Wednesday, 06 April 2011 - 20:00
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S.African rand firms on risk appetite, stocks gain
By Stella Mapenzauswa and Ed Stoddard
JOHANNESBURG (Reuters) - South Africa's rand tested a fresh 3-month high against the dollar on Wednesday on renewed global appetite for risk and government bonds followed suit, pushing yields particularly on longer-dated paper sharply lower.
The benchmark blue chip share index rose to its highest in more than six weeks, notching its fourth straight day of gains with gold miners the best performers on a rampant bullion price.
The yield on the 2015 bond fell four basis points to 7.705 percent while that for the longer-dated 2026 bond was down seven basis points at 8.715 percent.
"It's a rand story really, that's what's driving the debt market," said a Johannesburg bond trader, singling out increased interest in local debt from foreign investors after a sharp sell-off at the start of the year.
The rand traded 0.56 percent firmer at 6.6905 to the dollar by 1547 GMT compared with Tuesday's close at 6.7280. The currency tested 6.68 earlier on Wednesday, its strongest level since January 4 according to Reuters data.
"There are no local factor behind these moves - it's all euro/dollar and risk appetite-driven," said Gabor Ambrus, emerging market analyst at 4CAST.
The euro -- whose moves the rand tends to track due to South Africa's close trading ties with the euro zone -- rose to its highest in more than a year against the dollar ahead of an expected ECB rate hike.
"I think a temporary reversal is possible after tomorrow's ECB meeting, but a more lasting reversal would need U.S. equities to correct. I'm not sure when the market will make that reality check," Ambrus said.
Johannesburg's Top-40 blue chip index added 0.79 percent to 29,654.56 points, a level last seen on February 17, 2010. The broader All-share index rose by the same margin to 32,887.47.
"The mood seems to improving in this week," one trader said. "There are growing views that perhaps the sell-off last month was a little bit overdone."
The benchmark blue chip index hit the lowest level since November in mid-March on Japan's disaster, Middle East unrest and worries that assets had become too expensive.
On Wednesday, main gold counters sparkled as bullion's spot price powered to record highs over $1,460.00 an ounce.
AngloGold Ashanti, Africa's largest gold producer, ended 2.04 percent higher at 338 rand. Rival Gold Fields was 2.28 percent firmer at 123.50 rand.
Harmony Gold, which has been gaining because of bullish sentiment about its project in Papua New Guinea, was 3.15 percent higher at 103.25 rand, near two-year highs.
Gains were however capped by rand strength.
Basil Read <BSRJ.J jumped 5.57 percent to 12.50 rand after the builder said it has jointly won a contract that boosts its order book by 1.5 billion rand.
Wed, 06 Apr 2011
South African insurer Sanlam will invest in medical insurance businesses in Tanzania and Zambia this year as part of a growth strategy to find ways to put its 4 billion rand in excess capital to use, Business Day newspaper reported on Wednesday.. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||29654.56||232.66||0.79%|
|JSE Indust 25||17:00||27205.05||147.78||0.55%|
|Rand / Dollar||19:59||6.6840||-0.0401||-0.60%|
|Rand / Pound||19:55||10.8828||-0.0433||-0.40%|
|Rand / Euro||19:55||9.5780||0.0162||0.17%|
|Rand / NZD||19:58||5.2045||0.0456||0.88%|
|Rand / AUD||19:55||6.9753||0.0308||0.44%|
|Yen / Dollar||19:59||85.2800||0.2200||0.26%|
|Euro / Dollar||19:55||0.6976||-0.0056||-0.80%|
|Dollar / Euro||19:58||1.4329||0.0109||0.77%|
|Pound / Dollar||19:55||0.6121||-0.0014||-0.23%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,697.00||174.67||0.57%|
|Oil & Gas ||30,478.89||625.05||2.09%|
|Oil & Gas Producers ||16,387.94||336.08||2.09%|
|Basic Materials ||32,363.59||260.01||0.81%|
|Forestry & Paper ||14,792.57||185.45||1.27%|
|Industrial Metals ||31,044.94||-130.85||-0.42%|
|General Industrials ||77,285.15||519.91||0.68%|
|Consumer Goods ||26,442.37||91.65||0.35%|
|Automobiles & Parts ||3,147.60||.00||0.00%|
|Health Care ||31,794.95||476.83||1.52%|
|Food Producers ||47,409.80||267.89||0.57%|
|Index Name||RP||Move||% Move|
|Personal Goods ||391.91||5.39||1.39%|
|Consumer Services ||53,883.34||468.48||0.88%|
|General Retailers ||41,655.80||317.15||0.77%|
|Travel & Leisure ||3,621.94||-13.05||-0.36%|
|Support Services ||2,436.64||-2.76||-0.11%|
|Non-life Insurance ||31,038.84||-123.67||-0.40%|
|Life Insurance ||16,504.72||174.75||1.07%|
|General Financial ||2,322.36||11.50||0.50%|
|SHARIAH TOP40 ||3,364.17||30||0.91%|
|FTSE/JSE SHARIAH ALL||3,414.16||31||0.91%|
|FTSE JSE Fledgling ||4,537.36||37||0.82%|
|FTSE/JSE Alt X ||1,020.40||2||0.15%|
|SA LISTED PROPERTY ||370.16||0.51%|
|CAPPED PROPERTY ||307.85||0.37%|
|FTSE/JSE RAFI 40||6,904.03||53||0.77%|
|Capped Top 40||15,430.25||125||0.82%|
|Capped All Share||16,539.64||131||0.80%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|ACP||ACUCAP PROPERTIES LIMITED||HOLD||01 Apr|
|SOL||SASOL LIMITED||BUY||01 Apr|
|FPT||FOUNTAINHEAD PROP TRST||HOLD||01 Apr|
|NED||NEDBANK GROUP LTD||HOLD||31 Mar|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||31 Mar||
|Expected||Company Name||Fin. Date|
|08 Apr 2011||PHUMELELA||January 2011 (Interim)|
|11 Apr 2011||FAIRVEST||December 2010 (Interim)|
|11 Apr 2011||FAIRVESTP||December 2010 (Interim)|
|12 Apr 2011||PBT||February 2011 (Interim)|
|12 Apr 2011||WOLTRU6.75||February 2011 (Interim)|
|NAIL -N-||11-04-05||11-04-19||11-05-03||R 0.1760|
|NTC PREF||11-04-01||11-04-19||11-05-03||R 3.4161|
|MMH||Miranda Mineral Holdings Ltd||07/04/2011||Confirmed|
|MRF||Merafe Resources Ltd||13/04/2011||Unconfirmed||
Stock Exchange News Service
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