Wednesday, 11 May 2011 - 20:00
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S.Africa's rand back to 3-week lows vs dlr; stocks slip
By Xola Potelwa and Gugulakhe Lourie
JOHANNESBURG (Reuters) - South Africa's rand fell more than 1.7 percent to a fresh three week low against the dollar on Wednesday as Europe's debt problems kept investors wary of risk and local oil importers bought dollars.
Government bonds also had a tough session, frustrated by the weak rand and local selling at the front end of the curve. Stocks closed slightly lower, tracking U.S. markets weaker after the release of trade deficit figures for the United States.
South African shares took heart from better-than-expected manufacturing numbers earlier in the session but some analysts said the data showed the sector was in a hesitant recovery and the outlook for the rest of the year was uncertain.
The rand currency fell to 6.855 against the dollar, its weakest in three weeks, from Tuesday's New York close of 6.7353.
"We have seen some oil importers today so the rand market was a little bit short of dollars and we're now seeing the results of that," said David Gracey, trader as Investec.
He said the rand was also reacting to a slight sell-off in the gold price, softer U.S. equity markets and the weaker euro.
The volatile rand is retracing a three-year high of 6.5410 touched early last week, giving up 3 percent to current levels.
Government bonds ended weaker, with the short end of the curve under pressure as local accounts liquidated long positions, traders said. The four-year bond yield added five basis points to 7.61 percent while the 2026 note was yielding 2 basis points more at 8.555 percent.
"There has been consistent selling all day. Most of the activity has been on the R157s -- there have been buyers of R186s and R208s, but the front end of the curve has been really well offered," said a local bond trader.
"The guys were looking for liquidity, and the R157s were the most liquid point today".
The dealer said foreign investors were more interested in the longer end of the curve, which had helped prop up the four-year R186 bond.
Foreigners bought 4.8 billion rand of local debt last week, the most buying seen in three weeks, according to data from the Johannesburg Stock Exchange.
Markets are awaiting an interest rate decision from the South African Reserve Bank on Thursday, with policymakers seen keeping the benchmark repo rate unchanged at 5.5 percent.
STOCKS HIT BY U.S.
The JSE Top-40 index of blue chips, which had spent the morning session in positive territory, closed 0.12 percent lower to 28,810.24 and the broader All-share index shed 0.11 percent to 32,051.35.
"We swung from being quite positive into negative trend after the news that the U.S. deficit was worse than expected," said Ferdi Heyneke, a portfolio manager at Afrifocus Securities.
The U.S. trade deficit widened more than forecast in March as rising oil prices helped push imports nearly 5 percent higher, while exports leapt to a new record, a U.S. government report showed.
On the JSE, ArcelorMittal South Africa tumbled 3.03 percent to 79.61 rand after the steelmaker reported a 74 percent drop in first-quarter profit, as higher coal and iron ore prices drove up costs.
Bourse and mining heavyweight BHP Billiton shed 0.52 percent to 269.30 rand and rival Anglo American lost 1.47 percent to 335 rand as copper slipped.
But Richemont's Johannesburg-traded shares jumped 2.97 percent to 43.62 rand on expectations the Swiss luxury goods firm will post strong annual results next week.
Wed, 11 May 2011
Shareholders of the company are hereby advised that Dr. Mpumela Kayalethu Makaba ("Dr. Makaba") has been appointed as a non-executive director of the company, with effect from 10 May 2011. . .
Shareholders were referred to various circulars and SENS announcements regarding the acquisition of five identified subsidiary companies from UCS Group Ltd ("the UCS transaction"). In terms of the UCS transaction JD Bright or an alternative person as may be approved by. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||28810.24||-34.94||-0.12%|
|JSE Indust 25||17:00||27678.20||195.38||0.71%|
|Rand / Dollar||19:59||6.8753||0.1401||2.08%|
|Rand / Pound||19:55||11.2016||0.2090||1.90%|
|Rand / Euro||19:55||9.7679||0.0636||0.66%|
|Rand / NZD||19:58||5.4209||0.0696||1.30%|
|Rand / AUD||19:55||7.3517||0.0469||0.64%|
|Yen / Dollar||19:59||80.8700||-0.0100||-0.01%|
|Euro / Dollar||19:55||0.7040||0.0103||1.48%|
|Dollar / Euro||19:57||1.4195||-0.0210||-1.46%|
|Pound / Dollar||19:55||0.6120||0.0014||0.23%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,861.75||114.85||0.37%|
|Oil & Gas ||27,323.53||36.61||0.13%|
|Oil & Gas Producers ||14,691.36||19.68||0.13%|
|Basic Materials ||30,481.40||-235.17||-0.77%|
|Forestry & Paper ||14,643.38||127.25||0.88%|
|Industrial Metals ||28,554.89||-429.02||-1.48%|
|General Industrials ||75,984.90||252.88||0.33%|
|Consumer Goods ||27,771.15||572.35||2.10%|
|Automobiles & Parts ||3,158.92||.00||0.00%|
|Health Care ||32,059.82||148.53||0.47%|
|Food Producers ||47,268.96||36.50||0.08%|
|Index Name||RP||Move||% Move|
|Personal Goods ||435.66||12.58||2.97%|
|Consumer Services ||53,665.39||-213.29||-0.40%|
|General Retailers ||41,404.21||-176.82||-0.43%|
|Travel & Leisure ||3,712.78||-5.11||-0.14%|
|Support Services ||2,399.08||2.49||0.10%|
|Non-life Insurance ||32,251.29||727.47||2.31%|
|Life Insurance ||16,154.19||27.06||0.17%|
|General Financial ||2,292.47||10.87||0.48%|
|SHARIAH TOP40 ||3,187.42||-21||-0.67%|
|FTSE/JSE SHARIAH ALL||3,246.40||-20||-0.61%|
|FTSE JSE Fledgling ||4,524.57||-13||-0.29%|
|FTSE/JSE Alt X ||1,003.18||-13||-1.31%|
|SA LISTED PROPERTY ||368.82||-0.30%|
|CAPPED PROPERTY ||309.68||-0.22%|
|FTSE/JSE RAFI 40||6,697.79||-9||-0.14%|
|Capped Top 40||15,018.41||-5||-0.03%|
|Capped All Share||16,132.74||-11||-0.07%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|RBP||ROYAL BAFOKENG PLATINUM L...||HOLD||09 May|
|ARQ||ANOORAQ RESOURCES CORPORA...||BUY||09 May|
|AMS||ANGLO AMERICAN PLATINUM C...||HOLD||09 May|
|LON||LONMIN PLC||HOLD||09 May|
|SPP||THE SPAR GROUP LTD||HOLD||09 May||
|Expected||Company Name||Fin. Date|
|12 May 2011||AFRIMAT||February 2011 (Final)|
|12 May 2011||ANSYS||February 2011 (Final)|
|12 May 2011||EASTPLATS||March 2011 (Q)|
|12 May 2011||SANTOVA||February 2011 (Final)|
|12 May 2011||WINHOLD||March 2011 (Interim)|
|ALTRON PP||11-05-04||11-06-24||11-07-04||R 1.0800|
|ANGB||AngloGold Ashanti Ltd||11/05/2011||Confirmed|
|ANGA||AngloGold Ashanti Ltd||11/05/2011||Confirmed|
|DLG||Dialogue Group Holdings Ltd||11/05/2011||Confirmed|
|ANGE||AngloGold Ashanti Ltd||11/05/2011||Confirmed|
|ANG||AngloGold Ashanti Ltd||11/05/2011||Confirmed||
Stock Exchange News Service
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