Money is flooding emerging markets only because inverstors are desperate to turn a buck and commodites are hinting at a comeback.
Though gold is still South Africa’s top export, it has slipped from being the world’s biggest producer in 2006 and is now in sixth position.
The Reserve Bank’s final rates decision of the year and October’s inflation report are the big items on South Africa’s economic calendar this week.
Investors have concerns about South Africa, former Federal Reserve chairperson Alan Greenspan told a conference in Sandton on Tuesday.
World markets continued to weigh on the JSE on Thursday — pushing the bourse down 0,93% by midday. At noon, the JSE’s bank index fell 1,87%, financials gave up 1,61% and industrials were 1,4% lower. The platinum mining index declined 1,41%, resources shed 0,38% but the gold mining index advanced 1,69%.
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/ 29 February 2008
Gold-mining stocks and other commodity counters helped keep the JSE’s head above the water by midday on Friday, as metal prices kept driving higher on the back of a weaker United States dollar. By 12.01pm, the JSE’s broader all-share index was up 0,24%, led by a 1,85% climb in the gold-mining index.
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/ 30 January 2008
The JSE ignored CPI data that came in slightly higher than market expectations and continued to gather momentum by midday on Wednesday on news that power had been restored to the mining industry. December CPI came in at 9% year-on-year, while the market expected 8,9%, and CPIX came in at 8,6%, against the expected 8,5%.
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/ 14 December 2007
A weaker bank sector forced a positive JSE to pull back into the red by midday on Friday, leaving the all-share index 0,14% lower at noon. The JSE’s bank index was down 1,38% at midday as local and international traders questioned whether the move by the central banks to inject liquidity into financial markets was enough to settle global credit concerns.
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/ 28 November 2007
Oil fell below a barrel on Wednesday, pinching some of Asia’s top resource stocks, while nagging fears that a credit market squeeze will sap global growth weighed on the dollar and the region’s exporters. News that top United States bank, Citigroup, got a ,5-billion capital injection from Abu Dhabi’s investment arm on Tuesday buoyed US stocks.
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/ 27 September 2007
The dollar fell to a new record low against the euro for a sixth successive session on Thursday, as investors braced for more economic reports that could reinforce expectations of another United States interest-rate cut in October. US economic data this week has provided no respite for the beleaguered dollar.