Friday, 27 May 2011 - 20:00
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S.Africa rand firms vs dollar; stocks up for 4th day
By Phumza Macanda and Tiisetso Motsoeneng
JOHANNESBURG (Reuters) - South Africa's rand firmed against the dollar on Friday and bonds gained as foreigners snapped up local debt after a central banker said inflation pressures may have abated to some extent.
Foreign investors have been buying bonds in the past week in the wake of softer-than-expected CPI and PPI data that suggested the beginning of monetary tightening may be pushed back into 2012.
Bonds extended their gains on Friday after deputy central bank governor Daniel Mminele said the recent decline in oil prices had alleviated prices pressures to some extent.
The focus early next week will be on the competition authorities' ruling on Walmart's $2.4 billion bid for local retail Massmart.
Should the deal be approved, it's likely to lend support to the currency and the local bourse, dealers said.
Stocks gained for a fourth straight day on Friday, with luxury goods maker Richemont the top gainer on the blue chip index on news that Swiss watch exports jumped 32 percent while higher metal prices lifted miners.
The rand was trading at 6.8950 against the dollar at 1521 GMT, 0.82 percent stronger than Thursday's New York close of 6.9520.
"We've seen demand from offshore for bonds and for equities, so that's helped the rand," said Ian Scott, dealer at Stanlib, adding that the dollar was also faltering.
The rand hit a near 10-week low of 7.0748 on Wednesday but got strong support at levels above 7.05 as exporters came in to sell dollars.
"We will be looking for bottoming signals next week in dollar/rand. In our view, the risk into next month is for a break above the range to the 7.10-7.20 zone," said Absa Capital in a note.
On fixed income, the yield on the 2015 bond fell three basis points to 7.48 percent after dipping to a four-month low of 7.435. The 2026 yield fell by the same margin to 8.475 percent.
The JSE Top-40 index of blue chips gained 1.38 percent to 29,141.21 and the All-share index, the broadest measure of the South African stock market, was up 1.26 percent at 32,384.41.
"Global markets are having a decent day, commodity prices are advancing ... the sentiment is positive," one Johannesburg-based trader said.
Watch maker Richemont, which also trades in Geneva, was among the biggest gainers on the blue-chip index, rising 3.82 percent to 44.02 rand.
Swiss government data showed on Thursday that watch exports jumped 32 percent in April, increasing investor demand for the maker of Mont Blanc and Cartier watches.
Miners also gained as the weaker dollar boosted commodity prices. Exxaro added 3.81 percent to 161.95 rand and Lonmin improved 2.86 percent to 180.77.
Elsewhere, Massmart was 0.41 percent higher at 140.45 ahead of the upcoming antitrust decision on its deal with Wal-Mart.
Fri, 27 May 2011
Marula Platinum (Pty) Ltd ("Marula"), a subsidiary company in which Implats has a 73% interest, has continued to underperform against the operational targets that management has set. Recent underperformance is due to logistical constraints as a result of the conversion from mechanised to conventional mining at Clapham shaft. Driekop shaft continues to perform well. As a consequence, the company is undertaking a full strategic review of this business. Initial indications are that Marula s. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||29141.21||397.68||1.38%|
|JSE Indust 25||17:00||27913.02||428.98||1.56%|
|Rand / Dollar||19:59||6.9115||-0.0470||-0.68%|
|Rand / Pound||19:55||11.3782||0.0059||0.05%|
|Rand / Euro||19:55||9.8927||0.0574||0.58%|
|Rand / NZD||19:59||5.6508||0.0141||0.25%|
|Rand / AUD||19:55||7.4145||0.0112||0.15%|
|Yen / Dollar||19:56||80.8800||-0.4800||-0.59%|
|Euro / Dollar||19:59||0.7008||-0.0068||-0.96%|
|Dollar / Euro||19:59||1.4272||0.0138||0.98%|
|Pound / Dollar||19:55||0.6070||-0.0029||-0.48%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||31,172.12||457.92||1.49%|
|Oil & Gas ||27,639.23||526.36||1.94%|
|Oil & Gas Producers ||14,861.10||283.01||1.94%|
|Basic Materials ||30,864.70||338.07||1.11%|
|Forestry & Paper ||14,862.77||65.96||0.45%|
|Industrial Metals ||28,954.16||421.22||1.48%|
|General Industrials ||76,826.02||908.36||1.20%|
|Consumer Goods ||27,812.37||545.27||2.00%|
|Automobiles & Parts ||3,172.51||13.59||0.43%|
|Health Care ||32,588.49||167.87||0.52%|
|Food Producers ||46,971.94||225.55||0.48%|
|Index Name||RP||Move||% Move|
|Personal Goods ||439.66||16.18||3.82%|
|Consumer Services ||53,807.60||723.51||1.36%|
|General Retailers ||41,176.32||537.40||1.32%|
|Travel & Leisure ||3,690.23||6.88||0.19%|
|Support Services ||2,408.07||29.02||1.22%|
|Non-life Insurance ||31,160.08||.00||0.00%|
|Life Insurance ||16,077.80||211.56||1.33%|
|General Financial ||2,311.64||15.16||0.66%|
|SHARIAH TOP40 ||3,230.94||42||1.30%|
|FTSE/JSE SHARIAH ALL||3,287.33||40||1.23%|
|FTSE JSE Fledgling ||4,625.90||-4||-0.08%|
|FTSE/JSE Alt X ||1,032.60||5||0.47%|
|SA LISTED PROPERTY ||375.19||0.76%|
|CAPPED PROPERTY ||315.12||0.80%|
|FTSE/JSE RAFI 40||6,770.03||86||1.28%|
|Capped Top 40||15,189.16||214||1.43%|
|Capped All Share||16,299.26||206||1.28%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||SELL||25 May|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||25 May|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||25 May|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||25 May|
|EQS||EQSTRA HOLDINGS LTD||HOLD||25 May||
|Expected||Company Name||Fin. Date|
|30 May 2011||AFDAWN||February 2011 (Final)|
|30 May 2011||CADIZ||March 2011 (Final)|
|30 May 2011||IDECO||February 2011 (Interim)|
|30 May 2011||ILLOVO||March 2011 (Final)|
|30 May 2011||INSIMBI||February 2011 (Final)|
|TFG PREF||11-05-26||11-09-16||11-09-26||R 0.0650|
|MVELA RES||11-05-20||11-05-27||11-06-06||R 0.3100|
|MTL||Mercantile Bank Holdings Ltd||01/06/2011||Confirmed|
|MTLP||Mercantile Bank Holdings Ltd||01/06/2011||Confirmed||
Stock Exchange News Service
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