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Rand slips as euro/USD loses steam
June 25, 2010--The rand was softer in midday trade on Friday as traders trimmed their positions in the euro vs the US dollar ahead of the G20 summit in Canada. The euro lost steam against the US dollar after a brief bounce in mid-morning trade.
At 11:41 the rand was bid at R7.6563 to the dollar from R7.5742 at its previous close. It was bid at R9.4141 to the euro from its previous close of R9.3562 and was at R11.4159 against sterling from R11.3122.
The euro was bid at $1.2268 from $1.2335 overnight.
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Source: FIN24
JSE ends flat after a strong week
June 18, 2010-- The JSE ended with a whimper on Friday following a strong week, which was punctuated by the futures close-out and index rebalancing.
At the close, the JSE all share index lost 0.13%, with resources lower at 0.58% and platinum miners shed 2.12%. Gold miners were almost flat at 0.01%. Banks were 0.51% down, while financials fell 0.03%. But industrials edged up 0.26%.
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Source: FIN24
Bonds touch firmer, eye rand
June 18, 2010--Bonds are a few basis points firmer in quiet late trade on Friday, with little to go on besides the direction of the rand.
By 15:45 the short-term government R154 bond was bid at 6.685% after closing at 6.705% on Thursday and the medium-term R157 was bid at 7.940% from 7.960% at its previous close. The long-term R186 was bid at 8.955% from 8.960% previously.
The rand was bid at R7.5246 to the dollar from R7.5742 at its previous close.
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Source: FIN24
Quiet rand maintains firm footing
June 18, 2010-- The rand tracked a stronger euro in afternoon trade on Friday, but amid a lack of news to provide meaningful impetus.
At 15:36 the rand was bid at R7.5060 to the dollar from R7.5742 at its previous close. It was bid at R9.2979 to the euro from its previous close of R9.3816 and was at R11.1197 against sterling from R11.2187.
The euro was bid at $1.2370 from $1.2380 overnight.
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Source: FIN24
Rand eases amid Cup distraction
June 11, 2010--The rand eased a fraction in afternoon play on Friday in what a trader described as an "uninteresting day" ahead of the kick-off of the FIFA World Cup in Soweto.
At 15:21 the rand was bid at 7.7503 to the dollar from 7.6862 at its previous close. It was bid at 9.3745 to the euro from its previous close of 9.3010 and was at 11.2916 against sterling from 11.3000.
The euro was bid at US$1.2090 from $1.2100 overnight.
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Source: FIN24
Bonds a touch softer in thin trade
June 11, 2010--Bonds were a touch softer by midday on Friday, tracking a steady rand. A trader said volumes were extremely thin. The bond market closed at 12:00 because of the World Cup kickoff.
By 12:06 the short-term government R154 bond was bid at 6.760% after closing at 6.730% on Thursday and the medium-term R157 was at 7.990% from 7.980% at its previous close. The long-term R186 was at 8.965% from 8.920% previously.
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Source: FIN24
Brokers resist Nigerian watchdog
June 7, 2010--The new head of Nigeria’s stock market regulator is encountering “subtle and aggressive” resistance to efforts to root out brokers whose alleged abuses contributed to a $50bn crash that brought the financial sector close to collapse.
Arunma Oteh, who took over at the Securities and Exchange Commission in January, is battling to impose tougher oversight and increased disclosure to restore confidence in what was once viewed as a prime frontier market.
But some financiers who stand to lose lucrative trading licences are said to be applying pressure to thwart an SEC investigation aimed at establishing whether brokers misused investors’ funds and are in effect insolvent. Some financiers were seeking to use close ties to politicians to stall the investigation, suppress its findings or undermine Ms Oteh, allies said.
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Source: FT.com
SA ranked no better than Greece
June 7, 2010--South Africa may be financially sound, but it will struggle to benefit from the sovereign debt crisis in Europe.
Rating agencies rank South Africa no better than Greece, Portugal, Spain, Ireland or Italy, the so-called PIIGS nations where government debt is dangerously high.
Rating agency Moody’s equates South Africa to Greece at A3 in terms of long-term debt, even though South Africa has balanced its budget for many years.
In addition, government debt in South Africa is 36% of gross domestic product, far lower than the 128% expected for Greece this year.
All of the major grading agencies rank South Africa lower than Portugal, Spain and Italy - each of which has massive debt and is in danger of dragging the eurozone into more trouble.
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Source: FIN24
Rand range bound in thin trade
June 4, 2010--The rand was still range-bound in midday trade on Friday amid low liquidity levels ahead of the weekend. A local trader said the local unit was eyeing the euro vs dollar movement, which was almost unchanged from Thursday's levels.
At 11:40 the rand was bid at R7.6471 to the dollar from R7.6581 at its previous close. It was bid at 9.3355 to the euro from its previous close of R9.3313 and was at R11.2196 against sterling from R11.2061.
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Source: FIN24
JSE flat ahead of US payrolls
June 4, 2010--The JSE was only a tad lower in midday trade on Friday ahead of key US nonfarm payrolls data.
By 12:00 the JSE all share index declined 0.11%, with resources down 0.66%, and platinum miners down 0.78%. Gold miners lost 1.76%. Banks were 0.76% stronger, financials added 0.38%, and industrials were 0.17% firmer.
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Source: FIN24
