Domestic economic news
The Nedcor Economic Unit says that local financial markets were mixed over the past week ahead of the Easter weekend, with the currency and treasuries ending the week on a stronger note but overall equities fell.
The rand extended its gains against the US dollar, ending higher on Thursday at R6,36 from R6,43 in the previous week.
Against the euro, the domestic unit firmed to R7,67 from R7,85, and to R11,67 from R11,79 against the pound.
The domestic bond market also closed higher, with the yields on the longer dated R153 2010 and the R194 2008 falling to 9,58% and 9,52% respectively from 9,63% and 9,54%.
Money market rates were mixed, with the yields on the 3- and 12-month NCDs remaining steady at 8,30% and 8,85% respectively, while the yields on the 6- and 9-month NCDs rose to 8,50% and 8,65% respectively from 8,40% and 8,55%.
The 3-monthjibar was relatively steady at 8,08% from 8,07% a week ago.
The domestic equity market ended the week slightly weaker as the key resources sector fell on the back of the stronger rand. The FTSE/JSE all-share index closed 0,4% lower on Thursday at 10846,4.
The resource index declined by 2,7% to 10975,7 on Thursday, while the gold index ended the week 3,9% lower at 2125,3.
In contrast, financial stocks and industrials bucked the trend, rising by 2,2% and 0,6% respectively to close at 10060,9and 8912,2 respectively.
Reserves rose significantly both in dollar and rand terms in March. Total gross gold and foreign reserves were up to R62,28billion or US$9,96billion from R54,49billion or US$8,32billion in February.
The rise in reserves largely reflected foreign direct investment activity relating to Anglo American’s 20% sale of Gold Fields valued at $1,16bn to Russian mining company Norilsk Nickel.
