Thursday, 17 March 2011 - 20:00
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S.African rand hits 2-yr low vs yen, stocks edge up
By Phumza Macanda and David Dolan
JOHANNESBURG (Reuters) - South Africa's rand plunged to two-year lows against the yen on Thursday with further losses seen on expectations Japanese investors may repatriate cash to help rebuild their disaster-hit country.
Stocks edged higher, as investors bet some recently battered shares may have fallen too far. Gains were limited by a decline in media company Naspers, which posted its biggest daily fall in nine months.
The rand has lost about 10 percent against the yen since last week's earthquake and tsunami, which left a crippled nuclear power plant at risk of catastrophic meltdown.
Japanese funds hold about $1.2 billion in rand-denominated bonds, a number that could be higher when including "uridashi" foreign currency bonds sold to retail investors.
Against the dollar, the rand recouped some of its New York losses when it fell to 7.2150.
"Yesterday we had a nice break out of another range (the two week range of 6.81-6.95) which indicates that the momentumn is more to the upside," said Judy Padayachee, technical strategist at Absa Capital.
The currency was trading at 7.0560 by 1542 GMT, 1.88 percent firmer than New York's close of 7.19.
The rand has gyrated between 6.8143 and 7.2150 this week, and technical analysts see it targeting 7.50 in the longer term.
Padayachee said the massive moves seen in the past two sessions point to bearish sentiment towards the rand.
STOCKS EDGE HIGHER
Investors were slowly coming back to shares that had been hammered in a sell-off sparked by concern over Japan's nuclear crisis, said Garth MacKenzie, a trader at Imara SP Reid.
"While our market remains nervous, you are seeing some bargain-hunting coming back in," MacKenzie said.
Johannesburg's Top-40 index of blue chips rose 0.46 percent to 27,660.83, its second straight rise. On Tuesday it fell to its lowest level since early December, hit by fears about the impact of the Japanese crisis.
Resource-hungry Japan, the world's third-largest economy, is a major market for many South African commodities producers.
The broader All-share index rose 0.4 percent to 30,718.55.
FirstRand, South Africa's second-largest bank by market value, rose 2.9 percent to 19.11, after losing 4 percent in the previous five sessions.
Johannesburg-listed shares of Lonmin, the world's third-largest producer of platinum, rose 0.7 percent to 182.94 rand, after falling more than 9 percent over the previous five sessions.
Platinum prices have been hit after Toyota Motor Co and other Japanese car makers halted production of vehicles. Platinum group metals are used to make automobile catalytic converters.
Shares of Naspers, Africa's largest media company, tumbled 4.4 percent to 366.01 rand, its biggest one-day drop since June.
Naspers was hit after Chinese firm Tencent, in which it owns a 30 percent stake, posted its biggest one-day fall in more than two years.
Tencent, China's largest Internet company, fell nearly 11 percent on concerns over tighter operating margins and slower growth.
Tencent's blockbuster growth has been a big contributor to performance of the South African media firm, which is heavily invested in emerging markets and e-commerce Internet companies.
In the fixed income market, the yield on South Africa's benchmark 2015 bond was up 7.5 basis points at 7.92 percent, and that on the 2026 note was 7 basis points higher at 9.01 percent.
The five-year yield has risen nearly 80 basis points since last week on increasing concerns about inflation.
Thu, 17 Mar 2011
U.S. stocks gained on
Thursday, bouncing back after three days of declines as
investors searched for bargains, but the near-term outlook is
bearish as. . .
European stocks bounced on
Thursday from three-month lows, mainly in technical buying and
as hedge funds scooped up beaten-down shares, with chartists
saying further. . .
European and U.S. stocks
rebounded from three days of selling on Thursday, despite the
ongoing nuclear plant crisis in Japan, while the yen. . .
Commodity stocks powered a
bounce in Britain's top shares by close on Thursday, as heavy
selling this week made equities look attractive from. . .
In accordance with Listing Rule 12.6.4, Anglo American plc announces that 12 422 ordinary shares were transferred from treasury shares on 15 and 16 March 2011, in respect of the grant. . .
Datatec Ltd, the international Information and Communications Technology (ICT) group, announces that its subsidiary Logicalis has agreed to acquire Inca Software Ltd ("Inca") from its parent company, Avisen Plc (AIM: AVI),. . .
Shareholders are herewith advised that the Board of Rainbow has approved the change in financial year-end of the company from 31 March to 30 June, with effect from the current financial. . .
|JSE Top 40||17:00||27660.83||125.84||0.46%|
|JSE Indust 25||17:00||25413.46||-53.40||-0.21%|
|Rand / Dollar||19:59||7.0968||-0.0717||-1.00%|
|Rand / Pound||19:55||11.4169||-0.0396||-0.35%|
|Rand / Euro||19:55||9.9424||-0.0369||-0.37%|
|Rand / NZD||19:58||5.0885||-0.0639||-1.24%|
|Rand / AUD||19:55||6.9573||-0.0520||-0.74%|
|Yen / Dollar||19:58||78.9600||1.6900||2.19%|
|Euro / Dollar||19:55||0.7132||-0.0045||-0.63%|
|Dollar / Euro||19:58||1.4015||0.0080||0.57%|
|Pound / Dollar||19:55||0.6193||-0.0040||-0.64%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||28,627.50||24.87||0.09%|
|Oil & Gas ||27,946.02||186.49||0.67%|
|Oil & Gas Producers ||15,026.06||100.27||0.67%|
|Basic Materials ||30,224.68||223.67||0.75%|
|Forestry & Paper ||14,017.01||333.62||2.44%|
|Industrial Metals ||27,717.48||-636.43||-2.24%|
|General Industrials ||72,362.05||-269.10||-0.37%|
|Consumer Goods ||24,715.39||-3.73||-0.02%|
|Automobiles & Parts ||3,016.26||-18.11||-0.60%|
|Health Care ||30,599.45||126.32||0.41%|
|Food Producers ||45,360.00||40.44||0.09%|
|Index Name||RP||Move||% Move|
|Personal Goods ||375.93||3.89||1.05%|
|Consumer Services ||50,170.16||-906.27||-1.77%|
|General Retailers ||37,958.86||99.95||0.26%|
|Travel & Leisure ||3,534.55||-12.57||-0.35%|
|Support Services ||2,336.58||-20.32||-0.86%|
|Non-life Insurance ||30,553.86||.00||0.00%|
|Life Insurance ||15,527.12||34.96||0.23%|
|General Financial ||2,164.08||-.28||-0.01%|
|SHARIAH TOP40 ||3,137.08||28||0.90%|
|FTSE/JSE SHARIAH ALL||3,187.30||25||0.80%|
|FTSE JSE Fledgling ||4,497.14||16||0.37%|
|FTSE/JSE Alt X ||1,040.10||-3||-0.29%|
|SA LISTED PROPERTY ||354.39||0.19%|
|CAPPED PROPERTY ||296.77||0.40%|
|FTSE/JSE RAFI 40||6,459.22||25||0.39%|
|Capped Top 40||14,374.61||40||0.28%|
|Capped All Share||15,440.46||38||0.24%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||HOLD||15 Mar|
|PAP||PANGBOURNE PROPERTIES LIM...||HOLD||15 Mar|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||15 Mar|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||15 Mar|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||15 Mar||
|Expected||Company Name||Fin. Date|
|18 Mar 2011||BIOSCI||December 2010 (Interim)|
|18 Mar 2011||COAL||December 2010 (Interim)|
|18 Mar 2011||KAYDAV||December 2010 (Final)|
|18 Mar 2011||ORION||December 2010 (Interim)|
|18 Mar 2011||WORKFORCE||December 2010 (Final)|
|GRINDROD PREF||11-02-24||11-03-11||11-03-22||R 3.8600|
|PSGFIN PREF||11-03-01||11-03-17||11-03-28||R 3.4377|
|HDC||Hudaco Industries Ltd||24/03/2011||Confirmed||
Stock Exchange News Service
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