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May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - South African bonds were slightly
weaker in midday play on Monday, tracking the rand in quiet trade.
At 11:50, the benchmark R157 bond was trading at 6.450%, from
its previous close of 6.440%. The R207 was bid at 7.670% and offered at
7.645% from a previous close of 7.635% and the R186 was trading at
8.150%, from its close of 8.130%.
The rand was bid at 7.8295 against the dollar from its previous close of 7.7434.
"We've drifted a bit higher on the currency - it's very quiet
though. Guys might try to push the market a bit, ahead of Tuesday's
auction - on the whole though, it looks like players are sitting on the
side-lines, there's some nervousness over Greece again," a trader said.
EU finance ministers are meeting today, where the details of
the Greek debt restructuring will be discussed, so as to determine
whether or not to grant the debt-laden nation further financial
assistance, which would in turn be used by Greece to repay next month's €14.5bn worth of maturing debt, Absa Capital said.
"If consensus on these restructuring and financial bailout
issues is reached then there is expected to be some extended euro short
covering, which in turn would be supportive of a fresh wave of rand
strength," it added.
With no local data due today, markets will eye their international counterparts for direction.
Tuesday sees a slew of economic data scheduled for release.
The SA Reserve Bank will announce the latest M3 and PSCE data
at 08:00 tomorrow and SA's Customs and Excise Department is set to
release the latest foreign trade data at 14:00.
Foreigners were net buyers of R1.123bn of South African
bonds including repo transactions on Friday after net purchases of
R3.403bn worth of local bonds on Thursday, data released by the
JSE shows.
Nominal cumulative volume was R58.870bn on Friday from R70.779bn on Thursday.
Foreigners were net buyers of R1.123bn of South African
bonds excluding repo transactions on Friday after net purchases of
R3.433bn of local bonds excluding repo transactions on Thursday.
For the year to date foreigners have been net buyers of R6.188bn of local bonds, excluding repo transactions. In 2011 they were
net buyers of R47.359bn worth of local bonds, excluding repo
transactions.
In the year to date foreigners have been net buyers of R5.350bn of local bonds including repo transactions. In 2011 they bought
R37.501bn of local bonds.