Loading...
See More

Rand firms, bond yields decline

Oct 16 2012 09:29 Reuters


Company Data

KUMBA IRON ORE LIMITED [JSE:KIO]

Last traded 294.22
Change 5.72
% Change 0.02
Cumulative volume 285308
Market cap 94.76bn

Last Updated: 12/09/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Rand falls further on downgrade

Rand cheers transport strike resolution

Rand jumps on trucker strike deal

Rand unmoved by strike news

Rand recovers from lows against dollar

Rand on back foot after S&P downgrade

 

Johannesburg - The rand was a touch firmer against the dollar on Tuesday but remained vulnerable to labour unrest that has sent the currency plunging over the past several weeks.

By 06:43 GMT, the rand was trading at R8.770 to the greenback, slightly stronger than Monday's New York close of R8.7841.

Investors have been encouraged by some firms taking tough measures against wildcat strikers who have paralyzed parts of the mining sector responsible for about 6% of GDP.

Kumba Iron Ore [JSE:KIO] late on Monday fired more than 100 strikers who halted operations at its giant Sishen mine and threatened to destroy equipment worth hundreds of millions of dollars.

"Long to medium term, the rand may be considered weak or under-valued, but I think with the negative sentiment out there, the vulnerable side is for the rand to weaken further," said Garth Klintworth, head of fixed income, commodities and currencies at Absa Capital.

Standard & Poor's cut South Africa's credit rating one notch after trading ended in Johannesburg on Friday, saying strikes and social tensions could reduce fiscal flexibility and hurt growth in the continent's biggest economy.

In a move that raised the stakes, striking gold miners refused the industry's latest pay rise on Monday, dimming hopes that the illegal strike in the sector will end soon.

The yields on the three-year benchmark and that for the 14-year issue were 2 basis points lower to 5.41% and 7.780% respectively.

Treasury will sell a total of R2.1bn over a range of its 2023, 2041 and 2048 government bonds in the session. Results are due after the auction closes at 09:00 GMT.


bonds  |  rand  |  markets
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Businesses, especially call centres, need mechanisms to monitor performance in real time to help improve individual performance within a team, says 1Stream boss.
 
 

LOL! 7 brutally honest texts from parents

Sometimes honesty is not the best policy!

 
 

For chic geeks...

DuckTales theme song gets 'quacked-up'
7 things you didn't know about Apple
Apple's sneaky move
Facebook testing self-destruction posts

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...