Tuesday, 03 May 2011 - 20:00
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S.African govt bonds gain, stocks take a breather
By Gugulakhe Lourie and Xola Potelwa
JOHANNESBURG (Reuters) - Yields on South African government bonds fell on Tuesday as the debt market played catch-up to the rand's gains from the previous week and a well-bid debt auction supported bonds.
The rand remained steady against the dollar and dealers said the currency would be range bound and look for direction once traders had settled down after a long weekend while blue-chip stocks took a breather as weaker metal prices put pressure on mining stocks.
Local trading is returning to normal after a number of public holidays that led to a lull in domestic markets since the Easter weekend.
Government bond yields closed lower on the JSE as bonds gained, catching up to rand strength from the previous week and as the 2026 bond saw high demand at an auction earlier in the session.
"The auction was good. The 2026 is the biggest single liquid issue out at the moment so for fund managers looking for exposure or duration in the long end, that's the prime target for investment," a local bond trader said.
Treasury sold 1.3 billion rand worth of the 2018 government bond and 800 million rand of the 2026 paper at the weekly sale. The 15 year paper was over four times covered and the seven year nearly two times covered.
"Also a lot of people away for about a week had missed a run in the rand over the last couple of days...with the rand having appreciated quite significantly the bonds were lagging that," said the trader.
The yield on the 2015 bond closed at 7.615 percent and the 2026 ended at 8.615 percent, from 7.64 and 8.65 percent respectively.
The rand was at 6.6088 at 1540 GMT, retreating from a 3-year high of 6.5410 high hit on Monday while tracking the euro. It closed at 6.6089 in New York on Monday.
"The rand is in ranges, reacting really to what the euro is up to in a quiet day," said Jim Bryson, trader at Rand Merchant Bank .
"Now that we are all getting back to work we'll start picking up a bit of direction," Bryson added.
STOCKS TAKE BREATHER
The JSE Top-40 index of blue chips was down 1.74 percent to end at 29,049.59.
"It's a bit of a down day, everything is down, a bit of a sell-off after the recent weeks we have had. There have been decent gains over the past few weeks," said Mitchell Gannaway, a trader at Thebe Securities.
The All-share, the broadest measure of South African stock performance, is down 1.55 percent at 32,325.83. The index rose nearly 5 percent in the previous six sessions. Investors also became more cautious after the index came within shooting distance of its lifetime high of 33,334 in recent sessions.
"We are fairly close to the all-time high on the All-share index. Whenever we get closer to levels we haven't seen before, volatility tends to go overboard," said Gannaway.
Bourse and mining heavyweight Anglo American dropped 2.16 percent to 338.05 rand and rival BHP Billiton lost 1.35 percent to 270.80 rand as copper fell to its lowest since mid-March.
Platinum stocks also dropped, led by Impala Platinum losing 3.78 percent to 197.27 rand and Anglo American Platinum shedding 2.85 percent to 647.99 rand.
Gold Fields was down 3.56 percent to 113.11 rand and AngloGold Ashanti 3.24 percent lower to 322 rand as gold fell from record highs above $1,570 an ounce the previous day.
Tue, 03 May 2011
Shareholders are advised that the group's earnings for the 12 (twelve) months period ended 31 March 2011 are expected to increase by between 25% and 35% and headline earnings by between 55% and 70% over those of the previous corresponding period.
In compliance with the Namibian Stock Exchange Listings Requirements, Trustco Group Holdings Ltd shareholders are advised that for the 12th months period ended 30 March 2011, it is expected that. . .
RedefIntl's maiden interim results as at 28 February 2011 showed gross rental income amounted to GBP11.6 million and a net attributable profit of GBP9.5 million. In addition, a headline earning per linked unit of GBP3.91p was reported.
Dividend. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||29049.59||-514.69||-1.74%|
|JSE Indust 25||17:00||27567.50||-323.82||-1.16%|
|Rand / Dollar||19:58||6.6229||0.0228||0.35%|
|Rand / Pound||19:55||10.8914||-0.0662||-0.60%|
|Rand / Euro||19:55||9.8254||0.0418||0.43%|
|Rand / NZD||19:57||5.3041||-0.0147||-0.28%|
|Rand / AUD||19:55||7.2063||-0.0166||-0.23%|
|Yen / Dollar||19:58||80.9700||-0.2600||-0.32%|
|Euro / Dollar||19:55||0.6736||-0.0008||-0.12%|
|Dollar / Euro||20:00||1.4837||0.0016||0.11%|
|Pound / Dollar||19:55||0.6059||0.0055||0.92%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,828.23||-416.77||-1.33%|
|Oil & Gas ||27,936.00||-796.09||-2.77%|
|Oil & Gas Producers ||15,020.67||-428.05||-2.77%|
|Basic Materials ||31,025.68||-668.33||-2.11%|
|Forestry & Paper ||14,233.30||-158.19||-1.10%|
|Industrial Metals ||29,723.34||-953.29||-3.11%|
|General Industrials ||76,714.45||-990.15||-1.27%|
|Consumer Goods ||27,204.80||-102.32||-0.37%|
|Automobiles & Parts ||3,152.13||-20.38||-0.64%|
|Health Care ||31,994.67||-8.91||-0.03%|
|Food Producers ||48,142.69||-424.60||-0.87%|
|Index Name||RP||Move||% Move|
|Personal Goods ||422.48||-.80||-0.19%|
|Consumer Services ||54,292.04||-654.31||-1.19%|
|General Retailers ||42,347.06||-192.54||-0.45%|
|Travel & Leisure ||3,748.29||16.45||0.44%|
|Support Services ||2,372.75||-46.50||-1.92%|
|Non-life Insurance ||31,742.06||242.49||0.77%|
|Life Insurance ||16,066.81||-345.25||-2.10%|
|General Financial ||2,272.88||-19.34||-0.84%|
|SHARIAH TOP40 ||3,243.75||-70||-2.12%|
|FTSE/JSE SHARIAH ALL||3,301.99||-66||-1.95%|
|FTSE JSE Fledgling ||4,516.31||-27||-0.60%|
|FTSE/JSE Alt X ||1,021.67||14||1.37%|
|SA LISTED PROPERTY ||378.15||-0.83%|
|CAPPED PROPERTY ||315.30||-1.12%|
|FTSE/JSE RAFI 40||6,754.28||-115||-1.67%|
|Capped Top 40||15,145.97||-271||-1.76%|
|Capped All Share||16,272.90||-257||-1.56%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|BTI||BRITISH AM. TOBACCO PLC||BUY||28 Apr|
|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||
|Expected||Company Name||Fin. Date|
|04 May 2011||ADCORP||February 2011 (Final)|
|04 May 2011||ALTRON||February 2011 (Final)|
|04 May 2011||ALTRON PP||February 2011 (Final)|
|05 May 2011||NET1UEPS||March 2011 (Q)|
|05 May 2011||NET1UEPSP||March 2011 (Q)|
|MTA||Metair Investments Ltd||04/05/2011||Confirmed|
|BEL||Bell Equipment Ltd||04/05/2011||Confirmed|
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