, from its close of 7.185% on Thursday, while the R207 was bid at 8.015% and offered at 7.985% from 7.955% at its previous close. The R186 was bid at 8.090% and offered at 8.105% after closing at 8.075%.
The rand was bid at 6.9601 to the dollar from its previous close of 6.9739.
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Source: FIN24
JSE slumps ahead of G20 talks
October 22, 2010-- The JSE ended sharply lower on Friday, with investors remaining wary ahead of the Group of 20 (G20) meeting, which is widely expected to tackle the so-called "currency war".
Investors used caution around the G20 meeting as an opportunity to lock up profits following strong gains on Thursday, a dealer said.
By 17:00 local time the JSE all share index was 1.06% lower, with resources falling 1.05%, platinum miners declining 0.69% and gold stocks shedding 0.68%. Financials lost 1.17%, banks were 1.67% weaker and industrials edged down 1.01%
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Source: FIN24
Lower earnings for SA gold mines
October 22, 2010-SOUTH Africa’s major gold groups – AngloGold Ashanti, Gold Fields and Harmony – will all report lower quarterly core earnings for the September quarter, according to JP Morgan Cazenove analysts Steve Shepherd and Allan Cooke.
This is owing to the stronger rand/dollar exchange rate and higher working costs, which will more than offset the record gold price in dollar terms reached during the September quarter.
The analysts said the gold price averaged a record $1,246 per ounce for the quarter - $51/oz or 4% up on the June quarter average of $1,195.
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Source: Miningmx
Longer dated bonds firmer
October 21, 2010--South African longer dated bonds were slightly firmer in quiet midday trade on Thursday, on the back of demand for duration stock.
By 11:34 the benchmark R157 bond was unchanged at 7.160%, from its close on Wednesday, while the R207 was bid at 7.940% and offered at 7.905% from 7.950% at its previous close. The R186 was bid at 8.050% and offered at 8.015% after closing at 8.050%.
The rand was bid at 6.8653 to the dollar from its previous close of 6.9325.
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Source: FIN24
Bonds steady as foreigners hold off
October 21, 2010- South African bonds were steady by the late afternoon on Thursday as tentative global risk appetite curbed demand for higher yielding emerging market assets.
By 16:04 the benchmark R157 bond was at 7.185%, from its close on Wednesday of 7.160%, while the R207 was at 7.940% from 7.950% at its previous close. The R186 was bid at 8.085% after closing at 8.050%.
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Source: FIN24
JSE rallies on Anglo, Vale news
October 21, 2010-- The JSE rallied on Thursday, as investors cheered news that Brazilian miner Vale had expressed interest in Anglo America's (AGL) Copebras, the fertilizer company. Anglo's share gained over 2%, igniting general interest in resources counters.
By 17:00 local time the JSE all share index was 1.19% firmer, with resources climbing 1.36% and platinum miners gaining 0.84%. But gold stocks bucked the trend, falling 0.53%. Financials advanced 0.42%, banks were 0.69% higher and industrials edged up 1.40%.
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Source: FIN24
Bonds mostly softer in quiet trade
October 20. 2010--South African bonds were mostly softer in quiet trade late Wednesday with little being offered by way of direction.
By 15:50 the benchmark R157 bond was at 7.165% from its close of 7.150% on Tuesday, while the R207 was bid at 7.910% from 7.950% at its previous close. The R186 was at 8.050% after closing at 8.040%.
The rand was bid at 6.9504 to the dollar from its previous close of 6.9435.
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Source: FIN24
JSE ends modestly higher on US stocks
October 20, 2010--The JSE ended slightly firmer on Wednesday on the back of positive sentiments fuelled by Wall Street, which rose following upbeat third-quarter earnings
Resources counters led the upward momentum thanks to the softer dollar, which lifted commodity prices and other risky assets, an equity derivatives trader said.
By 17:00 local time the JSE all share index was 0.26% firmer, with gold stocks gaining 0.52% and resources climbing 1.18%. But platinum miners fell 0.04%. Financials lost 0.22%, banks were 0.32% lower and industrials edged down 0.37%.
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Source: FIN24
Poor auction, rand weighs market down
October 19, 2010-- South African bonds felt some heat in the afternoon session on Tuesday as a poor auction and weak rand set the tone for selling bias.
A senior dealer said the weak rand had added to the selling "to some extent", but it was mainly the poor auction result that sparked the selling in an overbought market.
By 16:26 the benchmark R157 bond was at 7.150% from its close of 7.070% on Monday, while the R207 was at 7.935% from 7.810% at its previous close.
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Source: FIN24
SA moots Cape-to-Cairo trade deal
October 19, 2010--African countries need to boost regional trade and investment to keep pace with growth in other emerging economies that have large consumer bases, such as India and China, Trade and Industry Minister Rob Davies said on Monday.
Davies, in Cairo for a high-level, bilateral state visit to the continent's second biggest economy, said Egypt and South Africa were trying to seal a Cape-to-Cairo free trade agreement that could help reduce dependence on flagging European economies.
"The fact of the matter is we don't as single countries begin to touch the sizes of the domestic market of China and India, but as a grouping from Cape-to-Cairo we do start to hit that league," Davies said.
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Source: FIN24
