Thursday, 10 March 2011 - 20:00
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S.Africa stocks at 3-month lows, rand holds up better
By Tiisetso Motsoeneng and Stella Mapenzauswa
JOHANNESBURG (Reuters) - South Africa's shares tumbled to their lowest mark in more than three months on Thursday, with miners among the worst performers as global economic growth worries hit metal prices.
Government bonds fell slightly, and the rand also retreated against the dollar, although the currency held up relatively well considering the slide on the bourse, which could however weigh heavier if sustained in coming days.
Johannesburg's Top-40 blue-chip index fell 3.19 percent to 27,762.48 points, a trough last seen on December 3, 2010 and the biggest daily decline since May, 2010. All 40 stocks ended in the red.
The broader All-share index dropped 2.9 percent to 30,898.
"The downgrade of Spain really put pressure on us and commodity prices also fell as a result of that," said Byron Latter, an analyst at fund manager Vestact. "All this negative news has given investors an excuse to get out of risky assets such as stocks."
A rating agency downgrade of Spain reignited euro zone debt concerns and disappointing economic data from China and the United States heightened global growth worries.
In Johannesburg, African Rainbow Minerals slid 5.69 percent to 211.63 rand, Anglo Platinum lost 4.41 percent to 650.01 rand and Anglo American was 3.91 percent weaker at 343.96 rand.
Sanlam was off 3.16 percent at 26.63 rand, even after posting a 16 percent rise full-year profit.
At 1545 GMT the rand traded 0.58 percent softer at 6.9040 against the dollar after closing at 6.8640 on Wednesday.
"The rand had a relatively good day considering how strong the dollar is globally. Europe had the downgrade of Spain to contend with and sterling also lost significant ground but the rand seems pretty stable. That's why we improved significantly against the crosses," said Bidvest Bank chief dealer Ion de Vleeschauwer.
But he noted that 6.85/dollar remains an overhead resistance point for the rand, which briefly touched a session high of 6.8575/dollar on Thursday before quickly retreating on importer demand.
"The 6.85 level seems to be the line in the sand. We've struggled to get through that a few times, there seems to be lots of import orders staggered close to there so it's going to be tough for the rand to break," de Vleeschauwer said.
Part of the rand's fall came after release of data showing the manufacturing sector is still struggling to gain momentum after a contraction in 2009, meaning the central bank could hold off increasing interest rates this year despite rising inflationary pressures.
The yield on South Africa's benchmark 2015 government bond edged up 1.5 basis points to 7.88 percent, while that for the on the longer-dated 2026 issue added two basis points to 9.00 percent.
Thu, 10 Mar 2011
|JSE Top 40||17:00||27762.48||-915.17||-3.19%|
|JSE Indust 25||17:00||25803.49||-749.59||-2.82%|
|Rand / Dollar||19:58||6.8823||0.0237||0.35%|
|Rand / Pound||19:55||11.0532||-0.0326||-0.29%|
|Rand / Euro||19:55||9.5370||-0.0045||-0.05%|
|Rand / NZD||19:56||5.0817||0.0293||0.58%|
|Rand / AUD||19:55||6.9215||-0.0170||-0.25%|
|Yen / Dollar||19:51||82.9600||0.1800||0.22%|
|Euro / Dollar||19:55||0.7237||0.0048||0.67%|
|Dollar / Euro||19:58||1.3819||-0.0088||-0.63%|
|Pound / Dollar||19:55||0.6226||0.0057||0.92%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||28,958.92||-809.10||-2.72%|
|Oil & Gas ||27,084.02||-1139.77||-4.04%|
|Oil & Gas Producers ||14,562.58||-612.83||-4.04%|
|Basic Materials ||30,284.54||-1122.21||-3.57%|
|Forestry & Paper ||13,711.04||-370.59||-2.63%|
|Industrial Metals ||29,593.55||-987.62||-3.23%|
|General Industrials ||72,674.24||-2670.55||-3.54%|
|Consumer Goods ||25,244.20||-659.40||-2.55%|
|Automobiles & Parts ||3,011.73||.00||0.00%|
|Health Care ||30,805.65||-281.63||-0.91%|
|Food Producers ||46,165.64||-491.27||-1.05%|
|Index Name||RP||Move||% Move|
|Personal Goods ||392.51||-11.09||-2.75%|
|Consumer Services ||51,722.36||-1303.84||-2.46%|
|General Retailers ||38,121.40||-817.54||-2.10%|
|Travel & Leisure ||3,689.02||-47.04||-1.26%|
|Support Services ||2,377.36||-16.35||-0.68%|
|Non-life Insurance ||31,160.08||-363.74||-1.15%|
|Life Insurance ||15,885.38||-443.50||-2.72%|
|General Financial ||2,199.87||-45.81||-2.04%|
|SHARIAH TOP40 ||3,123.27||-116||-3.60%|
|FTSE/JSE SHARIAH ALL||3,178.38||-112||-3.40%|
|FTSE JSE Fledgling ||4,571.72||-28||-0.60%|
|FTSE/JSE Alt X ||1,082.65||33||3.13%|
|SA LISTED PROPERTY ||357.05||-0.21%|
|CAPPED PROPERTY ||298.46||-0.70%|
|FTSE/JSE RAFI 40||6,485.64||-204||-3.05%|
|Capped Top 40||14,449.80||-469||-3.14%|
|Capped All Share||15,547.86||-459||-2.86%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||HOLD||08 Mar|
|PAP||PANGBOURNE PROPERTIES LIM...||HOLD||08 Mar|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||08 Mar|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||08 Mar|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||08 Mar||
|Expected||Company Name||Fin. Date|
|11 Mar 2011||MMI HLDGS||December 2010 (Final)|
|14 Mar 2011||AVENG||December 2010 (Interim)|
|14 Mar 2011||BELL||December 2010 (Final)|
|14 Mar 2011||CLOVER||December 2010 (Interim)|
|14 Mar 2011||CLOVERPREF||December 2010 (Interim)|
|FWD||Freeworld Coatings Ltd||10/03/2011||Confirmed||
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