The JSE was looking lifeless at midday on Tuesday, as there was no real driver to push the market in either direction, traders said. By 11.59am, the JSE’s broader all-share index had shed 0,1%. The gold mining index dropped 3,14%, resources fell 1,48% and the platinum mining index declined 0,55%.
Mining group BHP Billiton will phase out annual business with Standard Bank in the first corporate spat brought on by the power crisis. Business Day reported that the business may be worth R2,4-billion and the decision came after a bank executive suggested that one of the mining group’s aluminium smelters be shut down to save electricity.
A recovery in the platinum price triggered improvements in the platinum-mining and resources indices, which helped reverse the JSE’s morning losses and lift it into the black by midday on Friday. By 12.03pm, the JSE’s broader all-share index was up 0,35%. The platinum-mining index collected 1,57% and resources gained 1%.
South Africa’s producer price inflation (PPI) accelerated above forecasts to 11,2% year-on-year in February from 10,4% in January, official data showed on Thursday.
Statistics South Africa said the headline number, representing domestic output, stood at 1,3% on a monthly basis, compared with 1% previously. Economists polled last week forecast that annual PPI would come in at 10,7%, while the monthly rate of increase was seen at 0,8%.
Zambia has ended negotiations with Standard Bank, Africa’s largest bank by assets, to finance a $1,2-billion (R9,7-billion) oil-import deal after the two parties failed to reach agreement. Talks between the Zambian government and Stanbic Bank Zambia, a unit of Standard Bank, were initially expected to be concluded by mid-January.
Mining counters gave the JSE some extra momentum on Wednesday, pushing the bourse more than a percent higher by midday. At noon, the JSE’s broader all-share index was 1,29% in the black, driven by a 5,45% rally in the platinum-mining index. Resources advanced 2,47% and the gold-mining index rose 1,07%.
Standard Bank has been selected as the best emerging-market bank in Africa, as well as in South Africa, in the annual <i>Global Finance</i> magazine’s <i>Best Emerging Market Banks in Africa</i> survey. In addition, Standard Bank Namibia and Stanbic Bank Uganda won top honours in their respective countries.
The JSE was little changed at its softer levels by midday on Tuesday as investors took to the sidelines ahead of the United States Federal Open Market Committee’s rates decision later in the day. By noon, the JSE’s broader all-share index was down 0,86%. Resources fell 2,26%, the gold mining index dropped 1,76% and the platinum mining index shed 0,76%.
Recent revelations on how the African National Congress used its investment arm Chancellor House to divert taxpayer’s money into its own coffers explains the ruling party’s obsession with black empowerment policy, Democratic Alliance leader Helen Zille said on Friday.
The resources index kept the JSE in firmer territory by midday on Friday, enhancing the morning session’s gains. At noon, the JSE’s broader all-share index was up 1%, driven by the 1,75% advance in the resources index. The gold mining index recovered 0,06% but the platinum mining index gave up 0,23%.
Gold rose to all-time high on Thursday as investor buying speeded up after the dollar sank and oil hovered near lifetime peaks. Gold rose to .70 an ounce before easing to trade at ,60/992,0 at 11.08am GMT, against ,90/982,70 late in New York on Wednesday.
South African stocks were slightly lower at noon on Tuesday, pressured by miners on faltering metal prices, but improved sentiment in overseas markets restricted losses, traders said. At noon, the JSE’s broader all-share index had given up 0,19% at 30 056,80.
About 60% to 70% of the South African home finance market is now facilitated by originators, who have managed to secure interest rate concessions of 1% to 2,5% for their clients. They handle the shopping around for you, as well as the administration and insurance.
International credit woes causing losses among overseas equity markets continued to dampen the JSE by midday on Friday. The JSE’s broader all share index had shed 0,45% by noon, which was led by a 2,5% decline in the bank index. Financials were down 1,86% and industrials gave up 0,57%.
Firm resource stocks helped the JSE extend its gains by midday on Thursday, even though bank and financial counters were softer. By noon, the JSE’s broader all-share index lifted 1,17%, led by a 1,94% advance in resources. The gold mining index recovered 0,98% while the platinum mining index edged up 0,04%.
The JSE widened its losses by midday on Wednesday as profit-taking and negative sentiment continued to dampen the market. By noon, the JSE’s broader all-share index declined 1,4%, led by a 2,72% pull back in the platinum-mining index. The gold-mining index retreated 2,71% and resources dipped 1,85%.
Standard Bank has received a R16-billion boost to its capital base after completion of a deal in which China’s biggest lender ICBC took a 20% stake, it said on Monday. International and Commercial Bank of China, the world’s biggest lender by assets, said in October last year it would pay ,5-billion for the stake in Standard Bank.
A weaker rand and higher commodity prices boosted mining stocks on the JSE by midday on Monday, but negative global sentiment still weighed on the bourse. By midday, the JSE’s broader all-share index was off 0,76%, dragged lower by a 4,42% dip in the bank index. Financials gave up 2,63% while industrials pulled back 1,07%.
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/ 27 February 2008
South Africa’s targeted CPIX inflation rate quickened to 8,8% year-on-year in January from 8,6% in December, above forecasts, data showed on Wednesday. The all-items consumer price index (CPI) increased by an annual rate of 9,3%, compared to 9% in December, Statistics South Africa said.
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/ 25 February 2008
Firmer world markets helped keep the JSE in the black by midday on Monday, offsetting losses in the gold-mining index that were sparked by negative news from Gold Fields. Gold Fields’s share price weakened R2,81, or 2,43%, to R112,75 after it earlier reported that the current electricity crisis puts 6 900 Gold Fields jobs at risk.
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/ 22 February 2008
Profit-taking helped the JSE catch its breath on Friday after its good rally on Thursday, which led the bourse to dip 0,82% by midday. The platinum-mining index gave up 2,09%, resources lost 1,11% and the gold-mining index eased 0,09%. Industrials weakened 0,69%, financials shed 0,17% and banks picked up 0,15%.
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/ 20 February 2008
The JSE recovered some of its earlier losses by midday on Wednesday, as gold and resource stocks started to lift the market despite the negative global sentiment. Higher oil prices overnight spurred inflation worries among world markets, after oil closed above $100, prompting a global sell off in equities.
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/ 19 February 2008
The bank and resources indices kept the JSE in positive territory on Tuesday, lifting the bourse 0,7% higher by midday. Banks advanced 2,14% and financials collected 1,14%. The gold mining index added 1,46%, resources lifted 1,11% and the platinum mining index was up 0,58%. However, industrials were down 0,12%.
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/ 18 February 2008
South African stocks were sharply higher at midday on Monday led by banks ahead of Absa’s year-end earnings, while stronger overseas markets and firm metal prices spurred broad-based gains, traders said. By noon, the broader all-share index had gained 1,27% to 28 867,61, lifted mainly by a 2,36% gain in banks.
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/ 14 February 2008
Firm world markets and stronger metal prices continued to support the JSE by noon on Thursday. At noon, the broader all-share index had risen 1,34%. Banks collected 2,33% and financials climbed 1,07%. Industrials advanced 1,44%, the platinum mining index gained 1,4%. Resources were 1,35% higher and the gold mining index added 1,16%.
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/ 13 February 2008
South African stocks were slightly lower at midday on Wednesday as heavily weighted miners continue to falter on falling metal prices, while other investors refrained from making any large moves ahead of Wall Street opening. At midday, the broader all-share index had was off 0,18% at 28 533,810.
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/ 12 February 2008
Standard Bank said on Tuesday that it is issuing about 20 000 chip and PIN bank cards a month as part of an ongoing exercise to match international standards and sharply improve card security. The group said in a statement that card skimming is again on the rise.
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/ 12 February 2008
The JSE held on to gains at midday on Tuesday as investors chased after bargains following Monday’s sharp losses amid strong metal prices and firmer overseas markets. By 11.59am, the broader all-share index had added 0,82% to 27 860,790 thanks to a 3,27% gain in the platinum-mining index.
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/ 11 February 2008
A tired-looking JSE was 89 points in the red by noon on Monday as weak global markets continued to weigh. By midday, the broader all-share index had shed 0,32%. The gold-mining index pulled back 1,42%, resources added 0,05% and the platinum-mining index was up 0,97%. Industrials fell 0,77%, financials were down 0,29% and banks gave up 0,29%.
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/ 8 February 2008
A firmer United Kingdom equities market added more support to the JSE by midday on Friday, lifting the bourse after a lacklustre start. By noon, the broader all-share index had gained 0,6%. Banks collected 1,36% and financials advanced 0,65%.
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/ 5 February 2008
The JSE changed course to turn negative by midday on Tuesday as weaker world markets and a bit of local profit -taking set in. By noon, the broader all-share index had given up 0,99%. Banks pulled back 2,39% and financials retreated 1,87%. Industrials lost 1,08% and the gold-mining index dipped 0,95%.
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/ 4 February 2008
Chinese regulators have given permission for Industrial and Commercial Bank (ICBC) of China, the nation’s largest lender, to buy a 20% stake in Standard Bank, ICBC said. Shareholders of Standard Bank and South African regulators have already approved the deal.