Monday, 28 March 2011 - 20:00
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Zimbabwe news weighs on S.African stocks, bonds weaken
By Phumza Macanda and Gugulakhe Lourie
JOHANNESBURG (Reuters) - South African resource-heavy bourse fell on Monday, dragged lower by platinum shares as Zimbabwe turned up the heat on foreign mining firms.
Impala Platinum, the world's second-largest producer of the precious metal, was the biggest loser after reports that foreign mining firms in Zimbabwe must sell a majority stake to local black investors within six months.
The JSE Top-40 index of blue chips was down 0.8 percent to end 28,264.76 and the broader All-share index shed 0.69 percent to 31,377.12.
"I think this is because of the Zimbabwean story," said Abri du Plessis, chief investment officer at Gryphon Asset Management, referring to the share price falls.
"That 51 percent that they want in local hands looks fairly fixed at this point in time so that's basically driving the platinum stocks down."
The JSE platinum mining index fell 2.58 percent, led by Impala Platinum dropping 2.82 percent to 192 rand and rival miner Lonmin losing 2.31 percent to 183.16 rand.
London and Johannesburg-listed Aquarius Platinum, the world's fourth largest primary platinum producer, lost 8.54 percent to 37.50 rand.
Bidvest lost 2.23 percent to 146.55 rand as shares of the industrial group trades ex-dividend. Also trading ex-dividend is Africa's biggest mobile phone operator MTN, which dropped 2.26 percent to 131.19 rand and miner Anglo American fell 1.69 percent to 349 rand.
BONDS SLIGHTLY WEAKER
Government bonds weakened a bit, reversing some of last week's gains that were partly driven by strong foreign buying.
The yield on the 2015 bond was down 0.5 basis points to 7.76 percent and the longer dated 2026 bond yield fell two basis points to 8.935 percent.
Foreigners were net buyers of South African bonds last week for the first time since late February, buying 5.9 billion rand worth of local debt as investor aversion toward high risk assets subsided.
On the currency front, the rand was steady, trading at 6.8660 against the dollar at 1535 GMT, not far from Friday's New York close of 6.8645.
"It's looking for some direction and I think that direction will come from the euro. It's not likely to move out of this range unless it goes above 6.92," said Jim Bryson, chief dealer at RMB.
The rand has strong resistance at 6.85, which attempted to break twice last week. Should it pierce that level decisively it would open up 6.81, its strongest level in March.
Deputy Finance Minister Nhlanhla Nene said on Monday the government spent over 50 billion rand in the past twelve months in its efforts to stabilise the rand, a heavily traded currency in global markets.
Mon, 28 Mar 2011
The following offering circular has been approved by the UK Listing Authority and is available for viewing:
Offering circular dated 25 March 2011 (the "offering circular") relating to the USD10 000 000 000 Euro Medium Term Note Programme by Anglo and. . .
The Government of Zimbabwe gazetted the Indigenisation and Economic Empowerment Act in 2007. This Act made provision for the indigenisation of up to 51% of all foreign owned businesses operating in Zimbabwe. Regulations in support of the Act were subsequently published. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||28264.76||-227.79||-0.80%|
|JSE Indust 25||17:00||26188.94||-237.22||-0.90%|
|Rand / Dollar||19:57||6.8636||0.0101||0.15%|
|Rand / Pound||19:55||10.9531||0.0171||0.16%|
|Rand / Euro||19:55||9.6680||0.0453||0.47%|
|Rand / NZD||19:57||5.1688||0.0181||0.35%|
|Rand / AUD||19:55||7.0545||0.0310||0.44%|
|Yen / Dollar||19:57||81.6900||0.3100||0.38%|
|Euro / Dollar||19:55||0.7094||-0.0023||-0.32%|
|Dollar / Euro||19:57||1.4086||0.0043||0.31%|
|Pound / Dollar||19:45||0.6245||0.0001||0.02%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||29,435.50||-191.21||-0.65%|
|Oil & Gas ||28,409.20||-127.35||-0.45%|
|Oil & Gas Producers ||15,275.10||-68.48||-0.45%|
|Basic Materials ||30,696.26||-300.27||-0.97%|
|Forestry & Paper ||14,089.76||-87.36||-0.62%|
|Industrial Metals ||28,849.54||14.36||0.05%|
|General Industrials ||74,072.82||-758.99||-1.01%|
|Consumer Goods ||25,690.08||-176.93||-0.68%|
|Automobiles & Parts ||3,170.24||22.64||0.72%|
|Health Care ||30,807.67||112.53||0.37%|
|Food Producers ||45,878.01||-335.11||-0.73%|
|Index Name||RP||Move||% Move|
|Personal Goods ||389.42||-1.40||-0.36%|
|Consumer Services ||52,223.61||-262.33||-0.50%|
|General Retailers ||39,281.50||36.45||0.09%|
|Travel & Leisure ||3,553.06||11.93||0.34%|
|Support Services ||2,398.40||-4.43||-0.18%|
|Non-life Insurance ||30,250.74||-133.37||-0.44%|
|Life Insurance ||15,876.18||46.20||0.29%|
|General Financial ||2,199.24||-6.35||-0.29%|
|SHARIAH TOP40 ||3,188.87||-33||-1.03%|
|FTSE/JSE SHARIAH ALL||3,239.58||-30||-0.92%|
|FTSE JSE Fledgling ||4,456.68||-11||-0.24%|
|FTSE/JSE Alt X ||1,019.54||2||0.24%|
|SA LISTED PROPERTY ||359.28||0.23%|
|CAPPED PROPERTY ||300.16||0.18%|
|FTSE/JSE RAFI 40||6,575.86||-47||-0.71%|
|Capped Top 40||14,716.04||-121||-0.82%|
|Capped All Share||15,789.24||-112||-0.70%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||HOLD||24 Mar|
|PAP||PANGBOURNE PROPERTIES LIM...||HOLD||24 Mar|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||24 Mar|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||24 Mar|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||24 Mar||
|Expected||Company Name||Fin. Date|
|29 Mar 2011||CASHBIL||December 2010 (Interim)|
|29 Mar 2011||SABLE||December 2010 (Interim)|
|29 Mar 2011||SELCO||December 2010 (Interim)|
|30 Mar 2011||CAPEMR||December 2010 (Final)|
|30 Mar 2011||CAPITEC||February 2011 (Final)|
|AMS||Anglo Platinum Ltd||28/03/2011||Confirmed|
|AMSP||Anglo Platinum Ltd||28/03/2011||Confirmed|
|ORE||Orion Real Estate Ltd||29/03/2011||Confirmed|
|TLM||TeleMasters Holdings Ltd||01/04/2011||Unconfirmed||
Stock Exchange News Service
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