Equities to outpace bonds in positive global outlook On a 12-month investment horizon, global equities are likely to outperform global bonds, with previous laggards leading the way. BoE Private Clients advocates a regional bias to Japanese and European equities over US equities, consistent with its view that the dollar will continue to weaken given the structural economic woes with regard to the record high twin deficits.
Flat approach seems to generate an upward curve Flat taxes are back on the world’s economic agenda. In the US newly re-elected President George W Bush has talked of simplifying the tax code, words taken by some as meaning a flat tax. And there have been calls for flat taxes in countries such as the UK and Germany.
China gives forex speculators a piece of its mind The world of currency markets is one of winks, nods and secret handshakes. Key policy makers rarely, if ever, say exactly what’s on their minds. Chinese Premier Wen Jiabao has done just that and traders should pay close attention.
Holistic review will finally get savers through tax maze When finance minister Trevor Manuel opened the National Economic Development and Labour Council (Nedlac) conference for retirement fund trustees at the end of October 2004, he alluded to the much-awaited holistic review of the retirement funding system in South Africa.
Culture of consumerism fuels silly season crime The perennial resurgence of criminal activity during the silly season is fuelled largely by the deep-rooted culture of consumerism in our society. How do we annihilate this? The daredevils of the Wild West prey on the lives of the innocents and those fortunate enough to be working.
Only xenophobia has the potential to take the X out of Xmas The festive season. Great. Anybody feeling festive yet? Me, I’m just tired. There are still a million things on my to do list and much less time to do them in. It may not be the 12th day of Christmas just yet, but to conjure up just a wee bit of festive cheer, I thought about my 12 wishes for Christmas and the New Year.
Importers, profit takers bump rand off new-found high Johannesburg — The rand was off a four-month peak versus the dollar yesterday, hit by a bout of profit taking and importer demand, traders said. It earlier firmed to R5.95 a dollar — its best level since July 20 — after the euro set another record high against the greenback. At 5pm the rand was bid at R6.0312 to the dollar, compared with R5.9837 on Wednesday.
Rand firms as dollar slides Johannesburg — The rand rose in quiet trade on Friday as the dollar slipped, but traders said volatility was possible after the weekend’s G20 meeting in Berlin. The dollar fell after US Federal Reserve chief Alan Greenspan said the US current account could not continue to widen at its current pace, and given the size of the trade gap, investor appetite for US assets would likely cool.
Rand hovers in tight range as euro fails to take advantage Johannesburg — The rand was tucked in a narrow range yesterday amid disappointment with the euro’s failure to test fresh record peaks against the dollar after a weekend Group of 20 (G20) meeting offered the greenback no lifeline.
Rand erases some of its earlier losses as the dollar slides Johannesburg — The rand erased some of its earlier losses yesterday after the dollar tested a record low against the euro. Bonds were little changed, with players awaiting today’s release of inflation data. The rand eased to R6.0320 but then regained ground as the dollar fell.
Rand rockets ahead towards new four-month record Johannesburg — The rand scaled a new four-month high yesterday, driven by sustained dollar weakness and fresh comments by the government that it would not intervene to curb its strength. Government bond yields dived to record lows as the bullish rand raised hopes of an interest rate cut next month.
Rand rally fuels rate hopes Johannesburg — The rand raced to a near six-year peak versus the dollar on Friday, fuelling expectations of a possible interest rate cut in December after the US currency fell to another record low against the euro.
Rand stumbles with gold but trounces dollar in final lap Johannesburg — The rand recorded a six-year high versus the stricken dollar yesterday, with more gains predicted. At 5pm the rand was bid at R5.776 to the dollar, a gain of 10.72c from the same time on Friday. It was an up and down day for the rand, with a morning rally reversing as the price of gold, the country’s main export, declined.
Rand shows modest gains as euro again bashes dollar Johannesburg — The rand rallied modestly yesterday, but stayed in a narrow range while the euro hit a new record high at $1.3336. At 5pm the rand was bid at its best level of the day at R5.7526 to the dollar, 2.34c stronger than at the same time on Monday.
Rand consolidates, dollar stumbles and bonds climb Dealers said the rand might first consolidate and even pull back a bit after the recent run, which has brought its gains against the US unit to 15 percent in the year to date. Against the euro its gains are a more modest 8 percent over the same period. By 5pm the rand was bid at R5.785 to the dollar, 3.24c down on the day after trading in a tight 6c range near its recent string of six-year peaks.
Rand takes knock as importers snap up bargain dollars Johannesburg — The rand was repelled from new six-year peaks versus the dollar yesterday as importers snatched the opportunity to buy greenbacks for a bargain. Domestic bond yields crept off fresh lows reached despite the dominant view that the Reserve Bank will not cut interest rates next week, with most looking to the bank’s next policy meeting in February for a move on rates.
Stocks likely to rally on interest rate hopes and takeover talk Johannesburg — Buoyant equities are expected to surge this week, amid hopes of an imminent rate cut and feverish takeover speculation, although some investors reckon the rally might stall. The FTSE/JSE Top40 index has set a string of record highs in recent weeks and investors say low interest rates, keen consumer demand and takeover interest from foreign predators mean stocks are still looking fairly cheap.
Bourse rises to record before Anglo joins global benchmark Johannesburg — The benchmark FTSE/JSE Africa all share index rose to a record yesterday, led by Anglo American before its inclusion in the Morgan Stanley Capital International (MSCI) developed market indices.
Stocks pause to take breath as investors rush to take profits Johannesburg — Stocks slid off their record highs yesterday, with retailer Woolworths and iron ore producer Kumba Resources sharply down on profit taking and a stronger rand. Woolworths fell 4.94 percent to R10.20, while Kumba dropped 3.57 percent to R47.25.
Harmony loses latest round in hostile takeover bid South African mining group Harmony has lost the latest round in a hostile takeover of rival Gold Fields when a court rejected an urgent attempt to appeal against a ruling frustrating its bid to create the world’s largest gold producer.
Stocks bounce as Woolies and Barloworld set the pace Johannesburg — Stocks bounced from the previous day’s losses to fresh highs yesterday, buoyed by retailers, industrials and banks, with Woolworths Holdings and Barloworld setting the pace. «There’s some stock picking in the retail, banking and industrial sectors,» said Wilmar Buys of FFO Securities.
Foreigners fuel stocks to a second straight all-time high Johannesburg — Stocks chalked up a second consecutive all-time high yesterday as hopes of a weaker rand spurred some resource stocks, while Absa jumped on signs a takeover by Barclays might be a whisker away.
Soaring gold prices, but Indians continue buying! New Delhi, Dec 5 : Gold prices are soaring but this has failed to affect the buying spree in the Indian wedding season — infact people are buying more, fearing a further hike in prices, those in the business say.
Gold Fields fate now in the hands of shareholders Mining giant Gold Fields will know after a crucial shareholder vote on Tuesday if it has succeeded in ending a cheeky hostile takeover bid by its rival Harmony to create the world’s largest gold producer.
Gold prices close at fresh 16-year high near 458 usd SAN FRANCISCO (AFX) — Gold futures closed near 458 usd an ounce Friday to mark a 16-year high and a more than 1 pct gain for the week, fueled by the dollar’s decline to a record low against the euro and by reports of explosions in Madrid in the last half hour of trading.
Canada’s Barrick Gold acquires nine per cent stake in Celtic Resources MOSCOW (AP) — Canada’s Barrick Gold Corp. said Thursday it was acquiring a nine per cent stake in London-based Celtic Resources Holding Ltd., in a deal that potentially gives the Canadian gold giant major clout ahead of next year’s auction of Russia’s biggest gold deposit.
Fronteer shares rise 11% after saying it has found gold on Turkish property VANCOUVER (CP) — Shares of Fronteer Development Group Inc. rose more than 11 per cent Thursday after the junior miner announced it had found gold deposits on a property in Turkey. Fronteer stock was halted Thursday on the TSX pending the news but later traded at $1.95, up 11 cents or 11.43 per cent, on the day.
Gold Falls Most in Four Weeks as Dollar Rises Against Euro Gold, which has climbed 8.7 percent this year, is being bought and sold by speculators as a hedge against changes in the dollar, said Dennis Gartman, editor of the Suffolk, Virginia-based Gartman Letter. Gold may fall to $405 an ounce in the next few weeks as the dollar rallies, Gartman said yesterday.
Barrick Gold Buys Celtic Resources Stake MOSCOW Dec 2, 2004 — Canada’s Barrick Gold Corp. said Thursday it was acquiring a 9 percent stake in London-based Celtic Resources Holding Ltd. a deal that potentially gives the Canadian gold giant major clout ahead of next year’s auction of Russia’s biggest gold deposit.
Update 1: Barrick Gold Buys Celtic Resources Stake Canada’s Barrick Gold Corp. said Thursday it was acquiring a 9 percent stake in London-based Celtic Resources Holding Ltd. — a deal that potentially gives the Canadian gold giant major clout ahead of next year’s auction of Russia’s biggest gold deposit.
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