Friday, 20 May 2011 - 20:00
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S.African bonds end mixed after rally, stocks slip
By Xola Potelwa and Tiisetso Motsoeneng
JOHANNESBURG (Reuters) - Yields on South African government bonds fell to four-month lows on Friday before the four-year bond gave up its price gains and ended softer while the 15-year paper remained supported to the offical JSE close.
The rand came off earlier highs to end weaker against the dollar and stocks also ended lower, led by African Bank ahead of its first-half results on Monday while euro zone debt worries knocked overall sentiment.
Bonds gained during the session, helped by softer-than- forecast inflation data from earlier in the week, which has the market thinking interest rates will be kept lower for longer, and continued offshore interest in local debt.
Foreign investors are however more prone to buy on the longer end of the curve, which is propping up that area of the curve while the rand drags the front end lower.
The yield on the four year bond ended the week slightly higher, adding 1 basis point to 7.55 percent, while that on the longer-dated 15 year debt fell 3.5 basis points to 8.465 percent, compared to Thursday's closes on the JSE.
The rand gave up earlier gains as a lack of market news saw investors watching euro/dollar for direction. It traded at a session low of 6.94 to the dollar, off a close of 6.8655 on Thursday.
"Rand was doing quite well earlier in the session but we've had a quite a bit of a turn-around now late into the session, said Sean McCalgan, market analyst at ETM.
"This is all a function of global equity markets turning lower through the day and seeing a sharp move lower on the euro against most of its major trading partners," said McCalgan.
He added euro zone events were leading to global uncertainty and people were wary of being caught out with risky assets.
The JSE Top-40 blue-chip index slipped 0.39 percent to 28.552.45 and the broader All-share index fell by the same margin to 31,794.13.
African Bank was the worst performer on the blue chip index, dropping 3.63 percent to 34.20 rand ahead of its first-half results on Monday.
"It's fallen out of favour since its (forecast)," says Darren Schutte, a trader at Newstrading.
The bank -- which also owns furniture retailer Ellerines -- has fallen about 8 percent since last week, when its profit guidance came in short of what analysts had expected.
Other decliners were Absa, which lost 2.34 percent to 133.55 rand Harmony, which gave up 1.45 percent to 91.15 rand.
On the flipside, Mvelaphanda Resources surged 8.35 percent to 467 rand after the mining company said it would pay a special dividend.
Fri, 20 May 2011
World Markets (Spot Prices)
|JSE Top 40||17:00||28552.45||-111.31||-0.39%|
|JSE Indust 25||17:00||27657.78||-9.13||-0.03%|
|Rand / Dollar||19:59||6.8964||0.0286||0.42%|
|Rand / Pound||19:55||11.2021||0.0907||0.82%|
|Rand / Euro||19:55||9.8040||-0.0245||-0.25%|
|Rand / NZD||19:57||5.5113||0.0783||1.44%|
|Rand / AUD||19:55||7.3808||0.0530||0.72%|
|Yen / Dollar||19:57||81.5300||-0.1300||-0.16%|
|Euro / Dollar||19:55||0.7032||0.0046||0.66%|
|Dollar / Euro||19:59||1.4216||-0.0094||-0.66%|
|Pound / Dollar||19:55||0.6136||-0.0024||-0.39%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,774.01||-34.86||-0.11%|
|Oil & Gas ||26,895.62||-189.18||-0.70%|
|Oil & Gas Producers ||14,461.28||-101.72||-0.70%|
|Basic Materials ||30,023.17||-200.65||-0.66%|
|Forestry & Paper ||14,701.79||-74.28||-0.50%|
|Industrial Metals ||28,302.77||-71.02||-0.25%|
|General Industrials ||75,843.70||67.96||0.09%|
|Consumer Goods ||27,711.42||111.22||0.40%|
|Automobiles & Parts ||3,170.24||-11.32||-0.36%|
|Health Care ||32,305.03||-117.88||-0.36%|
|Food Producers ||46,899.11||-141.17||-0.30%|
|Index Name||RP||Move||% Move|
|Personal Goods ||438.26||7.59||1.76%|
|Consumer Services ||53,487.64||-154.97||-0.29%|
|General Retailers ||40,761.39||-345.63||-0.84%|
|Travel & Leisure ||3,659.07||-11.52||-0.31%|
|Support Services ||2,399.03||-.93||-0.04%|
|Non-life Insurance ||30,759.97||-157.62||-0.51%|
|Life Insurance ||15,892.60||-20.63||-0.13%|
|General Financial ||2,267.96||-6.06||-0.27%|
|SHARIAH TOP40 ||3,144.26||-21||-0.67%|
|FTSE/JSE SHARIAH ALL||3,205.79||-20||-0.63%|
|FTSE JSE Fledgling ||4,555.28||13||0.28%|
|FTSE/JSE Alt X ||1,046.34||22||2.16%|
|SA LISTED PROPERTY ||371.42||0.12%|
|CAPPED PROPERTY ||311.39||0.03%|
|FTSE/JSE RAFI 40||6,640.00||-26||-0.40%|
|Capped Top 40||14,904.85||-48||-0.32%|
|Capped All Share||16,015.23||-58||-0.36%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||SELL||18 May|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||18 May|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||18 May|
|LHC||LIFE HEALTHCARE GRP HLDG ...||HOLD||18 May|
|EQS||EQSTRA HOLDINGS LTD||HOLD||18 May||
|Expected||Company Name||Fin. Date|
|21 May 2011||SACOIL||February 2011 (Final)|
|23 May 2011||ABIL||March 2011 (Interim)|
|23 May 2011||ABIL PREF||March 2011 (Interim)|
|23 May 2011||FAMBRANDS||February 2011 (Final)|
|23 May 2011||LEWIS||March 2011 (Final)|
|CMHP||Combined Motor Holdings Ltd||25/05/2011||Confirmed|
|CMH||Combined Motor Holdings Ltd||25/05/2011||Confirmed|
|CMP||Cipla Medpro South Africa Ltd||25/05/2011||Confirmed||
Stock Exchange News Service
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