FANews
FANews
RELATED CATEGORIES
Category Economy
SUB CATEGORIES Budget 2017 |  Budget 2018 |  Budget 2019 |  Budget 2020 |  Budget 2021 |  Budget 2022 |  Budget 2023 |  Budget 2024 |  General | 

Out to lunch?

11 July 2004 Angelo Coppola

Local financial markets were dominated by a strong rand, which continued to appreciate against a broadly weak US dollar.

The local unit rallied closer to the R6 level against the dollar on Thursday, but eased to close at R6,09 on Friday from R6,17 a week earlier.

Against the euro and the British pound, the rand strengthened to R7,53 and R11,27 respectively from R7,59 and R11,28.

Bonds were mixed, with the yield on the longer-dated R153 2010 falling to 9,63% from 9,67%, while that on the R194 2008 rose to 9,46% from 9,44% a week ago.

Money market rates were generally lower except for the yield on the 3-month NCD, which remained steady at 8,25%.

Yields on the 6-, 9- and 12-month NCDs eased to 8,45%, 8,65% and 9,00% respectively from 8,50%, 8,90% and 9,15%, while the 3-month jibar rose slightly to 8,113% from 8,106%.

A strong rally in commodity prices helped to contain the losses on local equities, with the FTSE/JSE all-share index closing only 0,1% lower at 10044,7 on Friday from the previous week’s close of 10053,5.

Industrials lost 1,3% to close at 8707,4, while financials were 0,7% down at 9785,1 from 9857,8. In contrast, resources gained 139,2points or 1,5% to close at 9411,5, while gold stocks rose by 0,5% to 1650,4 from 1642,9.

According to figures released by the South African Reserve Bank, gross gold and foreign exchange reserves increased by US$879million to US$11,4billion in June, while the net reserves level or the international liquidity position eased slightly by US$125million to US$7,890billion mainly as a result of a US$370million government loan that was settled in June.

Gross reserves were bolstered by the proceeds of the US$1 billion international bond issue settled on 2 June.

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now