Monday, 09 May 2011 - 20:00
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Euro debt worries weigh on S.Africa's rand,stocks
By Phumza Macanda and Gugulakhe Lourie
JOHANNESBURG (Reuters) - The South African rand weakened against the dollar on Monday, giving up its earlier gains partly on Reserve Bank and importers' demand for dollar.
Also weighing on the rand was a weak euro -- the currency of South Africa's largest trading partner -- which was battered by sovereign debt concerns after Standard and Poor's cut Greece's credit rating.
Government bonds firmed as they continued to attract foreign buyers and yields were at their lowest since January.
Domestic stocks ended on a negative note, tracking European stocks that were hit by concerns over European debt.
The rand hit a session high of 6.66 earlier, gains that attracted dollar buyers.
"There's still importers and the central bank looking for these sort of level to come in," said Ion de Vleeschauwer, chief dealer at Bidvest Bank.
Data earlier showed the central bank's reserves accumulation continued in April, with gross reserves rising to $50.6 billion.
By 1530 GMT, the rand had given up its earlier gains to trade at 6.7565 to the dollar, 0.78 percent weaker than Friday's New York close of 6.7045.
"The euro is getting hammered as the Greece problem is dominating news. If the dollar keeps on strengthening the rand is just going to burst and we could see 6.85," de Vleeschauwer said.
Foreigne buying boosted local bonds, dealers said, taking yields to their lowest since January.
The yield on the 2015 bond was down 2 basis points to 7.565 percent and that on the 2026 issue fell 4.5 basis points to 8.56 percent.
The main event this week is the Reserve Bank's interest rate decision on Thursday, at which the bank is expected to leave the repo rate steady at 5.5 percent.
After cutting rates by 650 basis points in the two years to December 2008, the bank ended its loosening cycle in January and the market will be looking to its statement for clues on when it will start tightening policy.
For now, the money market is pricing in a 50 basis point cut in November.
On the bourse, the JSE Top-40 index of blue chips closed 0.9 percent lower at 28,369.46 and the broader All-share index fell 0.84 percent to 31,609.78.
Steel producer AccelorMittal South Africa dropped 4.54 percent to 81 rand and petrochemicals producer Sasol fell 2.77 percent to 351 rand.
Impala Platinum lost 2.32 percent to 185.60 rand and Anglo American Platinum shed 2.02 percent to 620 rand.
Sappi was down 2.89 percent to 33.65 rand after the paper maker said it had trimmed its headline loss in the second quarter and expect the third quarter to be flat due to seasonal factors.
Platinum producer Lonmin, bucked the trend after doubling operating profit to $144 million in the first half, to close 1.7 percent firmer to 173 rand. .
Mon, 09 May 2011
Turnover rose to R102.1 million (R90.9 million). Gross profit increased to R40.5 million (R31.8 million) and profit from operations more than doubled to R9.1 million (R3.4 million). Net attributable profit also. . .
Revenue for the interim period ended March 2011 improved to USD938 million (USD661 million) and operating profit rose significantly to USD144 million (USD65 million). Profit attributable to ordinary equity holders jumped. . .
Sales revenue for the interim period ended 31 March 2011 increased to USD3.697 billion (2010: USD3.196 billion). Gross profit more than doubled to USD464 million (2010: USD222 million), and operating profit. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||28369.46||-257.40||-0.90%|
|JSE Indust 25||17:00||27156.01||-184.20||-0.67%|
|Rand / Dollar||19:59||6.7361||0.0473||0.71%|
|Rand / Pound||19:55||10.9959||0.0459||0.42%|
|Rand / Euro||19:55||9.6523||0.0242||0.25%|
|Rand / NZD||19:59||5.3482||0.0631||1.19%|
|Rand / AUD||19:55||7.2565||0.0794||1.11%|
|Yen / Dollar||19:59||80.3500||-0.2500||-0.31%|
|Euro / Dollar||19:59||0.6975||0.0011||0.16%|
|Dollar / Euro||19:59||1.4335||-0.0024||-0.17%|
|Pound / Dollar||19:55||0.6108||0.0005||0.08%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,321.55||-221.42||-0.72%|
|Oil & Gas ||26,605.95||-754.99||-2.76%|
|Oil & Gas Producers ||14,305.53||-405.94||-2.76%|
|Basic Materials ||30,155.84||-288.11||-0.95%|
|Forestry & Paper ||14,206.21||-202.25||-1.40%|
|Industrial Metals ||28,599.43||-836.14||-2.84%|
|General Industrials ||75,165.24||-212.19||-0.28%|
|Consumer Goods ||26,708.62||-245.42||-0.91%|
|Automobiles & Parts ||3,170.24||-15.85||-0.50%|
|Health Care ||31,755.41||7.99||0.03%|
|Food Producers ||47,150.10||-580.69||-1.22%|
|Index Name||RP||Move||% Move|
|Personal Goods ||415.49||-3.19||-0.76%|
|Consumer Services ||53,340.66||-322.38||-0.60%|
|General Retailers ||41,272.18||-346.32||-0.83%|
|Travel & Leisure ||3,703.57||-14.59||-0.39%|
|Support Services ||2,364.10||8.57||0.36%|
|Non-life Insurance ||31,358.93||-404.96||-1.27%|
|Life Insurance ||15,818.76||-142.67||-0.89%|
|General Financial ||2,237.22||-7.50||-0.33%|
|SHARIAH TOP40 ||3,156.38||-30||-0.93%|
|FTSE/JSE SHARIAH ALL||3,216.49||-29||-0.89%|
|FTSE JSE Fledgling ||4,524.38||-0||-0.01%|
|FTSE/JSE Alt X ||1,017.44||3||0.27%|
|SA LISTED PROPERTY ||370.62||-0.34%|
|CAPPED PROPERTY ||310.12||-0.41%|
|FTSE/JSE RAFI 40||6,597.35||-61||-0.91%|
|Capped Top 40||14,787.42||-139||-0.93%|
|Capped All Share||15,912.14||-137||-0.86%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|GFI||GOLD FIELDS LIMITED||HOLD||05 May|
|HAR||HARMONY GOLD MINING COMPA...||BUY||05 May|
|DRD||DRDGOLD LTD||SELL||05 May|
|ANG||ANGLOGOLD ASHANTI LIMITED||BUY||05 May|
|Expected||Company Name||Fin. Date|
|10 May 2011||BARWORLD||March 2011 (Interim)|
|10 May 2011||BARWORLD6||March 2011 (Interim)|
|10 May 2011||LIFEHC||March 2011 (Interim)|
|10 May 2011||LONMIN||March 2011 (Interim)|
|10 May 2011||LONMIND||March 2011 (Interim)|
|ALTRON PP||11-05-04||11-06-24||11-07-04||R 1.0800||
|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|
|ANGA||AngloGold Ashanti Ltd||11/05/2011||Confirmed|
|ANG||AngloGold Ashanti Ltd||11/05/2011||Confirmed||
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