Tuesday, 12 April 2011 - 20:00
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Global economic worries weigh on S.Africa's assets
By Phumza Macanda and Tiisetso Motsoeneng
JOHANNESBURG (Reuters) - South African bonds weakened against the dollar on Tuesday partly on limited foreign participation at an auction earlier in the session.
The rand fell against the dollar as emerging markets lost out to safer assets after the International Monetary Fund warned of threats to the global economic recovery.
Bonds weakened after poor demand at the auction.
The yield on the 2015 bond went up two basis points to 7.785 percent and that on the 2026 issue climbed nine basis points to 8.785 percent.
"There's still a lot of paper in the market after the auction. I don't think the foreigners came to the party much today and we rely on them to keep yields lower," said Ashley Dickinson, bonds trader at Renaissance BJM.
"Yields are going to struggle to go much lower, we've tested the bottom. If anything ... bonds are going to go weaker," he added.
Investors turned their backs on emerging markets after the IMF highlighted risks to the global recovery and Japan raised the level of its nuclear crisis.
Domestic stocks followed global markets down, led by mining shares.
The rand -- a heavily traded currency that is seen as a barometer for risk sentiment -- hit a one-week low of 6.7350 to the dollar and fell to its weakest in nearly three weeks against the euro.
By 1550 GMT, it was trading at 6.7235 to the dollar, 0.5 percent weaker than Monday's New York close of 6.6885.
Should the rand pierce 6.77, it will be seen a signal for further losses. The 6.77 level is the 23.6 percent retracement of the rand's fall in mid-March to 7.2150.
Given the bare local economic calendar, local assets will likely take their cue from global developments.
On the bourse, the JSE Top-40 blue-chip index was down 1.92 percent at 29,025.16 points and the broader All-share index gave up 1.75 percent to 32,239.87.
In addition to the IMF report, Alcoa's below-forecast revenue added to the bearish sentiment.
"There's fear generally about global economic growth ... also Alcoa results missed expectations," Martin Lentsoane, a trader at NEWS Trading said.
Miners took the most points off the South African blue-chip index, tracking commodity prices as Japan's worsening nuclear crisis and aftershocks weakened prospects for metals demand growth.
Anglo American dropped 4.57 percent to 348.81 rand, making it the biggest percentage loser on the benchmark index.
Sasol lost 3.35 percent to 374 rand, as the price of oil fell after Goldman Sachs call for a near $20 fall in the price of Brent crude oil.
Palabora Mining shed 3.71 percent to 141.55 rand after the unit of Rio Tinto said quarterly ore output fell 8 percent.
Tue, 12 Apr 2011
South Africa's government bonds and the rand weakened on Tuesday as local traders prepared for an auction later in the session and the currency staged a short term correction from 3-month highs.. . .
Further to the cautionary announcement dated 25 February 2011 shareholders are advised that negotiations relating to a possible acquisition by the company are still in progress, which if successfully concluded, may. . .
The company's annual financial statements for the year ended 31 December 2010, included in the annual report posted on 12 April 2011, are unchanged from the audited results which were published. . .
Shareholders were advised that the annual financial statements will be distributed to shareholders on 12 April 2011 and contain no modifications to the audited results which were published on SENS on. . .
Investment income dropped by almost half to R22.8 million (R41.2 million). However, net attributable profit more than doubled to R259.1 million (R123.6 million). In addition, headline earnings on a per share basis was up slightly to 18.9cps (17.3cps).
A final ordinary dividend of 4cps has been declared.
Zeder remains confident in the continued importance of the agri, food and beverage sectors and will continue investing in such. Current cash of R206 million and. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||29025.16||-569.63||-1.92%|
|JSE Indust 25||17:00||26629.31||-288.80||-1.07%|
|Rand / Dollar||19:59||6.7362||0.0524||0.78%|
|Rand / Pound||19:55||10.9228||0.0304||0.28%|
|Rand / Euro||19:55||9.7608||0.1162||1.20%|
|Rand / NZD||19:58||5.2904||0.0719||1.38%|
|Rand / AUD||19:55||7.0590||0.0445||0.63%|
|Yen / Dollar||19:59||83.6700||-1.0300||-1.22%|
|Euro / Dollar||19:55||0.6898||-0.0028||-0.40%|
|Dollar / Euro||19:59||1.4487||0.0053||0.37%|
|Pound / Dollar||19:55||0.6146||0.0031||0.51%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,101.06||-280.48||-0.92%|
|Oil & Gas ||28,355.60||-979.67||-3.34%|
|Oil & Gas Producers ||15,246.28||-526.75||-3.34%|
|Basic Materials ||31,838.23||-926.01||-2.83%|
|Forestry & Paper ||14,128.50||-253.43||-1.76%|
|Industrial Metals ||30,815.48||-716.76||-2.27%|
|General Industrials ||75,699.03||-881.92||-1.15%|
|Consumer Goods ||26,058.18||-84.04||-0.32%|
|Automobiles & Parts ||3,045.70||11.33||0.37%|
|Health Care ||31,614.20||-265.35||-0.83%|
|Food Producers ||47,168.56||-421.20||-0.89%|
|Index Name||RP||Move||% Move|
|Personal Goods ||383.62||-2.60||-0.67%|
|Consumer Services ||52,504.98||-946.45||-1.77%|
|General Retailers ||41,160.32||-544.47||-1.31%|
|Travel & Leisure ||3,605.77||-.27||-0.01%|
|Support Services ||2,440.43||-7.72||-0.32%|
|Non-life Insurance ||30,432.61||-121.25||-0.40%|
|Life Insurance ||16,292.30||-43.33||-0.27%|
|General Financial ||2,276.30||-27.86||-1.21%|
|SHARIAH TOP40 ||3,291.53||-88||-2.62%|
|FTSE/JSE SHARIAH ALL||3,343.57||-84||-2.45%|
|FTSE JSE Fledgling ||4,528.11||-22||-0.48%|
|FTSE/JSE Alt X ||992.68||-20||-2.00%|
|SA LISTED PROPERTY ||372.85||-0.34%|
|CAPPED PROPERTY ||309.92||-0.40%|
|FTSE/JSE RAFI 40||6,755.07||-112||-1.63%|
|Capped Top 40||15,077.91||-264||-1.72%|
|Capped All Share||16,199.69||-272||-1.65%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|ADH||ADVTECH LIMITED||BUY||07 Apr|
|GRF||GROUP FIVE LIMITED||HOLD||06 Apr|
|MUR||MURRAY AND ROBERTS HOLDIN...||HOLD||06 Apr|
|AEG||AVENG LIMITED||BUY||06 Apr|
|WBO||WILSON BAYLY HOLMES-OVCON...||BUY||06 Apr||
|Expected||Company Name||Fin. Date|
|13 Apr 2011||PALCAP||February 2011 (Final)|
|14 Apr 2011||CLICKS||February 2011 (Interim)|
|14 Apr 2011||IFCATECH||December 2010 (Final)|
|14 Apr 2011||IQUAD||February 2011 (Final)|
|18 Apr 2011||INGENUITY||February 2011 (Interim)|
|NAIL -N-||11-04-05||11-04-19||11-05-03||R 0.1760||
|GROUP 5||11-02-14||11-04-08||11-04-18||R 0.5200|
|MRF||Merafe Resources Ltd||13/04/2011||Unconfirmed|
|CIL||Consolidated Infrastructure Group Ltd||15/04/2011||Confirmed|
|IDE||Ideco Group Ltd||19/04/2011||Confirmed||
Stock Exchange News Service
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