Wednesday, 23 March 2011 - 20:00
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S.Africa's rand weakens; stocks up for 2nd day
By Phumza Macanda and Tiisetso Motsoeneng
JOHANNESBURG (Reuters) - The South African rand weakened towards the 7.00 mark against a broadly firmer dollar on Wednesday, but stocks bucked the weaker tone in global equities as miners gained on higher commodity prices.
South African stocks notched up their second straight day of gains with the JSE Top-40 index of blue chips adding 1.21 percent to 28,126.26 points and the broader All-share index up 1.12 percent to 31,215.55.
"We were shielded by the commodity prices seeing that global markets are looking shaky at the moment," Mitchell Gannaway, a trader at Thebe Securities said.
The rand was trading at 6.94 against the dollar at 1542 GMT, 0.6 percent weaker than Wednesday's New York close of 6.8980.
"The rand has remained quite strong despite dollar strength, so it is now playing catch-up," said Ion de Vleeschauwer, chief dealer at Bidvest Bank.
"A lot of people are a bit concerned about the euro zone situation, so we could see the rand inch up closer to 7.00/dollar, but I don't think 7.00 is on the cards yet because there's decent exporter interest at these levels."
Deepening worries that Portugal could become the third euro zone economy to seek emergency help was weighing on the euro -- the currency of South Africa's largest trading partner.
MINERS BOOST BOURSE
On the bourse, miners dominated the gainers' list, tracking higher commodity prices, boosting Harmony by 3.47 percent to 87.95 rand and making it the biggest percentage gainer on the blue-chip index.
Anglo Platinum rose 3.38 percent to 672 rand and Gold Fields was 2.43 percent better at 115.75 rand.
Elsewhere, Massmart was up 1.25 percent to 132 rand, recouping sharp losses suffered in the previous session on worries that its deal with Wal-Mart could fall through.
"The feeling in the market is that the deal will go through despite yesterday's nervousness," one trader said.
Data showed inflation came in at 3.7 percent year-on-year for February, bang-in-line with forecasts. Bonds firmed as some market players had priced in a higher-than-expected CPI outcome.
The yield on the 2015 bond was down 3.5 basis points to 7.8 percent and that on the 2026 note fell by two basis points to 8.925 percent.
Focus now moves to Thursday's interest rate decision around 1300 GMT, with the central bank expected to raise its inflation forecasts on the back of higher oil and food prices, a move that could weigh on bonds.
All 21 economists polled by Reuters last week expected the central bank to leave the repo rate steady at 5.5 percent.
Wed, 23 Mar 2011
Revenue grew to R1.2 billion (R1 billion) and gross profit rose to R278.6 million (R247.2 million). However, earnings before interest, taxation, depreciation and amortisation (EBITDA) fell marginally to R36 million (R36.4. . .
Revenue for the interim period increased by 20.4% to R317.9 million (2009: R264 million). Operating profit decreased by 1.3% to R15.9 million (2009: R16.1 million), while profit and total comprehensive income. . .
Revenue for the interim period increased to R484.9 million (2009: R362.2 million). Gross profit rose to R136.3 million (2009: R106.7 million), while profit attributable to equity holders of the parent improved. . .
|JSE Top 40||17:00||28126.26||335.46||1.21%|
|JSE Indust 25||17:00||25907.27||260.49||1.02%|
|Rand / Dollar||19:57||6.9144||0.0329||0.48%|
|Rand / Pound||19:55||11.2024||-0.0513||-0.46%|
|Rand / Euro||19:55||9.7657||-0.0194||-0.20%|
|Rand / NZD||19:56||5.1302||0.0343||0.67%|
|Rand / AUD||19:55||7.0150||0.0457||0.66%|
|Yen / Dollar||19:56||80.7900||-0.2200||-0.27%|
|Euro / Dollar||19:55||0.7079||0.0039||0.55%|
|Dollar / Euro||19:58||1.4123||-0.0079||-0.56%|
|Pound / Dollar||19:55||0.6153||0.0048||0.79%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||29,143.30||276.97||0.96%|
|Oil & Gas ||28,286.16||108.40||0.38%|
|Oil & Gas Producers ||15,208.95||58.29||0.38%|
|Basic Materials ||30,693.79||470.42||1.56%|
|Forestry & Paper ||13,865.63||-60.13||-0.43%|
|Industrial Metals ||28,297.70||290.58||1.04%|
|General Industrials ||73,244.96||800.33||1.10%|
|Consumer Goods ||25,484.14||261.64||1.04%|
|Automobiles & Parts ||3,023.05||-9.06||-0.30%|
|Health Care ||30,743.55||181.61||0.59%|
|Food Producers ||45,990.19||496.10||1.09%|
|Index Name||RP||Move||% Move|
|Personal Goods ||392.31||-2.50||-0.63%|
|Consumer Services ||51,148.49||576.07||1.14%|
|General Retailers ||38,930.50||859.86||2.26%|
|Travel & Leisure ||3,531.89||-50.28||-1.40%|
|Support Services ||2,402.15||-5.50||-0.23%|
|Non-life Insurance ||30,008.25||276.44||0.93%|
|Life Insurance ||15,683.60||40.27||0.26%|
|General Financial ||2,187.58||10.47||0.48%|
|SHARIAH TOP40 ||3,184.73||45||1.43%|
|FTSE/JSE SHARIAH ALL||3,233.55||43||1.34%|
|FTSE JSE Fledgling ||4,492.15||-19||-0.41%|
|FTSE/JSE Alt X ||1,039.87||-4||-0.39%|
|SA LISTED PROPERTY ||357.59||0.41%|
|CAPPED PROPERTY ||298.73||0.46%|
|FTSE/JSE RAFI 40||6,548.25||69||1.06%|
|Capped Top 40||14,633.84||171||1.18%|
|Capped All Share||15,703.06||173||1.11%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||HOLD||18 Mar|
|PAP||PANGBOURNE PROPERTIES LIM...||HOLD||18 Mar|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||18 Mar|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||18 Mar|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||18 Mar||
|Expected||Company Name||Fin. Date|
|24 Mar 2011||ACCENT||December 2010 (Interim)|
|24 Mar 2011||EASTPLATS||December 2010 (Final)|
|25 Mar 2011||AFRO-C||December 2010 (Interim)|
|25 Mar 2011||AFROC-P||December 2010 (Interim)|
|25 Mar 2011||AND||December 2010 (Final)|
|PSGFIN PREF||11-03-01||11-03-17||11-03-28||R 3.4377|
|HDC||Hudaco Industries Ltd||24/03/2011||Confirmed|
|AMSP||Anglo Platinum Ltd||28/03/2011||Confirmed|
|AMS||Anglo Platinum Ltd||28/03/2011||Confirmed|
|ORE||Orion Real Estate Ltd||29/03/2011||Confirmed||
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