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 Issue: 06 January 2011 20:00

S.Africa rand gives way vs dlr, stocks bounce back

By Stella Mapenzauswa and Gugulakhe Lourie

JOHANNESBURG (Reuters) - South Africa's rand yielded further ground against the dollar on Thursday, weakening more than 1.7 percent to a two-week low as U.S. data pointed to a recovery in the world's biggest economy, boosting the greenback.

Resource-heavy stocks bounced back as investors picked up recently-battered shares, now at bargain prices.

At 1627 GMT the rand traded at 6.8037 against the dollar after earlier touching a session low of 6.8160 -- its weakest level since December 22 -- from Wednesday's close at 6.6950.

The dollar moved higher against the euro, which the rand tends to track, bolstered by generally upbeat data showing the U.S. economic recovery was well underway.

"That should put a bit of a strain on the rand although it's still doing remarkably well considering where we were last year this time," Bidvest Bank chief dealer Ion de Vleeschauwer said.

"The rand remains strong against the euro and the pound and everything else."

But he added: "It's a bit worrisome for the central bank that although they've tried to talk the rand weaker, the opposite is happening."

The rand has lost 2.5 percent against the dollar this week, but is still up 8 percent since the start of 2010. Its gains have raised worries about the competitiveness of manufacturers.

The central bank tried with little success to stem rand strength in 2010 by quickening its pace of foreign currency reserves accumulation. Data on Friday morning will give clues on how aggressively it intervened in December.

"It's got to come to some sort of point where they've got to put their money where their mouth is and do something to weaken the currency," de Vleeschauwer said.

Analysts say rand strength gives the Reserve Bank scope to cut rates further on January 20, adding to 650 basis points of cuts between December 2008 and November last year.

On Thursday the JSE Top-40 index of blue chips was up 0.37 percent to 28,608.82, while the broader All-share index gained 0.33 percent to 32,115.88.

"It's probably a bounce from yesterday's sell-off," said Abri du Plessis, chief investment officer at Gryphon Asset Management.

Shares that were hit hard on Wednesday rose, with Anglo-South African insurer Old Mutual up 2.08 percent to 13.27 rand and Swiss luxury goods maker Richemont's Johannesburg-listed shares rising 1.89 percent to 38.33 rand.

BHP Billiton climbed 1.56 percent to 266.31 rand and miner Exxaro was up 1.52 percent to 146.50 rand. Consumer goods firm Tiger Brands, due to trade without a dividend on Monday, increased 1.08 percent to 197 rand.

But AngloGold Ashanti and Harmony Gold dropped 0.48 percent to 312.50 rand and 0.43 percent to 79.51 rand, respectively.

Government bonds weakened alongside the rand and the yield on the benchmark 2015 bond added 7.5 basis points to 7.265 percent. The yiels on the 2026 note was up 9 basis points at 8.24 percent.

Thu, 06 Jan 2011

South Africa has enough generating capacity to keep the lights on for the next two years, but only just, the head of state power utility Eskom  Full story
Wine and spirits maker Constellation Brands Inc posted weaker-than-expected quarterly sales in a North American wine market where stiff competition weighed on prices, sending its shares down 5 percent.  Full story
South Africa has joined coal exporters facing shipment delays after three derailments on the line from mines to Richards Bay Coal Terminal (RBCT) brought stocks there to very low levels, industry sources said  Full story
More governments around the world are moving to keep their currencies from strengthening or control the flow of money into their economies as investors pour money into higher-yielding markets, turning their backs on low interest rates in developed economies.  Full story

12h34 Kenyan supermarket chain Nakumatt Holdings has recovered from the loss of two strategic locations a year ago and expects to post. . .  Full story
09h39 South Africa's rand was weaker against the dollar on Thursday from its closing levels overnight, but remained within sight of recent. . .  Full story
South African assets took a knock on Wednesday along with other emerging markets as commodity stocks suffered profit taking and positive. . .  Full story
South Africa's rand weakened 1 percent against the dollar on Wednesday as favourable jobs data out of the U.S. boosted the. . .  Full story

Trading Statistics


Major Moves Up
SharenameSaleMove% MoveVolume
1 COAL  115511511.06.%793974
2 AFRO-C  1841810.84.%24599
3 TELEMASTR  149139.56.%2000
4 MT-EGLE  1198988.91.%5000
5 DIGICOR  325206.56.%21820
6 DELTA  1000555.82.%10338
7 VERIMARK  16495.81.%70700
8 SACOIL  16984.97.%1027108
9 VILLAGE  23593.98.%24500
10 BRIMST-N  535203.88.%1000
11 PINNACLE  715243.47.%37207
12 MERAFE  17053.03.%2304668
13 TRENCOR  3300952.96.%1161
14 OPTIMUM  2970852.95.%95089
15 LITHA  29082.84.%147579
16 GOLDONE  23562.62.%119500
17 URONE  3175802.58.%7813
18 NETCARE  1569382.48.%695362
19 CLIENTELE  920202.22.%125
20 OLDMUTUAL  1327272.08.%19594415

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Major Moves Down
SharenameSaleMove% MoveVolume
1 AQUARIUS  3600-279-7.19.%366414
2 LONAFRIC  200-10-4.76.%1000
3 S-OCEAN  220-10-4.35.%61000
4 HCI  8025-229-2.77.%18595
5 ALTRON  2820-75-2.59.%7874
6 CADIZ  340-9-2.58.%138304
7 COMAIR  240-6-2.44.%9588
8 REDEFINTL  625-15-2.34.%263993
9 METROFILE  210-5-2.33.%7500
10 BARWORLD  6455-151-2.29.%561360
11 JUBILEE  327-7-2.10.%13680
12 JASCO  143-3-2.05.%13000
13 ASSORE  19000-340-1.76.%3390
14 NASPERSN  38470-650-1.66.%817828
15 ILLOVO  2705-45-1.64.%37187
16 AECI  8169-119-1.44.%38622
17 DISTELL  7400-100-1.33.%2600
18 TELKOM  3850-48-1.23.%379275
19 HOSP-A  1460-18-1.22.%2302
20 DRDGOLD  328-4-1.20.%91837

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New Highs
SharenameSaleHighMove% MoveVolume
1 VERIMARK  16417095.81.%70700
2 EXXARO  14650146992201.52.%515057
3 GROWPNT  18701875271.47.%4417631
4 TIGBRANDS  19700198992101.08.%459757
5 RMBH  39553984300.76.%535212
6 FIRSTRAND  20152015150.75.%7653635
7 KUMBAIO  44200448490.237935

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New Lows
SharenameSaleLowMove% MoveVolume

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Spot Prices
NameTimeRPMove% Move
JSE Overall17:0032115.88105.350.33%
JSE Top 4017:0028608.82105.850.37%
JSE Gold17:002579.25-7.71-0.30%
JSE Financial17:0022079.69125.640.57%
JSE Industrial17:0032173.6628.390.09%
JSE Indust 2517:0026620.8927.590.10%
JSE Resource17:0056066.57257.260.46%
DJ Futures19:5011624.00-40.00-0.34%
DJ Ind19:3111678.35-44.54-0.38%
SP 50018:001275.36-1.20-0.09%
FTSE 10018:356019.51-24.35-0.40%
All Ords07:384831.1010.200.21%
NZSE 5006:323326.711.720.05%
NameTimeRPMove% Move
Gold/R kg19:5629936553071.80%
Brent Crude19:5694.09-.54-0.57%
Rand / Dollar19:586.78150.08141.21%
Rand / Pound19:5510.47200.10020.97%
Rand / Euro19:558.82900.00530.06%
Rand / NZD19:575.14440.06661.31%
Rand / AUD19:556.75830.04910.73%
Yen / Dollar19:5883.1400-0.1200-0.14%
Euro / Dollar19:550.76740.00720.95%
Dollar / Euro19:541.3025-0.0125-0.95%
Pound / Dollar19:550.64500.00030.05%

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Index Summary
Index NameRPMove% Move
Top 4028,608.82105.850.37%
Mid Cap43,860.0342.370.10%
Small Cap33,806.0147.010.14%
Resource 2056,066.57257.260.46%
Industrial 2526,620.8927.590.10%
Financial 158,338.9353.280.64%
Financial & Ind. 3030,035.1381.200.27%
All Share32,115.88105.350.33%
Oil & Gas 25,778.87-192.16-0.74%
Mining 37,113.17233.110.63%
Gold Mining2,579.25-7.71-0.30%
Platinum Mining82.56-.75-0.90%
Oil & Gas Producers 13,860.82-103.32-0.74%
Basic Materials 31,152.59178.460.58%
Chemicals 13,551.36-106.96-0.78%
Forestry & Paper 12,937.2418.420.14%
Industrial Metals 28,459.4014.590.05%
Industrials 30,381.82-42.87-0.14%
General Industrials 77,783.031.430.00%
Consumer Goods 25,800.76259.811.02%
Automobiles & Parts 2,830.5720.380.73%
Household Goods158.9400.12%
Health Care 33,164.60190.900.58%
Beverages 80,666.18512.570.64%
Food Producers 49,292.00321.670.66%
Index NameRPMove% Move
Personal Goods 382.837.101.89%
Consumer Services 54,127.30-274.99-0.51%
General Retailers 41,881.46102.080.24%
Travel & Leisure 4,226.58-4.21-0.10%
Media 84,742.41-1390.85-1.61%
Support Services 2,590.181.480.06%
Telecommunications 63,744.26-551.31-0.86%
Financials 22,079.69125.640.57%
Banks 41,891.23193.830.46%
Non-life Insurance 32,251.292.420.01%
Life Insurance 15,544.92169.871.10%
General Financial 2,411.498.910.37%
Technology 20,769.00270.211.32%
SHARIAH TOP40 3,196.5790.28%
FTSE/JSE SHARIAH ALL3,270.6880.24%
COAL MINING20,105.613741.90%
FTSE JSE Fledgling 4,817.23230.49%
FTSE/JSE Alt X 1,147.5240.35%
RESOURCE 30,846.981420.46%
DIVIDEND PLUS179.0800.03%
FTSE/JSE RAFI 406,667.59170.25%
Capped Top 4014,884.26410.27%
Capped All Share16,160.23450.28%

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Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
12 Jan 2011MASNovember 2010 (Q)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
REUNERT5.511-01-0511-01-2111-01-31R 0.0550
TELEMASTR10-12-2211-01-1411-01-24R 0.0400
AFROC-P10-12-2111-01-0711-01-17R 0.2108
AFRO-C10-12-2111-01-0711-01-17R 0.0750
JASCO10-12-2011-01-0711-01-17R 0.0300
Ex Div**
Share NameDec-DateLDTPay-DateAmount
TFG10-11-1610-12-3111-01-10R 1.3800
CROOKES10-11-3010-12-3111-01-10R 0.4500
ILLOVO10-11-1810-12-3111-01-10R 0.2200
AFPREFINV10-12-1010-12-3111-01-10R 0.1119
CLOVERPREF10-12-2110-12-3111-01-10R 0.0610

Upcoming AGMs**
CodeCompany NameDateStatus
AETAlert Steel Holdings Ltd13/01/2011Confirmed
BCXBusiness Connexion Group Ltd13/01/2011Confirmed

Stock Exchange News Service
06/01/201117:25OML - Old Mutual plc - FORM 8.3
06/01/201117:00 Nedbank Group - Specific Repurchase of Nedbank Group Ordinary Shares and
06/01/201116:21 Basil Read Holdings Limited - Directorate: Death of Miss Ntombekaya Yvonne
06/01/201115:38 Bonatla Property Holdings Limited - Trading statement for the year ended
06/01/201113:48 British American Tobacco p.l.c - Notification of transactions of
06/01/201112:52 Lonmin Plc - Total voting rights and capital as at 31 December 2010
06/01/201112:00 South African Coal Mining Holdings Limited - Further extension of
06/01/201111:59SALD - Sallies Limited - Notice of interest payment on unsubordinated unsecured
06/01/201111:03JCD - JCI Limited - Loan Funding Provided by Investec Bank Limited ("Investec")
06/01/201109:42 Pretoria Portland Cement Company Limited - No Change Statement and Notice
06/01/201108:54 Harmony Gold Mining Company Ltd - Press release
06/01/201107:06BHP Billiton Limited - Transaction in Shares

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