Friday, 06 May 2011 - 20:00
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S.Africa stocks rebound on U.S payrolls data, rand firm
By Xola Potelwa and Gugulakhe Lourie
JOHANNESBURG (Reuters) - South African assets recovered on Friday to end the week firmer, helped by a favourable turn in global sentiment towards riskier assets.
The rand currency and stocks gained after better-than-expected U.S. jobs data painted an encouraging picture of the global economic recovery, also prompting a rebound in blue-chip stocks afer three days of selling.
Local debt gained sharply as foreigners took advantage of the higher yields offered in the domestic market.
The JSE Top-40 index of blue chips, which had spent the morning session in the red, closed 1.07 percent higher to end at 28,626.86, while the broader All-Share index gained 0.94 percent to 31,878.83.
The JTOP was 3.2 percent lower on the week.
"Turnaround in the market today, positive sentiment coming out of the U.S. payroll, which was much better than expected. So, there is a rebound," said Wilmar Buys, a trader at FFO Securities.
"I hope that the short-term sell-off is at a bottom-end."
U.S. nonfarm payrolls rose by 244,000 in April, the most in 11 months, the Labor Department said, well above economists' expectations for an increase of 186,000..
On the JSE, investors snapped up beaten-down shares such as bourse and mining heavyweight BHP Billiton, which rose 0.70 percent to 266.25 rand and rival miner Anglo American added 2.14 percent to 334 rand.
Impala Platinum climbed 3.18 percent to 190 rand, while Sasol rose 1.83 percent to 361 rand as oil extended its 10 percent fall from the previous day.
Safe-haven stocks also rose, with Harmony Gold up 1.46 percent to 94.10 rand and Gold Fields adding 0.46 percent to 109 rand.
MTN lost 0.98 percent to 142 rand as the mobile phone group's investors fret over declining average revenue per user , while Barloworld dropped 4.26 percent to 69.94 rand after the industrial conglomerate's profit guidance missed expectations .
Government bonds ended the week at multi-month highs as foreign buying drove yields down.
The yield on the four-year bond ended the week at a three-month low of 7.575 percent, while that on the 15-year benchmark ended at 8.59 percent, levels last seen in February.
A local bond dealer said foreigners out of the UK were buying at current levels, attracted by the higher yields offered on South African debt.
Further gains are expected when the market opens on Monday, after closes below 6.60 on the R157.
RAND GAINS ON RISK ON
The rand traded 0.89 percent firmer at 6.6625 to the dollar at 1607 GMT, from Thursday's New York close of 6.72.
"What's happened is (that) subsequent to the release of non-farm payrolls, it appears to be a more risk-friendly scenario, so they've climbed into the rand and it looks like emerging markets broadly," said William Van Rijn, forex trader at Nedbank.
The currency has bounced back from testing key resistance in the 6.50 area early this week, mirroring moves from early January when it previously attempted that tough resistance area.
Dealers still expect gains in the rand as the outlook for the dollar remains negative despite Friday's jobs data. Aalysts have said the data does not provide long-term support for the dollar.
Fri, 06 May 2011
Nigeria's First City Monument Bank (FCMB) said on Friday it had signed an agreement to recapitalise and merge with peer Finbank, one of the lenders rescued in a $4 billion bailout in 2009.
Customers of MTN spent less on calls in the first quarter, the company said, prompting a 2-percent fall in the shares of Africa's largest mobile phone operator.
Syrian security forces killed 22 protesters on Friday demanding an end to President Bashar al-Assad's rule, rights campaigners said, and the European Union agreed to impose sanctions in response to his crackdown.
Al Qaeda confirmed Osama bin Laden was dead on Friday, dispelling some of the fog around the killing of the "holy warrior," and vowed to mount more attacks on the West.
Al Qaeda promised retribution to the United States and its allies, including Pakistan, to avenge the death of its leader Osama bin Laden, the militant group said in a statement on Friday.
Nedbank Group Ltd, South Africa's fourth-largest bank, reported a 16 percent jump in non-interest revenue in the first quarter, as part of its strategy to lessen its reliance on lending and improve bad debts.. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||28626.86||302.40||1.07%|
|JSE Indust 25||17:00||27340.21||177.18||0.65%|
|Rand / Dollar||19:58||6.6901||-0.0257||-0.38%|
|Rand / Pound||19:55||10.9383||-0.0362||-0.33%|
|Rand / Euro||19:55||9.6186||-0.1481||-1.52%|
|Rand / NZD||19:58||5.2889||0.0193||0.36%|
|Rand / AUD||19:55||7.1738||0.0500||0.70%|
|Yen / Dollar||19:55||80.3300||0.0100||0.01%|
|Euro / Dollar||19:55||0.6953||0.0079||1.15%|
|Dollar / Euro||19:59||1.4376||-0.0167||-1.15%|
|Pound / Dollar||19:55||0.6096||-0.0002||-0.03%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,542.97||249.62||0.82%|
|Oil & Gas ||27,360.94||490.72||1.83%|
|Oil & Gas Producers ||14,711.47||263.85||1.83%|
|Basic Materials ||30,443.95||387.17||1.29%|
|Forestry & Paper ||14,408.46||103.58||0.72%|
|Industrial Metals ||29,435.57||570.52||1.98%|
|General Industrials ||75,377.43||-209.09||-0.28%|
|Consumer Goods ||26,954.04||149.68||0.56%|
|Automobiles & Parts ||3,186.09||-6.80||-0.21%|
|Health Care ||31,747.42||-52.73||-0.17%|
|Food Producers ||47,730.79||367.68||0.78%|
|Index Name||RP||Move||% Move|
|Personal Goods ||418.68||2.20||0.53%|
|Consumer Services ||53,663.04||873.22||1.65%|
|General Retailers ||41,618.50||279.85||0.68%|
|Travel & Leisure ||3,718.16||-6.83||-0.18%|
|Support Services ||2,355.53||-14.73||-0.62%|
|Non-life Insurance ||31,763.89||196.42||0.62%|
|Life Insurance ||15,961.43||70.21||0.44%|
|General Financial ||2,244.72||20.33||0.91%|
|SHARIAH TOP40 ||3,186.04||31||0.99%|
|FTSE/JSE SHARIAH ALL||3,245.47||28||0.88%|
|FTSE JSE Fledgling ||4,524.77||20||0.44%|
|FTSE/JSE Alt X ||1,014.67||-2||-0.20%|
|SA LISTED PROPERTY ||371.88||0.45%|
|CAPPED PROPERTY ||311.41||0.39%|
|FTSE/JSE RAFI 40||6,658.16||61||0.93%|
|Capped Top 40||14,926.70||156||1.05%|
|Capped All Share||16,049.60||148||0.93%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|FSR||FIRSTRAND LIMITED||BUY||04 May|
|NED||NEDBANK GROUP LTD||SELL||04 May|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||04 May|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||04 May|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||04 May||
|Expected||Company Name||Fin. Date|
|09 May 2011||ASTRAPAK||February 2011 (Final)|
|09 May 2011||ASTRAPAKP||February 2011 (Final)|
|09 May 2011||CHROMETCO||February 2011 (Final)|
|10 May 2011||BARWORLD||March 2011 (Interim)|
|10 May 2011||BARWORLD6||March 2011 (Interim)|
|ALTRON PP||11-05-04||11-06-24||11-07-04||R 1.0800|
|NED||Nedbank Group Ltd||06/05/2011||Confirmed|
|KIO||Kumba Iron Ore Ltd||06/05/2011||Confirmed|
|ABSP||Absa Bank Ltd||09/05/2011||Unconfirmed|
|ANDP||Andulela Investment Holdings Ltd||10/05/2011||Confirmed|
|AND||Andulela Investment Holdings Ltd||10/05/2011||Confirmed||
Stock Exchange News Service
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