Tuesday, 26 April 2011 - 20:00
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S.Africa's rand hits 2-week high vs dollar; stocks mixed
By Phumza Macanda and Ed Stoddard
JOHANNESBURG (Reuters) - South Africa's rand firmed against the dollar on Tuesday, taking its cue from the euro's rally in thin domestic trading conditions.
South African stocks ended mixed as resource shares fell in line with global commodities but banking shares roared higher as they took heart from robust results posted by global peers.
Domestic markets are prone to exaggerated moves this week and will follow global trends more closely as liquidity is light because of public holidays on Monday and Wednesday.
The rand was trading at 6.70 to the dollar at 1530 GMT, 0.4 percent stronger than Monday's New York close of 6.7267. It hit a session high of 6.6921 earlier, its firmest in two weeks.
"The rand has been tracking the broader market trends and to a point the fortunes of the euro, which has improved in early Tuesday trade," said IFR Markets, a Thomson Reuters news and market analysis service, seeing the rand firming to 6.62.
The eurozone is South Africa's largest trading partner and the rand often follows the euro's moves.
The single currency to 16-moth highs to the dollar on bets that the U.S. Federal Reserve bank will maintain loose monetary policy on Wednesday after its policy meeting.
If the U.S. keep its super-loose monetary policy, money money should keep flowing to emerging markets such as South Africa, bolstering its high yielding currency.
Charts suggest the rand's bullish trend is intact. The currency has been trading firmer than its 100 and 200 day moving average since mid-March.
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 All-share index , ended just 0.03 percent higher at 32,668.15. The mining index fell 1.21 percent as commodities across the board took a whacking after a sharp drop in silver triggered by an options expiry.
But domestic banking stocks performed strongly. RMB Holdings finished up 3.59 percent to 27.98 rand while Firstrand ended 1.99 percent higher at 20.50 rand.
Rival Standard Bank, Africa's biggest bank by way of assets, sprinted 1.69 percent higher to 102.25 rand.
UBS results sparked a rally in the European financial sector that fed into local banking stocks.
"Globally there were some good results coming out of the banking market, with the likes of UBS kicking off the positive momentum," said a Johannesburg-based trader.
Shares in Swiss lender UBS ended almost 4 percent higher after it said money poured back into its core wealth management arm in the first quarter.
On fixed income, South African government bonds steadied, with the yield on the 2015 note unchanged from the previous close at 7.64 percent and that on the 2026 note was also flat at 8.655 percent.
On the data front, PPI will be released on Thursday, with the market expecting factory gate prices to rise by 7.3 percent year-on-year in March, from 6.7 percent previously, largely due to higher metal prices and a relatively weaker rand in March.
Tue, 26 Apr 2011
The following director engaged in a share transaction in Pikwik shares:
*Director: Wendy Ackerman
*Date of transaction: 19 April 2011
*Nature of transactions: On market purchase of shares
*Number of securities purchased: 25 000
*Class of security: Ordinary
*Average purchase price per. . .
Anglo announced that all resolutions were passed by the requisite majorities at the company's annual general meeting held at The Queen Elizabeth II Conference Centre at 11.00am on Thursday 21 April 2011.. . .
Revenue rose to R186.1 million (R158.5 million). Operating profit was up 6.3% to R87 million (R81.8 million). Net attributable profit increased to R61.1 million (R60.8 million). In addition, headline earnings per linked unit grew to 78c (64.4cplu).
Notice was given that. . .
Revenue earned on a contractual basis for the year increased by 10.5% to R452.6 million (2010: R407.7 million). Operating profit rose by 12.9% to R248.9 million (2010: R220.5 million), while total comprehensive income decreased by 33.5% to R146 million (2010: R219.7. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||29456.82||-.35||-0.00%|
|JSE Indust 25||17:00||27436.49||143.63||0.53%|
|Rand / Dollar||19:59||6.6709||-0.0513||-0.76%|
|Rand / Pound||19:55||10.9810||-0.0865||-0.78%|
|Rand / Euro||19:55||9.7702||-0.0387||-0.39%|
|Rand / NZD||19:58||5.3724||-0.0084||-0.16%|
|Rand / AUD||19:55||7.1945||-0.0240||-0.33%|
|Yen / Dollar||19:59||81.6400||-0.2100||-0.26%|
|Euro / Dollar||19:55||0.6830||-0.0027||-0.39%|
|Dollar / Euro||19:59||1.4634||0.0055||0.38%|
|Pound / Dollar||19:55||0.6062||0.0002||0.03%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,787.49||216.86||0.71%|
|Oil & Gas ||29,219.44||488.50||1.70%|
|Oil & Gas Producers ||15,710.75||262.66||1.70%|
|Basic Materials ||31,868.56||-347.24||-1.08%|
|Forestry & Paper ||14,296.86||-96.95||-0.67%|
|Industrial Metals ||30,198.80||181.19||0.60%|
|General Industrials ||76,602.19||171.60||0.22%|
|Consumer Goods ||27,147.69||165.32||0.61%|
|Automobiles & Parts ||3,111.37||.00||0.00%|
|Health Care ||31,360.93||91.51||0.29%|
|Food Producers ||48,032.16||229.06||0.48%|
|Index Name||RP||Move||% Move|
|Personal Goods ||419.68||2.60||0.62%|
|Consumer Services ||53,834.18||324.01||0.61%|
|General Retailers ||41,615.52||244.95||0.59%|
|Travel & Leisure ||3,696.63||5.44||0.15%|
|Support Services ||2,374.99||-9.80||-0.41%|
|Non-life Insurance ||30,202.25||-960.26||-3.08%|
|Life Insurance ||16,196.35||25.88||0.16%|
|General Financial ||2,250.70||1.29||0.06%|
|SHARIAH TOP40 ||3,318.99||-18||-0.55%|
|FTSE/JSE SHARIAH ALL||3,368.97||-16||-0.48%|
|FTSE JSE Fledgling ||4,510.97||0||0.01%|
|FTSE/JSE Alt X ||1,006.82||7||0.71%|
|SA LISTED PROPERTY ||374.93||0.68%|
|CAPPED PROPERTY ||313.66||0.80%|
|FTSE/JSE RAFI 40||6,828.33||14||0.20%|
|Capped Top 40||15,322.53||23||0.15%|
|Capped All Share||16,422.13||16||0.10%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|EMI||EMIRA PROPERTY FUND||HOLD||21 Apr|
|FSR||FIRSTRAND LIMITED||BUY||21 Apr|
|NED||NEDBANK GROUP LTD||SELL||21 Apr|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||21 Apr|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||21 Apr||
|Expected||Company Name||Fin. Date|
|29 Apr 2011||ARCMITTAL||March 2011 (Q)|
|29 Apr 2011||CENRAND||December 2010 (Final)|
|29 Apr 2011||CONVERGE||February 2011 (Interim)|
|29 Apr 2011||DIAMONDCP||December 2010 (Final)|
|29 Apr 2011||FPT||March 2011 (Interim)|
|NTC PREF||11-04-01||11-04-19||11-05-03||R 3.4161|
|NAIL -N-||11-04-05||11-04-19||11-05-03||R 0.1760|
|KDV||KayDav Group Ltd||28/04/2011||Confirmed|
Stock Exchange News Service
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