Thursday, 28 April 2011 - 20:00
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S.African rand off 4-month highs; stocks little changed
By Phumza Macanda and Agnieszka Flak
JOHANNESBURG (Reuters) - South Africa's rand eased against the dollar on Thursday, losing some momentum after climbing to four-month highs but still weighing on mining shares as the resource-heavy stock index ended little changed.
South African markets have been relatively quiet this week due to public holidays on Monday and Wednesday, with trading volumes in the local stock market at their lowest since Jan 3.
The rand advanced to 6.5820 against the dollar earlier, its strongest since January 3, but failed to sustain those gains. It was trading at 6.62 at 1547 GMT, 0.4 percent weaker than its New York close.
Despite softening in this session, the rand's bullish trend remains intact. Should it pierce its Jan 3 high of 6.55, the next key level would be the fourth quarter 2007 high of 6.43.
"The dollar index remains the biggest driving factor at the the moment for this particular cross. As long as the dollar continues to be sold off there is potential for dollar/rand downside to continue," said Anisha Arora, junior emerging market analyst at 4CAST, adding the rand is likely to stall at 6.57.
The rally in the rand might also prompt central bank intervention to stem its gains.
Arora said if the bank intervenes "amounts will not be as big as we saw in Jan-Feb ... especially as the stronger rand somewhat acts as a disinflationary factor".
The central bank has said it will continue to accumulate reserves as and when possible but was not targeting any particular level for the rand.
On the bourse, the JSE Top-40 index of blue chips lost 0.19 percent to end at 29,402.12 and the broader All-share index ended down 0.03 percent at 32,659.95.
Mining stocks were hit by the strong rand, with all gold miners ending lower despite bullion hitting record highs during the session. Spot gold ascended to a lifetime high of $1,535.90 an ounce, breaking records for a second straight session.
"The rand strengthened substantially in the last two days adding a lot of pressure to the commodity stocks," a trader said.
Vodacom ended 1.91 percent higher at 80 rand after saying that full-year headline earnings per share would be 25 to 30 percent higher than the previous year.
Also higher were African Bank and Impala Platinum, up 3.08 percent and 2.78 percent respectively.
Absa Group was the biggest loser on the day, after the banking group said that its profit before tax fell 19 percent in the first quarter. . It ended down 2.42 percent at 135.26 rand.
Shares in petrochemicals group Sasol fell 1.88 percent to 385.19 rand.
Another dealer said weak U.S. growth data soured investors' mood towards local stocks.
U.S. growth slowed in the first quarter while claims for unemployment benefits jumped to their highest level since January.
In the absence of a weekly auction this week, bonds took their cue from the rand and were steady to firmer on Thursday. The yield on the 2015 bond fell one basis point to 7.63 percent and that on the 2026 issue was steady at 8.655 percent.
Thu, 28 Apr 2011
Revenue for the quarter ended 31 March 2010 increased to USD183 million (2010: USD128.8 million). Gross profit rose to USD58.4 million (2010: USD39.2 million), while net profit attributable to equity holders of the parent improved to USD25.3 million (2010: USD23.2 million). Furthermore, earnings per share strengthened to USD5.46cps (2010: USD2.10cps).
No dividend to declare.. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||29402.14||-54.68||-0.19%|
|JSE Indust 25||17:00||27574.06||137.57||0.50%|
|Rand / Dollar||19:59||6.6267||0.0335||0.51%|
|Rand / Pound||19:55||10.9921||0.0620||0.57%|
|Rand / Euro||19:55||9.8114||0.0718||0.74%|
|Rand / NZD||19:58||5.2945||0.0026||0.05%|
|Rand / AUD||19:55||7.2183||0.0568||0.79%|
|Yen / Dollar||19:58||81.5500||-0.6700||-0.81%|
|Euro / Dollar||19:55||0.6747||-0.0020||-0.30%|
|Dollar / Euro||19:56||1.4821||0.0050||0.34%|
|Pound / Dollar||19:55||0.6005||-0.0008||-0.13%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,903.68||116.19||0.38%|
|Oil & Gas ||28,671.20||-548.24||-1.88%|
|Oil & Gas Producers ||15,415.97||-294.78||-1.88%|
|Basic Materials ||31,702.80||-165.76||-0.52%|
|Forestry & Paper ||14,382.71||85.85||0.60%|
|Industrial Metals ||30,308.27||109.47||0.36%|
|General Industrials ||76,684.13||81.94||0.11%|
|Consumer Goods ||27,115.62||-32.07||-0.12%|
|Automobiles & Parts ||3,170.24||58.87||1.89%|
|Health Care ||31,723.92||362.99||1.16%|
|Food Producers ||48,250.11||217.95||0.45%|
|Index Name||RP||Move||% Move|
|Personal Goods ||416.78||-2.90||-0.69%|
|Consumer Services ||54,309.22||475.04||0.88%|
|General Retailers ||42,337.93||722.41||1.74%|
|Travel & Leisure ||3,723.10||26.47||0.72%|
|Support Services ||2,406.32||31.33||1.32%|
|Non-life Insurance ||31,511.70||1309.45||4.34%|
|Life Insurance ||16,302.49||106.14||0.66%|
|General Financial ||2,280.79||30.09||1.34%|
|SHARIAH TOP40 ||3,306.31||-13||-0.38%|
|FTSE/JSE SHARIAH ALL||3,358.90||-10||-0.30%|
|FTSE JSE Fledgling ||4,524.09||13||0.29%|
|FTSE/JSE Alt X ||1,018.43||12||1.15%|
|SA LISTED PROPERTY ||377.11||0.58%|
|CAPPED PROPERTY ||315.30||0.52%|
|FTSE/JSE RAFI 40||6,829.15||1||0.01%|
|Capped Top 40||15,309.87||-13||-0.08%|
|Capped All Share||16,428.58||6||0.04%|
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)|
|KDV||KayDav Group Ltd||28/04/2011||Confirmed|
|BEL||Bell Equipment Ltd||04/05/2011||Confirmed||
Stock Exchange News Service
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