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Bonds hold firm
February 26, 2010--Bonds remained firm going into the weekend on Friday, supported by benign money supply and private sector credit extension data and a recovery in the rand.
They also shrugged off a worse than expected trade deficit for January, which came in at R3.3bn as opposed to an expected R2.5bn. Markets tend to ignore the trade data because of its volatility.
By 16:00 the short-term government R154 bond was bid at 7.040% and offered at 7.020% after closing at 7.080% on Thursday and the medium-term R157 was at 8.170% from 8.230% at its previous close. The long-term R186 was bid at 9.050% and offered at 8.975% from 9.070% previously.
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Source: FIN24
Quiet rand tracks euro
Febraury 26, 2010-- A quiet rand tracked the euro in the afternoon session on Friday.
The local currency earlier bounced off R7.68 against a weaker dollar, a local trader noted.
At 15:44 the rand was bid at R7.7188 to the dollar from R7.7323 at its previous close. It was bid at R10.4645 to the euro from its previous close of R10.4558 and was at R11.7099 against the sterling from R11.7636.
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Source: FIN24
RenCap to focus on Africa
February 22, 2010--Renaissance Capital, the Russian investment bank that nearly collapsed during the financial crisis, is launching an operation in Johannesburg as it looks to leverage a pan-African franchise to build one of the world’s leading emerging markets banks.
RenCap will announce on Monday that it has hired Clifford Sacks, a former senior banker at Merrill Lynch, to head up its South African office as it continues to expand amid the nascent economic recovery.
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Source: FT.com
Citadel Capital acquires stake in Kenya and Uganda's Rift Valley Railway
February 22, 2010--Egypt: Citadel Capital (CCAP.CA on the Egyptian Stock Exchange), the leading private equity firm in Africa and the Middle East with $8.3bn in investments under control,
confirmed today that has acquired a 49% stake in Sheltam Railways Company, the largest single shareholder and lead investor in Rift Valley Railways of Kenya and Uganda.
Source: AME Info
JSE lower on US rate decision
February 19, 2010--South African stocks ended lower on Friday, largely on the back of the US Federal Reserve's surprise decision to raise its discount rate, and a stronger dollar affecting local commodity stocks.
However, the local bourse did manage to come off its earlier lows in the afternoon as the US dollar came off a fraction from its earlier peaks.
By 17:00 the JSE all share index was 0.78% lower, with resources down 1.24%, gold mining shares lost 1.71% and platinum miners fell 0.83%.
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Source: FIN24
Rand firm, dollar off highs
February 19, 2010--The rand was firm in the afternoon session on Friday as the dollar came off its earlier highs.
At 15:40 the rand was bid at 7.6743 to the dollar from 7.6586 at its previous close. It was bid at 10.3815 to the euro from its previous close of 10.3299 and was at 11.8220 against the sterling from 11.8257.
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The euro was bid at $1.3507 from $1.3466 previously.
Source: FIN24
Bonds firm on stronger rand
February 19, 2010--South African bonds firmed a smidgen on Friday afternoon after the rand managed to recoup some of its earlier losses.
After quite a lot of action this week, players are turning their attention to next week's data. GDP, CPI, PPI, money supply and trade data are all due for release next week. There are also some big auctions next week.
By 15:50 the short-term government R154 bond was bid at 7.110% and offered at 7.090% after closing at 7.130% on Thursday and the medium-term R157 was at 8.250% from 8.280% at its previous close. The long-term R186 was bid at 9.130% and offered at 9.100% from 9.150% previously.
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Source: FIN24
Rand receives Budget boost
February 17, 2010--The rand firmed 10 cents against the dollar on Wednesday afternoon after Finance Minister Pravin Gordhan delivered his maiden National Budget in parliament.
Financial services group Rand Merchant Bank described Gordhan's Budget as rand friendly, with no shift away from economic orthodoxy.
RMB analysts John Cairns and Nema Ramkhelawan noted that the South African Reserve Bank's (Sarb's) independence was reiterated, there was no mention of nationalisation, and inflation targeting remains intact.
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Source: FIN 24
Rangy rand holds up
February 12, 2010-- A firmer rand shrugged off a weaker euro in the morning session on Friday, trading in a tight range.
A local currency trader noted that trade could be quiet today with the US on holiday on Monday, while a firm decision on Greece is only likely on Tuesday next week.
At 08:56 the rand was bid at R7.6381 to the dollar from 7.6336 at its previous close. It was bid at R10.4513 to the euro from its previous close of R10.4491 and was at R11.9892 against the sterling from R11.9786.
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Source: FIN24
Short-covering firms bonds
February 12, 2010--Bonds remained a tad firmer in late trade on Friday on the back of what traders described as some pre-Budget short-covering.
A fairly steady rand in the face of a weaker euro was also helping to bolster the market.
However, trader said market was completely indifferent to the State of the Nation address, delivered by President Jacob Zuma last night.
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Source: FIN24
