South Africa's net gold and foreign exchange reserves rose to $23.28bn at the end of December from $22.988bn at the end of December, central bank data showed on Wednesday.
Gross reserves increased to $25.882bn from $25.613bn in December, the bank said in a statement posted on its website.
Net foreign currency holdings increased by $225m to $23.308bn.
Read more at FIN24.co.za
Tuesday, February 6, 2007
US stock indexes gain as oil ends off high, Cisco jumps late
U.S. stocks ended marginally higher on Tuesday after oil prices pulled back from a session high near $60 a barrel, offsetting a sell-off in the tech sector after National Semiconductor Corp. lowered its outlook.
A better-than-expected outlook and earnings from Cisco Systems Inc. after the bell drove the network equipment maker's shares sharply higher. That could give the technology sector a boost in Wednesday's session.
Oil futures prices ended only modestly higher after climbing to a NYMEX session peak of $59.99 a barrel as a cold front swept across the northeastern United States. Oil prices gave up more than $1 of that gain, relieving investors' concerns about higher energy costs and inflation.
Read more at Reuters South Africa
A better-than-expected outlook and earnings from Cisco Systems Inc. after the bell drove the network equipment maker's shares sharply higher. That could give the technology sector a boost in Wednesday's session.
Oil futures prices ended only modestly higher after climbing to a NYMEX session peak of $59.99 a barrel as a cold front swept across the northeastern United States. Oil prices gave up more than $1 of that gain, relieving investors' concerns about higher energy costs and inflation.
Read more at Reuters South Africa
BHP posts record profits
The world's biggest miner BHP Billiton on Wednesday reported a record first-half profit of $6.168bn, and said it expected China to continue to drive global demand for commodities.
The result was a 41.3% increase on the $4.364bn posted for the same period the previous year, the Anglo-Australian company said.
Strong demand, high commodity prices and solid production had allowed the company to achieve record results in all key earnings measures, it said.
Read more at FIN24.co.za
The result was a 41.3% increase on the $4.364bn posted for the same period the previous year, the Anglo-Australian company said.
Strong demand, high commodity prices and solid production had allowed the company to achieve record results in all key earnings measures, it said.
Read more at FIN24.co.za
Barrick on track to hit targets
Barrick Gold Corp, the world's biggest gold miner, said on Tuesday it was on track to meet its copper and gold production forecasts for 2006 as well as targeted cost savings from its takeover of Placer Dome.
In a presentation to the Indaba African mining conference in Cape Town, Warwick Morley-Jepson, Barrick's general manager for Africa, said the Canadian miner would hit the targets when it reported its annual results for 2006 later this month.
Read more at FIN24.co.za
In a presentation to the Indaba African mining conference in Cape Town, Warwick Morley-Jepson, Barrick's general manager for Africa, said the Canadian miner would hit the targets when it reported its annual results for 2006 later this month.
Read more at FIN24.co.za
Rand edges weaker in tight range
South Africa's rand edged weaker on Tuesday but kept to a tight range and may still trend firmer on the back of solid global equities and positive emerging market sentiment, traders said.
The local currency was trading at 7.2160 to the dollar at 1520 GMT, almost 0.3 percent off its previous New York close of 7.1975 against the greenback. It ranged between 7.1888 and 7.2290 during the session.
Dealers said the rand was range bound, taking its cue from other emerging markets, but appeared to be ignoring a stronger gold price.
Read more at Reuters South Africa
The local currency was trading at 7.2160 to the dollar at 1520 GMT, almost 0.3 percent off its previous New York close of 7.1975 against the greenback. It ranged between 7.1888 and 7.2290 during the session.
Dealers said the rand was range bound, taking its cue from other emerging markets, but appeared to be ignoring a stronger gold price.
Read more at Reuters South Africa
Highveld FY headline EPS down 39 pct
South Africa's Highveld Steel and Vanadium Corp. Ltd. 2006 diluted headline earnings per share fell 39 percent to 10.49 rand, the firm said on Tuesday.
The group, the world's top vanadium producer, said headline earnings were 1.04 billion rand in the year to end-December, down from 1.72 billion rand.
Headline EPS is the key profit measure for South African firms and excludes non-trading, capital and certain extraordinary items.
Highveld said in November it expected headline EPS to fall 34-46 percent to between 933 South African cents and 1,133 cents, due to weaker demand for vanadium -- partly as a result of substitution.
Shares in Highveld rose 2.94 percent to 78.90 rand by 1350 GMT, outperforming the JSE Securities Exchange's mid-cap index which was flat.
Highveld said it expected a similar financial performance in 2007 than in 2006.
In 2005, Highveld's diluted headline EPS of 1,721.90 cents was more than double the figure of 2004 due to strong prices for the steel-hardening element vanadium, which is used in oil pipes.
Read more at Reuters South Africa
The group, the world's top vanadium producer, said headline earnings were 1.04 billion rand in the year to end-December, down from 1.72 billion rand.
Headline EPS is the key profit measure for South African firms and excludes non-trading, capital and certain extraordinary items.
Highveld said in November it expected headline EPS to fall 34-46 percent to between 933 South African cents and 1,133 cents, due to weaker demand for vanadium -- partly as a result of substitution.
Shares in Highveld rose 2.94 percent to 78.90 rand by 1350 GMT, outperforming the JSE Securities Exchange's mid-cap index which was flat.
Highveld said it expected a similar financial performance in 2007 than in 2006.
In 2005, Highveld's diluted headline EPS of 1,721.90 cents was more than double the figure of 2004 due to strong prices for the steel-hardening element vanadium, which is used in oil pipes.
Read more at Reuters South Africa
S.African shares up on metal, oil prices; banks shine
South African blue chip stocks raced to a fresh peak on Tuesday as mining and energy shares surged on a sharp rally in commodity prices, while the rest of the market was buoyed by strong global markets.
The Top-40 index of blue-chip stocks rose 1.48 percent to a record 23,428.54 points while the All-share index jumped 1.28 percent to 25,933.81 points -- close to its best ever level
Read more at Reuters South Africa
The Top-40 index of blue-chip stocks rose 1.48 percent to a record 23,428.54 points while the All-share index jumped 1.28 percent to 25,933.81 points -- close to its best ever level
Read more at Reuters South Africa
Absa acquires stake in Thebe
Absa Capital announced on Tuesday that it has acquired a stake in Thebe Investment Corporation - South Africa's oldest BEE investment holding company.
In terms of the agreement, Absa Capital now holds a 15.54% stake in Thebe and will have board representation. The majority shareholder is the Batho Batho Trust.
The trust was set up to support the efforts of the historically disadvantaged in South Africa.
Read more at FIN24.co.za
In terms of the agreement, Absa Capital now holds a 15.54% stake in Thebe and will have board representation. The majority shareholder is the Batho Batho Trust.
The trust was set up to support the efforts of the historically disadvantaged in South Africa.
Read more at FIN24.co.za
China to up investment in SA
China would use part of its Africa fund to encourage further, substantial investment in the South African economy, President Thabo Mbeki said on Tuesday.
He was speaking after meeting his Chinese counterpart Hu Jintao in Pretoria.
Read more at FIN24.co.za
He was speaking after meeting his Chinese counterpart Hu Jintao in Pretoria.
Read more at FIN24.co.za
CBS next to go?
Market talk is that Cape-based CBS Property Portfolio could be the latest take-over target of veteran dealmakers Marc Wainer and Wolf Cesman via Redefine Income Fund.
Redefine is one of three listed property funds managed by Madison Property Fund Managers, the asset management company started by Wainer and Cesman some six years ago.
Read more at FIN24.co.za
Redefine is one of three listed property funds managed by Madison Property Fund Managers, the asset management company started by Wainer and Cesman some six years ago.
Read more at FIN24.co.za
Nervous? Property safe haven in 2007
Property trusts rebound should continue in second half, Alec Hogg reports.
Nothing rises indefinitely. So with three 40% plus years on the JSE, many share market investors are keen to park some of their profits. Property unit trusts offer a safe haven for these nervous souls. At least for 2007.
Property unit trusts invest in JSE-listed real estate companies which are landlords of shopping (retail), office and industrial complexes. Their value comes from the combination of annual capital appreciation and the rental income generated by their properties.
The prices of property unit trusts have enjoyed a substantial uplift over the past five years, making them the best performing sector of any on the JSE. This is a result of a structural change in the absolute level of South African interest rates.
The JSE Listed Property Index ended 2006 with a gain of 28%. But it was a roller coaster ride.
Read the full article at Moneyweb.co.za
Nothing rises indefinitely. So with three 40% plus years on the JSE, many share market investors are keen to park some of their profits. Property unit trusts offer a safe haven for these nervous souls. At least for 2007.
Property unit trusts invest in JSE-listed real estate companies which are landlords of shopping (retail), office and industrial complexes. Their value comes from the combination of annual capital appreciation and the rental income generated by their properties.
The prices of property unit trusts have enjoyed a substantial uplift over the past five years, making them the best performing sector of any on the JSE. This is a result of a structural change in the absolute level of South African interest rates.
The JSE Listed Property Index ended 2006 with a gain of 28%. But it was a roller coaster ride.
Read the full article at Moneyweb.co.za
Nedbank rattles CFD cages
Becomes the first investment bank to enter this booming market.
The booming (and profitable) market for contracts for difference (CFD) will experience some competition with Nedbank Capital's entry.
Over the past few years CFDs have become very popular among South Africans because of the gearing and cost advantages they offer over conventional share trading. They are also deemed to be much easier to understand than other derivatives such as single-stock futures or warrants.
Currently, smaller companies such as Global Trader, Dealstream, Ideal CFDs and PSG dominate the CFD market. Nedbank's entrance is bound to shake up the market, to the benefit of the consumer.
Read more at MoneyWeb.co.za
The booming (and profitable) market for contracts for difference (CFD) will experience some competition with Nedbank Capital's entry.
Over the past few years CFDs have become very popular among South Africans because of the gearing and cost advantages they offer over conventional share trading. They are also deemed to be much easier to understand than other derivatives such as single-stock futures or warrants.
Currently, smaller companies such as Global Trader, Dealstream, Ideal CFDs and PSG dominate the CFD market. Nedbank's entrance is bound to shake up the market, to the benefit of the consumer.
Read more at MoneyWeb.co.za
Rio Tinto says expanding exploration in Africa
Global miner Rio Tinto said on Tuesday it was expanding its operations in Africa because of new opportunities in a number of countries, including Madagascar.
"We are clearly expanding our African exposure to access fertile ground," Eric Finlayson, Rio's head of exploration, told the Indaba African mining conference in Cape Town.
Read full article at Reuters South Africa
"We are clearly expanding our African exposure to access fertile ground," Eric Finlayson, Rio's head of exploration, told the Indaba African mining conference in Cape Town.
Read full article at Reuters South Africa
Managers fear the bear
General-equity fund mangers go on the defensive.
The JSE is currently in its second-biggest bull market in history, with an increase of more than 200% in the last four years. But we have some way to go to match the boom seen between 1976 and 1980 when the All Share Index rose nearly 400%.
Cautious investors are taking profits and diversifying into assets deemed less risky such as bonds, preference shares, cash, etc. Pity then the nervous general-equity fund manager, who has no choice but to keep clients' funds fully invested in shares, despite any misgivings about the market.
Read more at MoneyWeb.co.za
The JSE is currently in its second-biggest bull market in history, with an increase of more than 200% in the last four years. But we have some way to go to match the boom seen between 1976 and 1980 when the All Share Index rose nearly 400%.
Cautious investors are taking profits and diversifying into assets deemed less risky such as bonds, preference shares, cash, etc. Pity then the nervous general-equity fund manager, who has no choice but to keep clients' funds fully invested in shares, despite any misgivings about the market.
Read more at MoneyWeb.co.za
Sasol studies GTL plan in Aus
Chevron Corp, the second-largest oil and gas company in the United States, said on Tuesday it was teaming up with South Africa's Sasol Ltd to study a possible gas-to-liquids project in Western Australia.
Chevron said the two companies' existing joint venture, Sasol Chevron, was exploring the possibility of building a facility to convert gas from the Wheatstone field in Western Australia.
Read more at FIN24.co.za
Chevron said the two companies' existing joint venture, Sasol Chevron, was exploring the possibility of building a facility to convert gas from the Wheatstone field in Western Australia.
Read more at FIN24.co.za
LME copper higher on falling inventories
Copper traded higher on Tuesday as stocks in London Metal Exchange warehouses fell and if the trend persisted it could spark prices to go higher, analysts said.
"If that were to continue... more downs than ups in visible stocks, then there would be one or two shorts around that might give us a base in these markets as they unwind their positions," chief investment strategist Sean Corrigan at Diapason Commodities Management said.
Copper for delivery in three months was up $60 or 1.1 percent at $5,400/5,410 a tonne by 1049 GMT.
Copper stocks in LME-monitored warehouses fell for the second consecutive day to 212,575 tonnes, but stocks have doubled in the past 12 months and are over eight times greater than their July 2005 low.
Read full article at Reuters South Africa
"If that were to continue... more downs than ups in visible stocks, then there would be one or two shorts around that might give us a base in these markets as they unwind their positions," chief investment strategist Sean Corrigan at Diapason Commodities Management said.
Copper for delivery in three months was up $60 or 1.1 percent at $5,400/5,410 a tonne by 1049 GMT.
Copper stocks in LME-monitored warehouses fell for the second consecutive day to 212,575 tonnes, but stocks have doubled in the past 12 months and are over eight times greater than their July 2005 low.
Read full article at Reuters South Africa
Private equity rocks?
Hedge funds in headlines again, for all the wrong reasons
Hedge funds, the most modern kind of smoke-and-mirrors investment fad, are in the headlines once again, for all the wrong reasons. The woes of Red
Kite Metals LLC, a metals-special hedge fund launched in October 2004, have also attracted adverse attention to the swathe of debt-saturated private equity fund deals moving at a cracking pace through countries across the globe.
Read more at moneyweb.co.za
Hedge funds, the most modern kind of smoke-and-mirrors investment fad, are in the headlines once again, for all the wrong reasons. The woes of Red
Kite Metals LLC, a metals-special hedge fund launched in October 2004, have also attracted adverse attention to the swathe of debt-saturated private equity fund deals moving at a cracking pace through countries across the globe.
Read more at moneyweb.co.za
Build A Wall Around Your Assets
The assets that you have worked long and hard to accumulate can be lost within a very short period if they are not properly protected, and you are sued, you file for bankruptcy or you are otherwise subject to judgments proceedings.
However, understanding that certain assets should be protected from being lost in such circumstances, lawmakers have passed acts under which certain types of assets are, or can be, shielded. In this article, we'll show you what measures you can take to protect your savings.
Read more at investopedia.com
However, understanding that certain assets should be protected from being lost in such circumstances, lawmakers have passed acts under which certain types of assets are, or can be, shielded. In this article, we'll show you what measures you can take to protect your savings.
Read more at investopedia.com
Angloplat's R10bn capex plan
The world's biggest platinum producer, Anglo Platinum Ltd, plans capital expenditure of R10bn for its expansion programme this year, parent Anglo American plc said on Tuesday.
The spending is part of a programme planned to boost Angloplat's annual output from 2.7-2.8 million ounces this year to around 3.3 million ounces by 2010, Phillip Baum, the acting chief executive of Anglo's South African unit, said.
Read more at FIN24.co.za
The spending is part of a programme planned to boost Angloplat's annual output from 2.7-2.8 million ounces this year to around 3.3 million ounces by 2010, Phillip Baum, the acting chief executive of Anglo's South African unit, said.
Read more at FIN24.co.za
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