Wednesday, 16 March 2011 - 20:00
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S.Africa's rand off 2-1/2 wek low; stocks recover
By Phumza Macanda and David Dolan
JOHANNESBURG (Reuters) - South African assets recovered from sharp declines on Wednesday, after a rebound in Japanese stocks eased fears about a further sell-off related to the nuclear crisis in the world's third-largest economy.
The rand recovered from 2-1/2 week lows against the dollar, having been hit by concern that Japanese investors, substantial holders of rand-denominated debt, would cash in such instruments and repatriate funds to their stricken country.
The rebound in short-term sentiment sent Johannesburg stocks to their first rise in three days, but traders cautioned markets are likely to remain volatile, given the uncertain outlook.
"At the moment it looks a bit better but there are still a lot of risk factors," said Gabor Ambrus, emerging market analyst at 4CAST. "This is just a bit of retracement, I don't think it's game over."
The rand was trading at 6.98 against the dollar at 1550 GMT, 0.2 percent weaker than Tuesday's New York close of 6.9680.
It fell to 7.0450 earlier, its weakest since February 25. Those levels are likely to have attracted exporters and helped the currency recover, said Brigid Taylor, a dealer at Nedbank.
The currency registered its biggest daily fall in two years on Tuesday, as Japanese investors cashed in their rand-denominated bonds.
Japanese funds hold about $1.2 billion worth of South African bonds and the number could be higher when including uridashis, foreign currency bonds sold to retail investors.
The rand briefly traded weaker than its 100-day moving average at 7.01 on Wednesday, and a sustained breach of this level -- which is also a 38.2 percent Fibonacci retracement to the February low of 7.34 -- will open up 7.08 and higher.
Johannesburg share prices were underpinned after Japan's benchmark Nikkei 225, rose nearly 6 percent following two days of sharp declines.
"Japan is definitely one of the biggest factors behind the recovery in short-term sentiment today," said Devin Schutte, a trader at Newstrading in Johannesburg.
The Top-40 index of South African blue chips rose 1.5 percent to 27,534.99. The broader All-share index gained 1.4 percent to 30,612.41.
Some technical factors had also indicated the Johannesburg market may have been due for a short-term recovery. The benchmark Top-40 index's 14-day relative strength index, or RSI, on Tuesday fell below the "oversold" mark of 30 for the first time since May.
The Top-40 breached the 30-mark only twice in 2010, Thomson Reuters data shows.
In addition, the index finished below its lower Bollinger band on Tuesday, another potential sign that it could be due for a rebound. Both the Bollinger band and the RSI are used by technical analysts as a measure of momentum.
African Rainbow Minerals, a miner with platinum, copper and coal assets, gained 4.2 percent to 200.00 rand.
The company was one of several commodities firms hit hard on worries the nuclear crisis would blunt demand from resource-hungry Japan.
Kumba Iron Ore, Africa's largest producer of the steel-making ingredient, rose 3.1 percent after a 3.3 percent fall in the previous session. Japan, the world's second-biggest steel producer, is one of Kumba's traditional markets.
Johannesburg-listed shares of Swiss luxury goods firm Richemont rose 1.4 percent after a 2.7 percent decline. Japan is a substantial market for the maker of Cartier jewellery and Montblanc pens.
Bonds weakened after attracting buyers in the previous two sessions. The yield on the 2015 bond was up three basis points to 7.845 percent and that on the 2015 note went up 1.5 basis points to 8.94 percent.
Wed, 16 Mar 2011
High-yield bonds and U.S.
Treasuries top the list of vulnerable assets should the triple
disaster of earthquake, tsunami and nuclear breakdown prompt
Japanese investors to bring overseas funds back home.
Such moves -- which may already be under way, given some of
the currency movements of the past few days -- are also likely
to sour global merger and acquisition and outward direct
investment activity from Japan, one of the top 10 players.. . .
Shareholders of Steinhoff International Holdings Ltd ("SHIL") are referred to the SENS announcements released by Steinhoff International Holdings Ltd on 10 March 2011 and 15 March 2011 regarding the launch, pricing and exercise of the overallotment option of senior unsecured guaranteed. . .
Shareholders are referred to the announcement published on SENS on 7 February 2011. The company announced that there was no successful offer to acquire the Informante newspaper. The company therefore retains ownership of the newspaper and will continue to publish a. . .
|JSE Top 40||17:00||27534.99||406.14||1.50%|
|JSE Indust 25||17:00||25466.86||385.97||1.54%|
|Rand / Dollar||19:58||7.0408||0.0850||1.22%|
|Rand / Pound||19:55||11.2804||0.1129||1.01%|
|Rand / Euro||19:55||9.8177||0.0712||0.73%|
|Rand / NZD||19:57||5.1455||0.0564||1.11%|
|Rand / AUD||19:55||6.9473||0.0560||0.81%|
|Yen / Dollar||19:57||80.0400||-0.7200||-0.89%|
|Euro / Dollar||19:55||0.7199||0.0058||0.81%|
|Dollar / Euro||19:57||1.3894||-0.0104||-0.74%|
|Pound / Dollar||19:55||0.6248||0.0032||0.51%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||28,602.63||446.38||1.59%|
|Oil & Gas ||27,759.53||989.63||3.70%|
|Oil & Gas Producers ||14,925.79||532.11||3.70%|
|Basic Materials ||30,001.01||327.42||1.10%|
|Forestry & Paper ||13,683.39||167.50||1.24%|
|Industrial Metals ||28,353.91||644.46||2.33%|
|General Industrials ||72,631.15||1016.87||1.42%|
|Consumer Goods ||24,719.12||408.52||1.68%|
|Automobiles & Parts ||3,034.37||11.32||0.37%|
|Health Care ||30,473.13||566.82||1.90%|
|Food Producers ||45,319.56||-143.44||-0.32%|
|Index Name||RP||Move||% Move|
|Personal Goods ||372.04||5.19||1.41%|
|Consumer Services ||51,076.43||331.63||0.65%|
|General Retailers ||37,858.91||583.87||1.57%|
|Travel & Leisure ||3,547.12||57.76||1.66%|
|Support Services ||2,356.90||33.40||1.44%|
|Non-life Insurance ||30,553.86||763.85||2.56%|
|Life Insurance ||15,492.16||21.97||0.14%|
|General Financial ||2,164.36||46.84||2.21%|
|SHARIAH TOP40 ||3,109.23||48||1.58%|
|FTSE/JSE SHARIAH ALL||3,162.16||48||1.54%|
|FTSE JSE Fledgling ||4,480.77||14||0.31%|
|FTSE/JSE Alt X ||1,043.09||1||0.05%|
|SA LISTED PROPERTY ||353.72||0.78%|
|CAPPED PROPERTY ||295.59||0.74%|
|FTSE/JSE RAFI 40||6,433.86||93||1.46%|
|Capped Top 40||14,334.35||220||1.56%|
|Capped All Share||15,402.87||213||1.40%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|SOL||SASOL LIMITED||HOLD||14 Mar|
|APN||ASPEN PHARMACARE HLDGS||SELL||14 Mar|
|NED||NEDBANK GROUP LTD||HOLD||11 Mar|
|PAP||PANGBOURNE PROPERTIES LIM...||HOLD||11 Mar|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||11 Mar||
|Expected||Company Name||Fin. Date|
|17 Mar 2011||CIPLAMED||December 2010 (Final)|
|17 Mar 2011||EHSV||December 2010 (Final)|
|17 Mar 2011||LDREEF||December 2010 (Final)|
|17 Mar 2011||MASNITEA||December 2010 (Final)|
|17 Mar 2011||MASNITEB||December 2010 (Final)|
|GRINDROD PREF||11-02-24||11-03-11||11-03-22||R 3.8600|
Stock Exchange News Service
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