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 Issue: 16 February 2011 20:00

S.Africa rand surges, stocks sold on value worries

JOHANNESBURG (Reuters) - South Africa's rand jumped more than 1.5 percent against the dollar in late trade on Wednesday, helped by an aggressive sell-off in the U.S. currency and better-than-expected local data.

South African stocks edged lower for the second straight day as investors continued to worry that the record high hit earlier this week signalled share prices are inflated.

Consumer inflation for January quickened and retail sales for December increased more than expected, data showed, boosting the likelihood of a rate hike later in the year.

The rand traded 1.5 percent firmer at 7.2350 to the dollar as of 1545 GMT, compared to its close of 7.3450 on Tuesday. It briefly touched 7.2301 earlier, trading in a 7.24/34 range for most of the day.

"We started off this morning pretty weak, we tested that same 7.34/7.35 area, but then we found quite a big (dollar) sell order from an international," a local currency trader said.

On the bourse, shares continued to suffer from worries about valuation.

Johannesburg's All-Share index, the widest measure of South African stock performance, briefly hit a record high on Monday, when the benchmark Top-40 index closed at its highest in 2-1/2 years.

Such levels suggest that shares in Africa's biggest economy are overvalued, said John Biccard, a fund manager at Investec Asset Management.

"This is the time you should be taking your money offshore," Biccard told reporters at a briefing in Johannesburg.

The run up in higher-risk, emerging markets stocks has been supported by U.S. stimulus, which has created a flood of easy money, he said.

"I find it quite amazing that our market is back at the old high because there is really very little value left. But in a world where there is so much easy money, the money has to go somewhere."

The All-Share index finished down 0.85 percent at 32,778.12. The index hit a record high of 33,334.55 on Monday, surpassing the previous record set in May 2008.

The Top-40 index of blue-chip stocks closed down 1 percent at 29,578.17. It booked its highest close since May 2008 on Monday and is trading at an average of 18.8 times earnings -- well beyond the Dow Jones industrial average, which is currently at 14.9 times earnings, according to Thomson Reuters data.

Notable losers included Johannesburg-traded shares of global miner BHP Billiton, which slid nearly 3 percent to 287.25 rand. Investors overlooked its near doubling of first-half profit, focusing instead on a lower-than-expected dividend.

Anglo American, dropped 2.3 percent to 392.14 rand. Shares of the miner have risen about 16 percent over the last three months.

Shares of African Oxygen, the industrial gases firm majority owned by Germany's Linde Group, fell 2.3 percent to 19 rand. The company reported a 26 percent decline in full-year earnings, citing tough business conditions and equipment failures.

Government bonds ended the session firmer. The yield on the benchmark 2015 paper closed at 7.77 percent on the JSE, compared with 7.80 on Tuesday. The 2026 note was at 8.635 percent from a 8.64 close previously.

Wed, 16 Feb 2011

The Johannesburg Stock Exchange will strengthen its oversight of corporate financial results reporting by outsourcing to a local university.  Full story
Revenue rose to R610 million (December 2009: R585 million) the comparable period. Operating profit was down to R221.8 million (December 2009: R345 million), while earnings per participatory interest rose to 50.20c (December 2009: 33.25c) and headline earnings per participatory interest was 2  Full story
Revenue increased by 20% to R405.4 million (R339 million), but operating profit was down by 12% to R128.7 million (R146.8 million). Net attributable profit declined by 28%, to R54.7 million (R75.7 million). In addition, headline earnings per share fell by 28% to 150cps (208.1cps). Divide  Full story
Revenue rose to R4.8 billion (R2.8 billion). Gross profit increased to R2.1 billion (R613 million) and net attributable profit increased to R1.4 billion (R338 million). In addition, headline earnings per share rose to 1163cps (282cps). Dividend An interim ordinary dividend of 200cps has  Full story

South African consumer inflation accelerated in January while separate retail sales data for December pointed to rising demand that may lead. . .  Full story
South Africa's retail sales grew by 8.3 percent year-on-year in December at constant prices, compared with an upwardly revised 8.0 percent. . .  Full story
South Africa's rand edged up against the dollar on Wednesday ahead of data expected to show a rise in inflation, which. . .  Full story
South Africa's rand softened against the dollar on Tuesday with the market showing little inclination to resist central bank moves since. . .  Full story

Trading Statistics


Major Moves Up
SharenameSaleMove% MoveVolume
1 AFROC-P  3636120.20.%2096
2 WINHOLD  1901911.11.%831833
3 O-LINE  10699.28.%29000
4 AMA  210115.53.%273743
5 VERIMARK  16485.13.%6000
6 OANDO  365174.89.%11300
7 PBT  11054.76.%6558
8 NICTUS  11554.55.%15746
9 CAPEVIN  92004004.55.%122002
10 MVELAGP-P  1080403.85.%1
11 NORTHAM  48051553.33.%1476699
12 ANOORAQ  1104343.18.%19273
13 PHUMELELA  1180302.61.%9
14 SANTAM  129003002.38.%32378
15 LIB-HOLD  76411772.37.%379461
16 LEWIS  73501652.30.%56525
17 ILIAD  875182.10.%238929
18 LITHA  26051.96.%211024
19 SPURCORP  1330251.92.%17371
20 MVELARES  4100761.89.%822983

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Major Moves Down
SharenameSaleMove% MoveVolume
1 CLIENTELE  960-139-12.65.%5000
2 URONE  4250-463-9.82.%38141
3 SOVFOOD  600-50-7.69.%3853
4 METROFILE  191-9-4.50.%68150
5 DISTELL  7400-325-4.21.%2350
6 FAIRVEST  115-5-4.17.%15
7 GOLDREEF  1755-65-3.57.%46267
8 JSE  7568-252-3.22.%227895
9 JDGROUP  5082-168-3.20.%925445
10 VIVIDEND  465-15-3.13.%2000
11 MUSTEK  509-16-3.05.%11200
12 ROLFES  175-5-2.78.%41287
13 FREEWORLD  1099-31-2.74.%14919
14 BILLITON  28725-810-2.74.%4124138
15 BWI  107-3-2.73.%89304
16 CAPITEC  15900-400-2.45.%96806
17 NETCARE  1450-35-2.36.%2827365
18 AFROX  1900-45-2.31.%385472
19 ANGLO  38595-904-2.29.%4299952
20 ELLIES   214-5-2.28.%83406

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New Highs
SharenameSaleHighMove% MoveVolume
1 O-LINE  10610699.28.%29000
2 CAPEVIN  920092004004.55.%122002
3 NICTUS  11511554.55.%15746
4 MVELARES  41004160761.89.%822983
5 CIPLAMED  775780141.84.%3581423
6 PSG  41704196701.71.%34699
7 SABMILLER  2469925185-112-0.45.%1875119
8 STEINHOFF  25402583-15-0.59.%5364924
9 KUMBAIO  4790048435-300-0.62.%533465
10 ARM   2325023600-149-0.64.%934144
11 EXXARO  1585016085-120-0.75.%2008129
12 BATS  2823828727-232-0.81.%512770
13 MONDIPLCP  62616397-89-1.40.%858651

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New Lows
SharenameSaleLowMove% MoveVolume
1 CITYLDG  68696850-56-0.81.%90513
2 PPC  288028700.999921
3 KELLY  44038551.15.%6524648

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Spot Prices
NameTimeRPMove% Move
JSE Overall17:0032778.12-282.16-0.85%
JSE Top 4017:0029578.17-299.42-1.00%
JSE Gold17:002676.37-.22-0.01%
JSE Financial17:0021546.4468.480.32%
JSE Industrial17:0032048.21-85.80-0.27%
JSE Indust 2517:0026763.63-82.80-0.31%
JSE Resource17:0059859.66-1169.68-1.92%
DJ Futures19:5012240.0038.000.31%
DJ Ind19:2112259.9833.340.27%
SP 50019:461333.035.020.38%
FTSE 10018:356085.2748.190.80%
All Ords07:385018.60-.80-0.02%
NZSE 5006:423384.48-5.61-0.17%
NameTimeRPMove% Move
Gold/R kg19:56320002-3742-1.16%
Brent Crude19:56103.211.131.11%
Rand / Dollar19:587.2275-0.0796-1.09%
Rand / Pound19:5511.6019-0.1735-1.47%
Rand / Euro19:559.8123-0.0689-0.70%
Rand / NZD19:575.4582-0.0383-0.70%
Rand / AUD19:557.2365-0.0644-0.88%
Yen / Dollar19:5283.6600-0.0600-0.07%
Euro / Dollar19:550.7377-0.0033-0.45%
Dollar / Euro19:581.35480.00600.44%
Pound / Dollar19:550.62220.00230.37%

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Index Summary
Index NameRPMove% Move
Top 4029,578.17-299.42-1.00%
Mid Cap41,591.1112.390.03%
Small Cap32,329.29-2.22-0.01%
Resource 2059,859.66-1169.68-1.92%
Industrial 2526,763.63-82.80-0.31%
Financial 158,175.0629.780.37%
Financial & Ind. 3030,132.45-30.50-0.10%
All Share32,778.12-282.16-0.85%
Oil & Gas 27,741.17-536.27-1.90%
Mining 39,580.03-774.17-1.92%
Gold Mining2,676.37-.22-0.01%
Platinum Mining80.80-.80-0.98%
Oil & Gas Producers 14,915.92-288.34-1.90%
Basic Materials 33,270.08-604.57-1.78%
Chemicals 13,392.11-83.63-0.62%
Forestry & Paper 14,541.94-80.15-0.55%
Industrial Metals 30,919.76-14.96-0.05%
Industrials 28,649.9816.840.06%
General Industrials 78,556.5226.950.03%
Consumer Goods 27,001.91-114.04-0.42%
Automobiles & Parts 2,830.57.000.00%
Household Goods161.42-1-0.59%
Health Care 31,594.53-340.26-1.07%
Beverages 84,401.17-382.73-0.45%
Food Producers 47,518.6222.490.05%
Index NameRPMove% Move
Personal Goods 414.89-2.09-0.50%
Consumer Services 52,181.95-122.64-0.23%
General Retailers 38,449.15-87.68-0.23%
Travel & Leisure 3,998.763.780.09%
Media 86,171.18-333.80-0.39%
Support Services 2,579.8712.320.48%
Telecommunications 61,
Financials 21,546.4468.480.32%
Banks 39,774.8056.370.14%
Non-life Insurance 31,281.33727.472.38%
Life Insurance 16,415.79167.621.03%
General Financial 2,329.35-6.71-0.29%
Technology 20,760.90-179.68-0.86%
SHARIAH TOP40 3,360.02-55-1.61%
FTSE/JSE SHARIAH ALL3,410.70-51-1.47%
COAL MINING22,301.72-94-0.42%
FTSE JSE Fledgling 4,702.62-10-0.22%
FTSE/JSE Alt X 1,099.37-5-0.46%
RESOURCE 32,933.75-643-1.92%
DIVIDEND PLUS167.87-0-0.06%
FTSE/JSE RAFI 406,880.84-41-0.59%
Capped Top 4015,301.60-125-0.81%
Capped All Share16,446.37-126-0.76%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
17 Feb 2011AFROXDecember 2010 (Final)
17 Feb 2011ANGLODecember 2010 (Final)
17 Feb 2011ANGLO-PDecember 2010 (Final)
17 Feb 2011ASSOREDecember 2010 (Interim)
17 Feb 2011CLOVERDecember 2010 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
FIRSTRANDB-P11-02-0311-02-1811-02-28R 3.1355
CAPITAL11-02-0311-02-1811-02-28R 0.3178
REDEFINE11-02-0211-02-1811-02-28R 0.1500
HUDACO11-01-2811-03-0411-03-14R 2.3500
CBH11-01-2711-05-0611-05-16R 0.1110
Ex Div**
Share NameDec-DateLDTPay-DateAmount
WINHOLD10-11-2911-02-1111-02-21R 0.1000
TREMATON10-11-0911-02-1111-02-21R 0.0150

Upcoming AGMs**
CodeCompany NameDateStatus
CNDConduit Capital Ltd16/02/2011Confirmed
JDGJD Group Ltd17/02/2011Confirmed
TFXTop Fix Holdings Ltd17/02/2011Confirmed
EOHEOH Holdings Ltd17/02/2011Unconfirmed
PFGPioneer Food Group Ltd18/02/2011Confirmed

Stock Exchange News Service
16/02/201117:43 Emira Property Fund - Unaudited financial results for the six months
16/02/201116:43 Discovery Holdings Limited - Trading Statement
16/02/201116:21 City Lodge Hotels Limited - Unaudited interim report for the six months
16/02/201116:00INL/INP - Investec - Transactions in shares
16/02/201116:00 Assore Limited - Interim results for the half-year ended 31 December 2010
16/02/201115:58 SPAR - Change to the board of Directors
16/02/201115:55 Blue - Clarification regarding the inter-conditionality provisions
16/02/201115:54CAT - Caxton & CTP Publishers & Printers Limited - Unaudited results for the
16/02/201115:00 African Oxygen Limited - Audited Group financial results and dividend
16/02/201113:53 O-line Holdings Limited - Trading Statement
16/02/201113:00 William Tell Holdings Limited - Results of General Meeting
16/02/201113:00 Distell Group Limited - Unaudited results of the group for the six months
16/02/201112:29 Vunani Limited - Disposal by Vunani of its shareholding in BSI Steel
16/02/201112:25 JD Group Limited - Dealing in securities by a director
16/02/201111:10GEN - General - Pro active monitoring of financial statements
16/02/201111:09 Nampak Limited - Exercise of share options and subsequent sale of shares
16/02/201110:44 Litha Healthcare Group Limited - Press Release - Litha Healthcare Group
16/02/201110:43 Litha Healthcare Group Limited - Change to the board of directors
16/02/201110:41 Calgro M3 - Trading Statement
16/02/201110:31 1time holdings Limited - Change of company secretary
16/02/201110:29GFINNY - Nedbank Limited - SENS announcement expiry of share instalments
16/02/201110:11 Conduit Capital Limited - Results of Annual General Meeting
16/02/201109:30 Omnia Holdings Limited - Dealing in securities by a director
16/02/201109:20 Anglo American plc - Anglo American completes sale of Lisheen zinc mine to
16/02/201108:17 WG Wearne Limited - Cautionary Announcement
16/02/201108:00GLD - NewGold Issuer Limited - Partial de-listing of Newgold debentures
16/02/201107:15 Santam Limited - Trading Statement - 12 months ended 31 December 2010
16/02/201107:08 BHP Billiton Plc - Report for the half year ended 31 December 2010
16/02/201107:07 BHP Billiton Plc - Interim Results Presentation
16/02/201107:06 BHP Billiton Plc - Transaction in shares
16/02/201107:05 SacOil Holdings Limited - Detailed cautionary announcement in respect of
16/02/201107:05 Liberty Holdings - Trading Statement

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