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#1
12th June 2008, 05:02 PM
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 STOP PRESS! SA Rate increase! Sponsor's Message The rand weakened to 8.1250 against the dollar this afternoon from 7.9900 after the central bank raised its repo rate by a smaller-than-expected 50 basis points to 12 percent. Bond yields fell sharply, with the short dated 2010 falling 17 basis points for the session at 11.56 percent. The JSE Securities Exchange Top-40 blue chip index rose nearly 0.93 percent, while the broader All Share index gained 0.84 percent. The Reserve bank raised the repo rate after inflation surged further away from the target range. Eighteen of 22 economists polled by Reuters last week forecast rates would rise by 100 basis points, following hawkish comments from central bank Governor Tito Mboweni last month. Only 4 predicted the smaller 50 basis point increase. Last edited by Oneword; 12th June 2008 at 05:25 PM. Reason: spelling  |
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