Thursday, 21 April 2011 - 20:00
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S.African rand hits 1-week high and stocks up on gold
By Phumza Macanda and Gugulakhe Lourie
JOHANNESBURG (Reuters) - South Africa's rand rose more than 1 percent against the dollar on Thursday and bonds also gained, driven largely by weakness in the greenback and higher precious metal prices.
South Africa is a major exporter of gold, which has set record highs for the fifth straight session, helping lift both the rand and the resource-heavy domestic bourse.
Gold hit $1,508.75 an ounce while the dollar was languishing near all-time lows against a basket of currencies.
Local stocks notched up a third straight day of gains, latching onto rallies in European and Asian shares.
The rand climbed to one-week highs of 6.71 to the dollar in thin trading conditions ahead of the Easter holidays. By 1520 GMT, it stood at 6.72 to the dollar, 0.9 percent stronger than Wednesday's New York close of 6.78.
"Continued dollar weakness and a strong gold price are supporting the rand," said Christopher Shiells, emerging market analyst at IGM.
The rand has firmed by more than 7 percent from its weakest level of 7.35 this year in mid-February, gains that are mainly a function of the gold price, a weaker dollar and carry trade.
Tradition Analytics said in a note that more gains are in store in the next few months on a bearish dollar outlook as monetary policy in the United States remains very loose.
The rand will have to decisively break 6.66 to target this year's high of 6.55, hit on January 3. It tried and failed to break this level early in April.
On the bourse, the JSE Top-40 index of blue chips added 0.41 percent to end at 29,457.17 and the broader All-share index rose 0.41 percent to 32,658.86.
Local markets are closed on Friday and Monday for the Easter break.
"There is going to be volatility in the market with the number of holidays next week," said a trader.
Bourse and mining heavyweight BHP Billiton gained 0.82 percent to 284.03 rand and rival miner Anglo American added 0.14 percent to 352.50 rand as copper jumped to its highest in more than a week.
Freeworld Coatings increased 3.48 percent to 11.91 rand after the board of the South African group accepted a takeover offer from Japan's Kansai Paint.
Tiger Brands was up 0.09 percent to 189.73 rand after the food and consumer group said it will buy Status trademark including finished goods from Uniliver Plc.
On fixed income, bonds gained in line with the rand. The yield on the 2015 note was down five basis points to 7.64 percent and that on the 2026 note fell 4.5 basis points to 8.655 percent.
Yields have risen this year as foreigners slow their buying of local bonds and have been largely range-bound since early March.
Analysts expect yields to rise in coming months on expectations that the central bank will start tightening monetary policy by the end of the year. But for now, bonds are getting support from the risk appetite and the rand.
Thu, 21 Apr 2011
World Markets (Spot Prices)
|JSE Top 40||17:00||29457.17||120.12||0.41%|
|JSE Indust 25||17:00||27292.86||70.10||0.26%|
|Rand / Dollar||19:59||6.7105||-0.0705||-1.04%|
|Rand / Pound||19:55||11.0628||-0.0426||-0.38%|
|Rand / Euro||19:55||9.7702||-0.0888||-0.90%|
|Rand / NZD||19:58||5.3830||-0.0210||-0.39%|
|Rand / AUD||19:55||7.2158||-0.0337||-0.46%|
|Yen / Dollar||19:59||81.8200||-0.7200||-0.87%|
|Euro / Dollar||19:55||0.6865||-0.0019||-0.28%|
|Dollar / Euro||19:58||1.4557||0.0040||0.28%|
|Pound / Dollar||19:55||0.6046||-0.0050||-0.82%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,570.63||90.07||0.30%|
|Oil & Gas ||28,730.94||318.76||1.12%|
|Oil & Gas Producers ||15,448.09||171.39||1.12%|
|Basic Materials ||32,215.80||139.21||0.43%|
|Forestry & Paper ||14,393.81||235.00||1.66%|
|Industrial Metals ||30,017.61||-115.90||-0.38%|
|General Industrials ||76,430.59||375.26||0.49%|
|Consumer Goods ||26,982.37||69.91||0.26%|
|Automobiles & Parts ||3,111.37||20.38||0.66%|
|Health Care ||31,269.42||-80.71||-0.26%|
|Food Producers ||47,803.10||336.38||0.71%|
|Index Name||RP||Move||% Move|
|Personal Goods ||417.08||3.89||0.94%|
|Consumer Services ||53,510.17||91.70||0.17%|
|General Retailers ||41,370.57||270.22||0.66%|
|Travel & Leisure ||3,691.19||17.22||0.47%|
|Support Services ||2,384.79||-33.16||-1.37%|
|Non-life Insurance ||31,162.51||1311.88||4.39%|
|Life Insurance ||16,170.47||75.76||0.47%|
|General Financial ||2,249.41||11.89||0.53%|
|SHARIAH TOP40 ||3,337.31||17||0.50%|
|FTSE/JSE SHARIAH ALL||3,385.28||17||0.49%|
|FTSE JSE Fledgling ||4,510.65||64||1.44%|
|FTSE/JSE Alt X ||999.70||0||0.01%|
|SA LISTED PROPERTY ||372.41||0.34%|
|CAPPED PROPERTY ||311.16||0.34%|
|FTSE/JSE RAFI 40||6,814.55||29||0.43%|
|Capped Top 40||15,299.12||59||0.39%|
|Capped All Share||16,405.86||64||0.39%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|CLS||CLICKS GROUP LTD||BUY||18 Apr|
|FSR||FIRSTRAND LIMITED||BUY||15 Apr|
|NED||NEDBANK GROUP LTD||SELL||15 Apr|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||15 Apr|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||15 Apr||
|Expected||Company Name||Fin. Date|
|22 Apr 2011||AFEAGLE||December 2010 (Final)|
|22 Apr 2011||OANDO||December 2010 (Final)|
|25 Apr 2011||IFCATECH||December 2010 (Final)|
|26 Apr 2011||OCTODEC||February 2011 (Interim)|
|26 Apr 2011||PREMIUM||February 2011 (Final)|
|NTC PREF||11-04-01||11-04-19||11-05-03||R 3.4161|
|FCO||Foord Compass Ltd||21/04/2011||Unconfirmed|
|FCCP||Foord Compass Ltd||21/04/2011||Unconfirmed|
|FCOP||Foord Compass Ltd||21/04/2011||Unconfirmed|
|ASA||Absa Group Ltd||21/04/2011||Confirmed|
|FCPD||Foord Compass Ltd||21/04/2011||Unconfirmed||
Stock Exchange News Service
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