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 Issue: 28 January 2011 20:00

S.Africa's stocks fall to near 3-wk low, rand weakens

By Tiisetso Motsoeneng and Stella Mapenzauswa

JOHANNESBURG (Reuters) - South African stocks dropped over 2 percent on Friday with Murray & Roberts among the worst performers after the construction firm warned of a loss.

The rand fell more than 1.6 percent to 9-week lows against the dollar, extending earlier losses after Finance Minister Pravin Gordhan said the currency remained overvalued.

Johannesburg's Top-40 blue-chip index fell 2.01 percent to 28,232.10 points, a level last seen on January 10. The broader All-share index was off 1.85 percent at 31,543.05.

"I think what you're seeing is the continued unwinding of foreign inflows we saw last year," one Johannesburg-based trader said. "The guys are looking for growth elsewhere."

Murray & Roberts featured on the downside after the construction company, with operations in the Middle East, warned it was likely to swing to a first-half loss due to a write-down of previously recognised revenues.

In reaction, shares in the company slumped 12.74 percent to 34.60 rand.

Miners also fell as gold surrendered gains after data showed the U.S. economy expanded in the last three months of 2010.

Gold Fields lost 1.61 percent to 111.82 rand and AngloGold Ashanti was down 0.72 percent to 309.70 rand.

At 1616 GMT the rand traded at 7.1699 against the dollar, after earlier tumbling to a session low of 7.18, its weakest level since November 29.

"The rand's weakening is a function of two factors ... the bond market having sold off ... and reports of the central bank weakening the currency," said Roderick Ngotho, a strategist at Royal Bank of Scotland.

"The latter factor is a game changer for how the market will treat rand in future. In the past rand has pushed against very strong levels without the market fearing central bank intervention; we are now in a different environment."

Market players say the South African Reserve Bank (SARB) has entered the market frequently to buy dollars in an apparent attempt to weaken the rand after it gained about 12 percent against the greenback in 2010.

On Friday South Africa's Finance Minister Pravin Gordhan said the rand remained overvalued despite measures taken to counter capital inflows .

RBC Capital Markets concurred, saying in a note: "There is little dispute that the rand is overvalued, we estimate by around 20 percent against the dollar."

"The SARB's intervention policy and heavy investor positioning argues for some rand weakening during the course of the year. We expect the exchange rate to slip to around 7.50 by December."

Government bonds also sold-off sharply on Friday, extending last week's losses after the central bank left interest rates unchanged, signalling an end to a monetary loosening cycle that began in December 2008.

Yields, which move inversely to the price, jumped, with the 2015 bond and the 2026 each adding 14 basis points to 7.915 percent and 8.775 percent respectively.

Fri, 28 Jan 2011

South Africa has taken measures to counter capital inflows but the rand is still overvalued, the country's finance minister said on Friday.  Full story
South Africa has taken measures to counter capital inflows but the rand is still overvalued, the country's finance minister said on Friday.  Full story
South African stocks fell 2 percent on Friday, led by miners on lower commodity prices while Murray & Roberts slumped over 12 percent after it warned of a loss.  Full story
Germany's third place at the World Cup last year has boosted the popularity of the Bundesliga, according to league CEO Christian Seifert who predicts a two billion euro turnover this season.  Full story

12h24 South African petrol pump prices will increase by 26 cents a litre or 2.7 percent from Feb 2, the government said. . .  Full story
12h23 South African construction firm Murray & Roberts Holdings Ltd said on Friday it expects to report a first-half diluted headline loss. . .  Full story
11h47 South Africa's rand weakened one percent against the dollar on Friday, partly due to the central bank buying the greenback, dealers. . .  Full story
08h56 South Africa may ask Kumba Iron Ore to enter into a preferential iron ore supply deal with politically-connected Imperial Crown Trading,. . .  Full story

Trading Statistics


Major Moves Up
SharenameSaleMove% MoveVolume
1 CENMAG  2003621.95.%1000
2 REX-TRUE  137517514.58.%1001
3 OANDO  345206.15.%7885
4 PLATMIN  630335.53.%117400
5 EHSV  91004505.20.%50096
6 ERBACON  13054.00.%3700
7 WINHOLD  16463.80.%144890
8 BWI  12043.45.%156993
9 SOVFOOD  670203.08.%50441
10 ONELOGIX  14542.84.%6690
11 CMH  1399382.79.%2815
12 YORK  395102.60.%10077
13 MMG  20552.50.%12028
14 GBGOLD  1875432.35.%20500
15 KELLY  439102.33.%300
16 UCS  23052.22.%213706
17 VILLAGE  23552.17.%5000
18 MUSTEK  519112.17.%79010
19 HCI  81001501.89.%12642
20 SASFIN  3972721.85.%600

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Major Moves Down
SharenameSaleMove% MoveVolume
1 MRHLD  3460-505-12.74.%8784235
2 LONAFRIC  185-15-7.50.%16425
3 RAUBEX  2120-160-7.02.%1662397
4 AMECOR  165-11-6.25.%11804
5 ARCMITTAL  8201-469-5.41.%824876
6 BASREAD  1120-60-5.08.%1046728
7 GOLDREEF  1867-93-4.74.%8655
8 VERIMARK  161-8-4.73.%27700
9 MERAFE  151-7-4.43.%4641456
10 METROFILE  195-8-3.94.%1200
11 BLUETEL  650-25-3.70.%2851409
12 ABIL  3650-140-3.69.%5132082
13 PBT  106-4-3.64.%104117
14 TRUWTHS  6542-239-3.52.%990028
15 GROUP-5  3355-117-3.37.%353489
16 STEFSTOCK  1160-40-3.33.%258199
17 PPC  3265-110-3.26.%1678015
18 PARACON  181-6-3.21.%110000
19 NEDCOR  12903-420-3.15.%1169594
20 ILIAD  775-25-3.13.%14883

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New Highs
SharenameSaleHighMove% MoveVolume
1 REX-TRUE  1375137517514.58.%1001
2 EHSV  910091004505.20.%50096
3 SASFIN  39724100721.85.%600
4 BARWORLD  70107052701.01.%996505
5 AMA  2152200.343882

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New Lows
SharenameSaleLowMove% MoveVolume
1 MRHLD  34603427-505-12.74.%8784235
2 KEATON   389386-1-0.26.%43891

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Spot Prices
NameTimeRPMove% Move
JSE Overall17:0031543.05-595.49-1.85%
JSE Top 4017:0028232.10-580.29-2.01%
JSE Gold17:002521.47-20.76-0.82%
JSE Financial17:0021463.09-318.48-1.46%
JSE Industrial17:0031405.99-495.43-1.55%
JSE Indust 2517:0026039.63-438.67-1.66%
JSE Resource17:0055691.75-1333.95-2.34%
DJ Futures19:4011800.00-139.00-1.16%
DJ Ind19:3711858.03-131.80-1.10%
SP 50018:501283.63-17.38-1.34%
FTSE 10018:355881.37-83.71-1.40%
All Ords07:394872.50-34.50-0.70%
NZSE 5006:263352.641.700.05%
NameTimeRPMove% Move
Gold/R kg19:5630891961362.03%
Brent Crude19:5698.391.171.20%
Rand / Dollar19:587.16080.11841.68%
Rand / Pound19:5511.31730.11661.04%
Rand / Euro19:559.74650.06750.70%
Rand / NZD19:575.54180.10701.97%
Rand / AUD19:557.12430.13231.89%
Yen / Dollar19:5582.1300-0.7000-0.85%
Euro / Dollar19:550.73460.00650.89%
Dollar / Euro19:571.3609-0.0121-0.88%
Pound / Dollar19:550.63090.00340.54%

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Index Summary
Index NameRPMove% Move
Top 4028,232.10-580.29-2.01%
Mid Cap41,935.14-417.09-0.98%
Small Cap32,559.23-245.35-0.75%
Resource 2055,691.75-1333.95-2.34%
Industrial 2526,039.63-438.67-1.66%
Financial 158,130.15-137.85-1.67%
Financial & Ind. 3029,448.47-507.14-1.69%
All Share31,543.05-595.49-1.85%
Oil & Gas 26,451.39-301.40-1.13%
Mining 36,694.00-945.37-2.51%
Gold Mining2,521.47-20.76-0.82%
Platinum Mining77.22-2.18-2.75%
Oil & Gas Producers 14,222.42-162.06-1.13%
Basic Materials 30,890.78-779.71-2.46%
Chemicals 13,493.25-11.74-0.09%
Forestry & Paper 13,382.95-171.31-1.26%
Industrial Metals 29,162.29-853.39-2.84%
Industrials 29,181.99-566.00-1.90%
General Industrials 77,216.40-901.46-1.15%
Consumer Goods 25,816.02-250.37-0.96%
Automobiles & Parts 2,807.93-22.64-0.80%
Household Goods149.35-1-0.42%
Health Care 31,962.07-381.35-1.18%
Beverages 80,338.13-290.47-0.36%
Food Producers 47,948.66-183.18-0.38%
Index NameRPMove% Move
Personal Goods 394.11-8.39-2.08%
Consumer Services 51,225.48-1118.41-2.14%
General Retailers 38,748.87-669.77-1.70%
Travel & Leisure 4,074.46-22.45-0.55%
Media 81,967.00-2453.32-2.91%
Support Services 2,547.98-22.58-0.88%
Telecommunications 61,435.24-1014.68-1.62%
Financials 21,463.09-318.48-1.46%
Banks 40,438.19-811.64-1.97%
Non-life Insurance 30,335.62-193.99-0.64%
Life Insurance 15,792.26-131.02-0.82%
General Financial 2,318.27-50.02-2.11%
Technology 20,510.65-91.63-0.44%
SHARIAH TOP40 3,160.90-73-2.27%
FTSE/JSE SHARIAH ALL3,226.97-73-2.20%
COAL MINING20,480.03-451-2.15%
FTSE JSE Fledgling 4,726.36-22-0.46%
FTSE/JSE Alt X 1,113.97-5-0.42%
CAPPED PROPERTY 308.00-0.55%
RESOURCE 30,639.62-734-2.34%
DIVIDEND PLUS170.86-3-1.88%
FTSE/JSE RAFI 406,597.76-115-1.71%
Capped Top 4014,658.98-286-1.92%
Capped All Share15,851.90-291-1.80%

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Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
26 Jan 2011CBHDecember 2010 (Interim)
28 Jan 2011HUDACONovember 2010 (Final)
31 Jan 2011CAPITALDecember 2010 (Final)
02 Feb 2011GIJIMADecember 2010 (Interim)
02 Feb 2011TOP FIXDecember 2010 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
FOORDCMPS11-01-2011-02-0411-02-14R 0.5385
DIALOGUE11-01-1311-02-1811-02-28R 0.1238
SBRJSEP1110-12-1511-03-0411-03-15R 1.4100
WINHOLD10-11-2911-02-1111-02-21R 0.1000
UCS10-11-2311-02-0411-02-14R 0.0500
Ex Div**
Share NameDec-DateLDTPay-DateAmount
SBR00310-11-0511-01-2811-02-07R 1.6000
CLICKS10-10-2111-01-2111-01-31R 0.7570
FREEWORLD10-11-2411-01-2111-01-31R 0.0700
NAMPAK 6.510-12-0911-01-2111-01-31R 0.0650
NAMPAK 6%P10-12-0911-01-2111-01-31R 0.0600

Upcoming AGMs**
CodeCompany NameDateStatus
JDHJohn Daniel Holdings Ltd28/01/2011Confirmed
INGIngenuity Property Investments Ltd28/01/2011Confirmed
UCSPUCS Group Ltd28/01/2011Confirmed
UCSUCS Group Ltd28/01/2011Confirmed
SBLSable Holdings Ltd28/01/2011Confirmed

Stock Exchange News Service
28/01/201117:45FCPD - Foord Compass Limited - Announcement
28/01/201117:30 Stellavista Technologies Limited - Results of annual general meeting
28/01/201117:30 Purple Capital Limited - General issue of shares for cash to strategic
28/01/201117:19 Lonmin Plc - Notification of major interest in shares
28/01/201117:15 Stellavista Technologies Limited - Audit opinion for the year ended 31
28/01/201117:15 PSG Group Limited - Dealing in securities by the PSG Group Limited
28/01/201117:13 African Rainbow Minerals Limited - Appointment of independent non-
28/01/201117:08 Pinnacle Point - Results of the general meeting
28/01/201116:56 m Cubed Holdings Limited - Update to shareholders regarding new
28/01/201116:30 Adaptit Holdings Limited - Change of company secretary
28/01/201116:26 Mvelaphanda Resources Limited - Cancellation of AFRIPALM 2 option
28/01/201116:14 Sable Holdings Limited - Results of annual general meeting ("AGM")
28/01/201116:00 African Dawn Capital Limited - Further cautionary announcement
28/01/201116:00 Accentuate - Notice of General Meeting
28/01/201115:23ABL/ABLP - African Bank Investments Limited BASEL II Pillar 3 annual disclosure
28/01/201115:16 John Daniel Holdings Limited - Results of annual general meeting
28/01/201115:07 Adcock Ingram Holdings Limited - Changes to directors` responsibilities
28/01/201114:26 Africa Cellular Towers Limited - Cautionary announcement
28/01/201114:00 Dorbyl Limited - Change in directorate
28/01/201113:58CPI/CPIP - Capitec - Appointment to the boards of Capitec and Capitec Bank
28/01/201113:25 Firestone Energy Limited - Quarterly activities report for the period to
28/01/201113:18 African Eagle Resources plc - MWB Limited increases shareholding
28/01/201113:13 UCS Group Limited - Results of annual general meeting
28/01/201112:52 Wearne - Waiver of the requirement to make a mandatory offer in terms of
28/01/201112:40 Esorfranki Limited - Finalisation information relating to the rights offer
28/01/201112:20 Firestone Energy Limited - Appendix 5B Quarterly Report
28/01/201112:10 Sea Kay Holdings Limited - Appointment of financial director and company
28/01/201112:07EXT - Extract Resources Limited - Extract Resources Receives Environmental
28/01/201112:06EXT - Extract Resources Limited - General Meeting of Shareholders
28/01/201111:39 Murray & Roberts Holdings Limited - Cautionary announcement and trading
28/01/201111:39 Astral Foods - Poultry and Feed Market Update
28/01/201111:30 SABMiller plc - Altria Financial Data Disclosure
28/01/201111:20TRE/ MOB - Trencor/ Mobile - Trencor`s Textainer announces date for release
28/01/201110:55 Chrometco Limited - Dealing in Securities by Director
28/01/201110:33 Ingenuity - Results of annual general meeting
28/01/201110:03 Capital Shopping Centres Group Plc - Issue of Equity and Appointment of
28/01/201109:00 Mustek Limited - Further cautionary announcement
28/01/201108:56 Uranium One Inc - Withholding tax on special dividend
28/01/201108:33 BRC DiamondCore - Renewal of Cautionary
28/01/201108:04 Eastern Platinum Limited - AIM Notification
28/01/201108:02 ROCKWELL - Update on flooding in The Northern Cape and North West
28/01/201108:00 Hudaco Industries Limited - Audited preliminary report for the year ended
28/01/201107:48 Firestone Energy Limited - Appointment of Directors
28/01/201107:23 Lonmin Plc - Notification of Major interest in shares
28/01/201107:21 Lonmin Plc - Annual General Meeting - Voting results
28/01/201107:19 Anglo American plc - Proposed Final Dividend Dates (Dividend no 21)
28/01/201107:06BRT/BRN - Brimstone - Voluntary announcement regarding Brimstone`s Investment in
28/01/201107:05 BHP Billiton Plc - Transaction in shares
28/01/201107:05 Adcock Ingram Holdings Limited - Sale of shares in The Scientific Group

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