R30bn yanked from SA
The cost of offshore borrowing for SA has jumped by 50% in recent weeks while foreigners have withdrawn R30-billion from the country since last month.
The cost of offshore borrowing for SA has jumped by 50% in recent weeks while foreigners have withdrawn R30-billion from the country since last month.
The JSE extended losses at noon on Wednesday, retreating nearly 3% as investors fretted about the health of the global economy.
The JSE remained in the red by noon on Friday, but managed to come off the morning’s lowest levels, generally following international markets.
SA stocks were deep in the red by noon on Monday, dropping by more than 5% in line with international markets.
The JSE remained in positive territory on Thursday following the direction of European markets, which were trading higher.
Global events in the past few weeks have proved that no one has a crystal ball.
South African stocks were deep in the red by noon on Monday, with resources and gold stocks still coming under pressure and recording sharp losses.
Market reaction showed the value of the finance minister’s stock, writes Maya Fisher-French.
The JSE, after opening slightly weaker, managed to gain some momentum by noon on Thursday on the back of overseas markets.
Last week was a record-breaking week for the JSE, with trading volumes and value of trades reaching new heights.
South African stocks remained in firmer territory by noon on Monday, driven mainly by stronger international markets and improving metal prices.
South Africa’s rand treaded weaker ground against the dollar on Monday, rattled in part by President Thabo Mbeki’s resignation.
South African stocks remained at elevated levels at noon on Friday, following similar gains in overseas markets.
The JSE set a new trading record of 128 308 trades on Thursday, the JSE said in a statement.
The JSE bounced between negative and positive at noon on Wednesday as traders remained nervous about making significant advances.
SA stocks remained in weak territory at noon on Tuesday in line with negative overseas sentiment as international markets continue to tumble.
The JSE said on Monday it had started trading rand-dollar currency options, which should increase volumes and liquidity in the local currency market.
It was business as usual at the JSE on Tuesday after technical problems halted business for the first seven hours on Monday.
SA stocks extended losses on Friday, falling by 1,3% at noon in line with overseas markets amid signs of a global economic slowdown, traders said.
South African stocks rose at midday on Thursday as investors chased after bargains following recent sharp losses, traders said.
SA stocks remained volatile by noon on Wednesday as resources flip-flopped around, but a CPIX reading in line with expectations aided banks.
The JSE remained softer at midday on Friday pressured by miners on falling commodity prices, but banks and financials capped further losses.
SA stocks were sharply firmer in noon trade on Thursday as the recovery in resources and mining stocks continued amid generally firmer world markets.
The JSE pushed higher at midday on Wednesday, paced by gold miners on a rebound in the bullion price as the dollar’s rally stalls.
The JSE did not feel a noticeable impact from the credit crunch affecting various other markets during the first half of 2008, it said on Tuesday.
The JSE remained well in the black at noon on Wednesday, inspired by gains in overseas markets, with losses restricted to the gold-mining sector.
The JSE remained firmer on Wednesday, as banks, financials and industrials found favour following a strong performance on Wall Street overnight.
The JSE remained in the black at midday on Tuesday, boosted by commodity stocks on firmer metal prices.
The JSE remained in the black at midday on Thursday, but was off its earlier highs as resources reversed gains and moved into negative territory.
The JSE pulled back but remained in the black at noon on Wednesday with platinum miners weighing on the index on a falling white metal price.
The JSE was lower at noon on Monday, eroding earlier short covering-induced gains as easing metal prices weighed on the mining sector, traders said.
Profit warnings, breaches of key index levels and stressed consumers and investors seeking safety provide the background for markets this week.