Thursday, 24 March 2011 - 20:00
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S.Africa's rand firms, stocks higher on metal prices
By Vuyani Ndaba and Tiisetso Motsoeneng
JOHANNESBURG (Reuters) - South Africa's rand hit a one-week high against the dollar on Thursday and stocks went up by more than one percent, both getting support from higher commodities prices.
Gold miner Harmony was the biggest gainer on the blue-chip index after an brokerage report suggested the world's fifth-largest gold miner could be a takeover target.
Government bonds firmed a bit after the central bank left rates on hold and the governor's comments were less hawkish than the market was expecting.
The rand was trading at 6.8587 against the dollar, 1.4 percent firmer than Wednesday's New York close at 6.9546.
Key resistance for the rand is at 6.88 and if it breaks that decisively, it will aim for this month's high of 6.8143. Traders would look for a close stronger than this as an indication the rand could ratchet up further gains.
"The central bank did not add much to the picture," said Gabor Ambrus, emerging market analyst at 4CAST, adding risk appetite was back in vogue and gold was also supporting the currency.
Central bank Governor Gill Marcus reiterated that the bank was not targeting a level for the rand but would continue to accumulate reserves "as and when appropriate".
The central bank has previously been very active at levels beyond 6.95, to stem rand gains.
Stocks booked their third straight day of gains on Thursday, in line with global equities, with Harmony in focus on talk that it could be a takeover target.
The JSE Top-40 blue-chip index gained 1.57 percent to 28,566.98 to points, its highest level since March 10. The broader All-share index added 1.38 percent to 31,647.69 points.
Harmony surged 11.88 percent to 98.10 rand, the biggest one-day percentage gain since November 2008 and its highest level since June 2009.
Gold Fields, which was mentioned as one of the potential bidders in the same report, was 3.41 percent stronger at 117.82 rand.
"It makes sense to us that Gold Fields could make a bid for Harmony and then spin off some combination of the combined South African asset base into a separately listed vehicle," brokerage firm Royal Bank of Canada said in a note.
On the flipside, Basil Read fell 2.33 percent to 10.50 rand after the construction firm posted a 37 percent fall in the full-year profit.
On fixed income, the yield on the benchmark 2015 note fell 3.5 basis points to 7.765 percent and that on the longer-dated 2026 note dipped 2 basis at 8.905 percent.
"I think the guys were expecting a more hawkish tone from (Reserve Bank Governor) Gill Marcus, and she was not so hawkish, so that is why the bonds are low," said a bond dealer in Johannesburg.
Bonds, especially at the short end, have weakened in recent weeks on inflation worries.
Thu, 24 Mar 2011
Business Report noted that Aspen was upgraded to overweight by Morgan Stanley. The investment bank believes that opportunities were not reflected in the share price. London-based analysts, Simon Mather and Peter Verdult, wrote that the recent 25% sell-off is overdone and. . .
Business Day reported that Anglo is seeking to acquire iron ore assets as the price of of the metal rises. Anglo's head of business development for its iron ore and coal unit, James Harman, said the group "would like iron ore. . .
|JSE Top 40||17:00||28566.98||440.72||1.57%|
|JSE Indust 25||17:00||26322.08||414.81||1.60%|
|Rand / Dollar||19:58||6.8605||-0.0672||-0.97%|
|Rand / Pound||19:55||11.0267||-0.2096||-1.87%|
|Rand / Euro||19:55||9.7326||-0.0456||-0.47%|
|Rand / NZD||19:57||5.1471||0.0017||0.03%|
|Rand / AUD||19:55||7.0042||-0.0316||-0.45%|
|Yen / Dollar||19:57||80.9000||-0.0300||-0.04%|
|Euro / Dollar||19:55||0.7048||-0.0043||-0.61%|
|Dollar / Euro||19:57||1.4184||0.0087||0.62%|
|Pound / Dollar||19:55||0.6203||0.0049||0.80%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||29,552.70||409.40||1.40%|
|Oil & Gas ||28,664.30||378.14||1.34%|
|Oil & Gas Producers ||15,412.27||203.32||1.34%|
|Basic Materials ||31,224.41||530.62||1.73%|
|Forestry & Paper ||14,078.77||213.14||1.54%|
|Industrial Metals ||28,673.73||376.03||1.33%|
|General Industrials ||74,226.48||981.52||1.34%|
|Consumer Goods ||25,885.92||401.78||1.58%|
|Automobiles & Parts ||3,167.98||144.93||4.79%|
|Health Care ||30,695.95||-47.60||-0.15%|
|Food Producers ||46,271.44||281.25||0.61%|
|Index Name||RP||Move||% Move|
|Personal Goods ||394.71||2.40||0.61%|
|Consumer Services ||51,700.57||552.08||1.08%|
|General Retailers ||39,111.85||181.35||0.47%|
|Travel & Leisure ||3,545.38||13.49||0.38%|
|Support Services ||2,393.05||-9.10||-0.38%|
|Non-life Insurance ||29,959.75||-48.50||-0.16%|
|Life Insurance ||15,837.28||153.68||0.98%|
|General Financial ||2,199.19||11.61||0.53%|
|SHARIAH TOP40 ||3,242.90||58||1.83%|
|FTSE/JSE SHARIAH ALL||3,287.94||54||1.68%|
|FTSE JSE Fledgling ||4,479.00||-13||-0.29%|
|FTSE/JSE Alt X ||1,032.85||-7||-0.68%|
|SA LISTED PROPERTY ||357.00||-0.16%|
|CAPPED PROPERTY ||298.44||-0.10%|
|FTSE/JSE RAFI 40||6,629.29||81||1.24%|
|Capped Top 40||14,868.87||235||1.61%|
|Capped All Share||15,922.11||219||1.39%|
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|
|25 Mar 2011||AFRO-C||December 2010 (Interim)|
|25 Mar 2011||AFROC-P||December 2010 (Interim)|
|25 Mar 2011||AND||December 2010 (Final)|
|25 Mar 2011||AND-P||December 2010 (Final)|
|25 Mar 2011||BASREAD||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||
Stock Exchange News Service
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