Monday, 14 March 2011 - 20:00
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S.African stocks fall led by Kumba, bonds gain
By Tiisetso Motsoeneng and Vuyani Ndaba
South African stocks fell on Monday, in line with global equities, with miner Kumba the worst performer among blue chips as the deadline passed for investors to receive its next dividend payout.
Government bonds firmed due to a sell-off in the equity market as worries about Japan's earthquake increased risk aversion from global companies and drove investors to bonds instead.
Johannesburg's Top-40 blue-chip index dropped 1.02 percent to 27,784.85 points and the broader All-share index fell 0.95 percent to 30,878.58.
"Japan is the new issue on the radar screen right now," said Imara SP Reid's trader Garth McKenzie, adding that the earthquake in the world's third-largest economy could hit commodity prices in the short-term and possibly stall global economic recovery.
Johannesburg's index was also weighed by the "ex-dividend effect" as shares of companies such as Kumba Iron Ore, Growthpoint and Shoprite started trading without the rights to their next dividend payouts.
Ore miner Kumba slumped 6.3 percent to 429.05 rand, property group Growthpoint lost 4.65 percent to 16.50 and grocer retailer Shoprite gave up 2.99 percent to 95 rand.
In the news, JD Group slumped 4.91 percent to 44 rand after the furniture retailer said it would issue new shares to buy the domestic retail unit of rival Steinhoff, whose shares ended little changed.
The heightened risk aversion in equity markets pushed investors to safer bets such as government debt.
Yields pushed lower with that on the shorter-dated 2015 paper falling 4.5 basis points to 7.835 percent and that on the 2026 notes down just 1.5 basis points to 8.985 percent.
"There might be a bit of a portfolio shift from equities into bonds in the aftermath of the earthquake," said Ion de Vleeschauwer, chief dealer at Bidvest Bank.
"Companies will struggle a tad, globally especially, there could be production issues from companies in Japan."
Analysts said the shorter end of the curve was also well supported by interbank trading.
On the currency front, the rand also gained slightly against the dollar on the day. The local currency was 0.3 percent firmer at 6.8613 against the dollar as of 1542 GMT. It closed at 6.8820 in New York on Friday.
Finance Minister Pravin Gordhan criticised the impact of hot capital flows into the country.
"We've observed that we have hot capital flows. That's not good because it appreciates your currency. What it does is it creates volatility in flows and economic instability," Gordhan said at an investment professionals' conference in Johannesburg.
The currency has appreciated 28 percent since the beginning of 2009, partly due to increased capital flows seeking higher yield in emerging markets like South Africa, in the wake of accommodative monetary policy in developed nations.
Mon, 14 Mar 2011
Shareholders are advised that Mvelaphanda has entered into negotiations, which if successfully concluded may have a material effect on the price. . .
Shareholders are advised that Mvelaphanda's:
*Headline earnings per share for the six months ended 31 December 2010 is expected to decrease. . .
Cadiz shareholders are advised that as a result of the continued difficult trading conditions mainly in our securities business unit for. . .
Shareholders were referred to the article in the Business Day today regarding a disgruntled contractor, Sutha Civils ("Sutha"), which claims R15.2. . .
|JSE Top 40||17:00||27784.85||-285.81||-1.02%|
|JSE Indust 25||17:00||25833.97||-289.85||-1.11%|
|Rand / Dollar||19:59||6.8363||-0.0243||-0.35%|
|Rand / Pound||19:55||11.0134||-0.0011||-0.01%|
|Rand / Euro||19:55||9.5569||-0.0293||-0.31%|
|Rand / NZD||19:58||5.0502||-0.0378||-0.74%|
|Rand / AUD||19:55||6.8983||-0.0560||-0.81%|
|Yen / Dollar||19:56||81.6200||-0.0300||-0.04%|
|Euro / Dollar||19:55||0.7144||-0.0008||-0.11%|
|Dollar / Euro||19:59||1.3989||0.0023||0.16%|
|Pound / Dollar||19:55||0.6181||-0.0030||-0.48%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||29,030.62||-257.92||-0.88%|
|Oil & Gas ||27,299.32||-125.45||-0.46%|
|Oil & Gas Producers ||14,678.34||-67.45||-0.46%|
|Basic Materials ||30,146.52||-405.84||-1.33%|
|Forestry & Paper ||13,742.41||-86.85||-0.63%|
|Industrial Metals ||28,418.73||-1020.30||-3.47%|
|General Industrials ||73,417.51||-182.44||-0.25%|
|Consumer Goods ||24,881.01||-320.51||-1.27%|
|Automobiles & Parts ||3,011.73||.00||0.00%|
|Health Care ||30,535.39||-183.19||-0.60%|
|Food Producers ||45,903.62||-215.66||-0.47%|
|Index Name||RP||Move||% Move|
|Personal Goods ||376.93||-13.19||-3.38%|
|Consumer Services ||52,169.17||-837.54||-1.58%|
|General Retailers ||37,952.48||-630.29||-1.63%|
|Travel & Leisure ||3,585.70||-65.21||-1.79%|
|Support Services ||2,363.02||-11.51||-0.48%|
|Non-life Insurance ||30,068.88||-266.74||-0.88%|
|Life Insurance ||15,829.92||-80.05||-0.50%|
|General Financial ||2,184.98||-12.41||-0.56%|
|SHARIAH TOP40 ||3,126.11||-35||-1.11%|
|FTSE/JSE SHARIAH ALL||3,178.84||-34||-1.06%|
|FTSE JSE Fledgling ||4,554.47||2||0.05%|
|FTSE/JSE Alt X ||1,062.95||-3||-0.31%|
|SA LISTED PROPERTY ||353.54||-0.97%|
|CAPPED PROPERTY ||295.97||-0.77%|
|FTSE/JSE RAFI 40||6,494.94||-47||-0.72%|
|Capped Top 40||14,475.51||-141||-0.97%|
|Capped All Share||15,543.16||-144||-0.92%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||HOLD||10 Mar|
|PAP||PANGBOURNE PROPERTIES LIM...||HOLD||10 Mar|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||10 Mar|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||10 Mar|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||10 Mar||
|Expected||Company Name||Fin. Date|
|15 Mar 2011||EOH||January 2011 (Interim)|
|15 Mar 2011||ILIAD||December 2010 (Final)|
|15 Mar 2011||ILIADA||December 2010 (Final)|
|15 Mar 2011||PRIMESERV||December 2010 (Final)|
|15 Mar 2011||PUTPROP||December 2010 (Interim)|
|GRINDROD PREF||11-02-24||11-03-11||11-03-22||R 3.8600|
Stock Exchange News Service
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