Wednesday, 01 June 2011 - 20:00
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Offshore demand boosts bonds; rand hits new 3-week high
By Phumza Macanda and Tiisetso Motsoeneng
JOHANNESBURG (Reuters) - South African bonds firmed on Wednesday and the rand hit fresh three-week highs to the dollar as foreigners bought local debt.
Yields fell to multi-month lows across the curve after Purchasing Managers' Index data showed the manufacturing sector was enduring a bumpy recovery from a 2009 recession.
Buyers came in after bonds weakened in the previous session following strong economic growth numbers.
"I think the fund buying caught a lot of traders short, so there was a lot of short-covering today," said a bond dealer.
The 2026 yield hit near five-month lows at 8.355 percent before coming back to 8.39 percent. The yield on the 2015 issue fell 10.5 basis points to 7.435 percent.
Stocks ended lower, in line with global equities, with Capital Shopping Centres topping the losers' list as a deadline passed for investors to receive its latest dividend payout.
The rand extended the previous session's gains, which were prompted by stronger first quarter GDP data. It was trading at 6.7780 to the dollar at 1546 GMT, 0.55 percent firmer than Tuesday's New York close of 6.7720.
"There's still positive sentiment from yesterday and the rand is looking quite strong even on the crosses," said a local dealer. "There should be a bit of a struggle in the 6.77 area and I'd say the euro would have to break higher for the rand to firm further."
IFR Markets, a Thomson Reuters news and market analysis service, said the rand could target the May 5 low of 6.6450.
The rand also hit a three-week high of 9.6905 against the euro but was later trading at 9.79.
On the bourse, the JSE Top-40 index of blue chip shares fell 0.82 percent to 29,033.83 and the broader All-share index lost 0.75 percent to 32,322.10.
"For most of the day the whole market was flat. The ADP (U.S.) employment figures were more negative than expected .... All the international markets were down," said Hembas Rademeyer, equities trader at Thebe Securities.
Mall owner Capital Shopping Centres led losses, falling 2.43 percent to 44.63 rand, on the ex-dividend effect.
Elsewhere, Santam lost 1.19 percent to trade at 124.50 rand after the insurer said interest rate returns were lower in the first half.
On the flipside, Massmart climbed 1.02 percent to 144.01 rand, extending the previous session's gains after the antitrust body gave the nod to its deal with Wal-Mart.
Wed, 01 Jun 2011
Ceramic shareholders ("shareholders") are referred to the announcement published by Ceramic on SENS and in the press on 17 May 2011 and 18 May 2011 respectively, regarding the declaration of a. . .
Optimum Coal announced the appointment of Riaan du Plooy as its new chief operating officer with effect from 1 July 2011.. . .
Aquarius announced that:
*Its wholly-owned subsidiary Aquarius Platinum (SA) (Pty) Ltd ("AQPSA") has completed an initial assessment of the costs and benefits of the expansion potential at the Everest. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||29033.83||-240.23||-0.82%|
|JSE Indust 25||17:00||28086.91||-88.36||-0.31%|
|Rand / Dollar||19:59||6.7966||-0.0083||-0.12%|
|Rand / Pound||19:55||11.0963||-0.0793||-0.71%|
|Rand / Euro||19:55||9.7868||-0.0171||-0.17%|
|Rand / NZD||19:59||5.5820||-0.0201||-0.36%|
|Rand / AUD||19:55||7.2635||-0.0020||-0.03%|
|Yen / Dollar||19:55||80.8900||-0.5800||-0.71%|
|Euro / Dollar||19:59||0.6945||0.6945||0.00%|
|Dollar / Euro||19:59||1.4398||0.0004||0.03%|
|Pound / Dollar||19:55||0.6108||0.0032||0.53%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||31,269.04||-175.14||-0.56%|
|Oil & Gas ||27,312.28||-133.89||-0.49%|
|Oil & Gas Producers ||14,685.31||-71.99||-0.49%|
|Basic Materials ||30,561.98||-367.97||-1.19%|
|Forestry & Paper ||14,923.53||-120.11||-0.80%|
|Industrial Metals ||29,043.75||-247.38||-0.84%|
|General Industrials ||77,271.48||-334.30||-0.43%|
|Consumer Goods ||27,833.08||-100.57||-0.36%|
|Automobiles & Parts ||3,204.21||-56.61||-1.74%|
|Health Care ||33,292.38||152.09||0.46%|
|Food Producers ||48,084.04||432.30||0.91%|
|Index Name||RP||Move||% Move|
|Personal Goods ||444.45||-.80||-0.18%|
|Consumer Services ||54,232.85||-206.36||-0.38%|
|General Retailers ||41,379.56||3.03||0.01%|
|Travel & Leisure ||3,649.64||-64.24||-1.73%|
|Support Services ||2,371.51||-16.41||-0.69%|
|Non-life Insurance ||30,190.12||-363.74||-1.19%|
|Life Insurance ||16,032.51||-183.93||-1.13%|
|General Financial ||2,326.82||-14.50||-0.62%|
|SHARIAH TOP40 ||3,209.19||-29||-0.91%|
|FTSE/JSE SHARIAH ALL||3,269.13||-29||-0.89%|
|FTSE JSE Fledgling ||4,636.18||14||0.31%|
|FTSE/JSE Alt X ||1,064.01||34||3.28%|
|SA LISTED PROPERTY ||380.02||0.35%|
|CAPPED PROPERTY ||316.71||-0.05%|
|FTSE/JSE RAFI 40||6,752.94||-55||-0.81%|
|Capped Top 40||15,162.41||-112||-0.73%|
|Capped All Share||16,284.95||-115||-0.70%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||SELL||30 May|
|FSR||FIRSTRAND LIMITED||BUY||30 May|
|PFG||PIONEER FOODS GROUP LTD||HOLD||30 May|
|SAB||SABMILLER PLC||HOLD||30 May|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||30 May||
|Expected||Company Name||Fin. Date|
|02 Jun 2011||PERGRIN||March 2011 (Final)|
|02 Jun 2011||TRNSHEX||March 2011 (Final)|
|03 Jun 2011||BJM||March 2011 (Final)|
|03 Jun 2011||BRAIT||March 2011 (Final)|
|03 Jun 2011||BRC DIAM||March 2011 (Q)|
|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|
|HWN||Howden Africa Holdings Ltd||02/06/2011||Confirmed|
|UNI||Universal Industries Corporation Ltd||02/06/2011||Confirmed||
Stock Exchange News Service
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