The South African rand remained firm against major currencies just before noon on Wednesday after the market shrugged off better-than-expected producer inflation (PPI) data.
The rand took the JSE Securities Exchange South Africa (JSE) on a roller coaster ride on Friday, with the local bourse moving inversely to the volatile currency.
The South African rand was steady against major currencies in late morning trade on Monday in a market that was extremely quiet due to holidays in the UK and US.
Currency traders expected the rand to remain range bound for the rest of
the day.
Just over a year ago South Africa’s northern neighbour, Zimbabwe, went to the polls and controversially re-elected Robert Mugabe as president. However, South Africa’s bad neighbour has fallen off the currency market’s radar screen.
The JSE Securities Exchange South Africa (JSE) was drifting aimlessly in noon trade on Tuesday in an exceptionally quiet market. Traders said that with little incentive to enter the market, people were taking to the sidelines and waiting for US markets to open for direction.
The South African rand remained firm against major currencies on Friday after rallying to its best level against the dollar in two years on Thursday morning.
The JSE Securities Exchange South Africa opened in positive territory on Wednesday, buoyed by stronger world markets. Gold stocks, however, tarnished the bourse’s overall performance after bullion lost ground.
The South African rand failed to capitalise on a stronger euro and was steady against the dollar just before midday on Monday in a quiet market.
The JSE Securities Exchange South Africa raced ahead at the opening on Tuesday, fuelled by a weaker rand and strong rebound on the Dow overnight.
The JSE Securities Exchange South Africa drifted into the red on Wednesday morning in lethargic trade.
The South African rand was slightly firmer just before noon on Tuesday after the release of better-than-expected PPI data. Traders said that an upgrade of South Africa’s foreign currency rating by international credit ratings agency Moody’s had also improved sentiment in the forex market.
The JSE Securities Exchange South Africa (JSE) was under pressure in noon trade on Tuesday as the wrecking balls of weak world markets and a strong rand knocked the local bourse.
Despite the collapse in share prices in sector heavyweights, most South African information and telecommunications technology (ICT) companies emerged from 2002 intact, a report released on Monday shows.
The South African rand was steady against the dollar, but slightly weaker against the euro and sterling just before noon on Monday in a nervous market. Currency traders said that the rand was likely to remain range bound in the short term, but saw it weakening later in the day when US markets opened.
The JSE Securities Exchange South Africa (JSEunleashed its fury on luxury goods group Richemont on Thursday, after the group said in a trading update that its operating profit for the financial year to March 31 would be below market expectations.
With war in the Gulf almost inevitable, local economists are divided, agreeing only that the currency’s direction in the likely event of a war is difficult to call.
The JSE Securities Exchange South Africa (JSE) enjoyed a strong opening for the second straight day after being mauled on Monday and Tuesday and the last four days of last week. A weaker rand and strong close on the Dow overnight gave the bourse the impetus it needed to post further gains.
A war with Iraq will negatively affect South African markets, which would otherwise have a positive outlook, Dawie Roodt, Chief Economist of PLJ Financial Services says.
The rand was steady against major currencies just before noon on Tuesday in very quiet trade. Currency traders said that there was no interest in the market and saw the rand trading in a similar range to Monday for the rest of the day.
The JSE Securities Exchange South Africa was once again under pressure at the start on Tuesday, taking its cue from weak global markets. Gold stocks were particularly hard hit, after their ADRs took a hammering in New York overnight.
The JSE Securities Exchange South Africa drifted weaker at the start on Friday, taking its cue from world markets. Volumes remained subdued as belligerent comments by US President George Bush regarding Iraq saw many players take to the sidelines.
Shares in London-listed South African IT group Dimension Data plunged to eight year lows on Thursday after a trading update by the company’s Asian subsidiary Datacraft Asia.
The JSE Securities Exchange South Africa (JSE) slipped into the red at the opening on Tuesday, as a firmer currency weighed on heavyweight rand hedge stocks. Early volumes were boosted by telecommunications utility Telkom (TKG), which finally made its debut on the bourse.
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/ 27 February 2003
The JSE Securities Exchange South Africa opened firmer on Thursday on the back of a weaker rand. The market remained quiet, however, with many players choosing to take to the sidelines until uncertainties over Iraq are resolved.
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/ 24 February 2003
Gold stocks were under pressure in early trade on the JSE Securities Exchange South Africa (JSE) on Monday, paring gains on the all share index. While gold counters had taken their cue from their ADRs, which performed poorly on Friday, the remainder of the market was buoyed by a stronger Dow.
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/ 21 February 2003
The JSE Securities Exchange South Africa (JSE) was flat at the opening on Friday in very quiet trade. While financials were under a bit of pressure, thin volumes made it difficult to pick up definite trends.
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/ 21 February 2003
A rampant rand continued to clock up gains against major currencies on Thursday morning and was trading below 8,20 per dollar just before noon. The rand has not seen these levels since July 30, 2001, and currency traders said the rand looked to strengthen further.
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/ 17 February 2003
Gold stocks tumbled into the red at the opening on Monday on the back of a lower bullion price and a poor performance by their ADRs in the US on Friday. Leading the upside were heavyweight dual-listed stocks, which were reaping the benefits of a softer rand and strong close on Wall Street.
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/ 12 February 2003
The JSE Securities Exchange South Africa headed south in morning trade on Wednesday, dragged down by weaker world markets and a stronger rand.
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/ 11 February 2003
The JSE Securities Exchange South Africa bounced into the black in early trade on Tuesday, buoyed by heavyweight rand hedge stocks which were boosted by a weaker rand. Gold stocks, under pressure because of the lower bullion price, pared the bourse’s gains.
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/ 4 February 2003
The JSE Securities Exchange South Africa opened in positive territory on Tuesday, buoyed by heavyweight resources counters. This was after Iraq war jitters saw the gold price soar above the $375 an ounce level for the first time since November 1996.
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/ 4 February 2003
The South African rand was a tad stronger in early trade on Tuesday on the back of a slightly weaker dollar. This saw the local unit below the 8.50 to the dollar level after trading around 8,55 for most of Monday.