Tuesday, 21 June 2011 - 20:00
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S.Africa's rand hits near 2-week high; stocks up
By Phumza Macanda and Mmathabo Tladi
JOHANNESBURG (Reuters) - South Africa's rand firmed against the dollar on Tuesday and local stocks climbed in line with improved sentiment in global markets on hopes that Greece could avoid a debt default.
Data showing that domestic spending growth quickened and demand for imports also contributed to a wider current account deficit was also supportive of local markets as it suggested that the local recovery was gaining momentum.
Investors were confident that the Greek government would survive a confidence vote later on Tuesday, which would help pave the way for further spending cuts and more loans to the country.
The mood was upbeat, with the JSE's benchmark Top40 index gaining 1.2 percent to 27,653.44 and the All Share-index rising 1.1 percent to 30,971.88 points.
Government bonds extended gains as foreigners were back in the market purchasing local debt. Yields fell across the curve, retreating further from multi-week highs seen last week.
The rand hit 6.72 to the dollar, its strongest since June 6. It was trading at 6.7250 by 1534 GMT, 1 percent firmer than Monday's New York close of 6.7940.
"The Greek confidence vote is expected to go well tonight and as such we have seen the euro rally and risk trades have come back on," said Brigid Taylor, chief dealer at Nedbank.
"Investors, both local and offshore buyers of bonds, were supporting the local unit."
The rand has strong resistance at 6.6750, last hit on June 6, and would have to break that level to go to the lower 6.60s.
But such a move will be tough in the next few sessions as sentiment, though favourable, remains fragile ahead of a U.S. Federal Reserve policy meeting.
In the fixed income market, the yield on the 2015 bond fell 5 basis points to 7.47 percent and the yield on the 2026 paper dropped 6.5 basis points to 8.55 percent.
A weekly auction also attracted solid demand.
"Foreigners are back in the market it's a yield story again and we do not think they are necessary going to stop buying," said Ian Scott, dealer at Stanlib.
Local stocks gained across the board, benefiting from rising risk appetite globally, with index heavyweight Anglo American rising 3 percent to 318.00 rand.
Lonmin was up 2.5 percent to 156.25 rand, while Kumba Iron Ore added 2.4 percent to 471.18 rand.
"There was a lot of positivity today with an outlook that the Greek situation may be sorted out ... I think the market is anticipating something positive out of that," said Michele Santagelo, portfolio manager at Newstrading.
"There were rebounds in the European markets and it looks like we will have a follow-through of two positive days from the U.S. markets that opened positively."
Bucking the trend was brewer SABMiller, the biggest loser on the blue-chip index, shedding 3.4 percent to 231.49 rand after Australia's largest brewer Foster's Group rejected a $10 billion takeover bid from SABMiller.
Tue, 21 Jun 2011
The Gijima board announce the appointment of Ms Debbie Zwane- Chikura as Group Chief Operating Officer (COO) and executive director to the board with immediate effect.. . .
Further to the announcement released by FirstRand on 15 December 2010, shareholders are advised that the implementation of the sale by FirstRand of its 45% effective interest in OUTsurance Holdings Ltd. . .
Keaton shareholders were advised that, at the general meeting of the company held at Ground Floor, Eland House, The Braes, 3 Eaton Road, Bryanston, the ordinary resolutions relating to:
* the. . .
Revenue for the interim period ended 31 March 2011 increased to R11.8 million (2010: R11.2 million). Operating profit rose to R4.8 million (2010: R4.7 million), while profit for the period strengthened to R2.5 million (2010: R2.3 million). Furthermore, headline earnings per. . .
Sales revenue for the twelve months ended 31 March 2011 increased to R12.2 billion (2010: R11.8 billion). Trading profit lowered to R659 million (2010: R841 million), but profit attributable to equity holders of the parent more than doubled to R9.7 billion. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||27653.44||332.01||1.22%|
|JSE Indust 25||17:00||26817.41||99.61||0.37%|
|Rand / Dollar||19:59||6.7223||-0.0622||-0.92%|
|Rand / Pound||19:55||10.8679||-0.0967||-0.88%|
|Rand / Euro||19:55||9.6693||-0.0406||-0.42%|
|Rand / NZD||19:59||5.4577||-0.0380||-0.69%|
|Rand / AUD||19:55||7.1128||-0.0702||-0.98%|
|Yen / Dollar||19:58||80.1300||-0.1700||-0.21%|
|Euro / Dollar||19:59||0.6951||-0.0039||-0.56%|
|Dollar / Euro||19:59||1.4388||0.0081||0.57%|
|Pound / Dollar||19:55||0.6162||-0.0007||-0.11%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||29,870.11||144.50||0.49%|
|Oil & Gas ||26,875.24||758.62||2.90%|
|Oil & Gas Producers ||14,450.32||407.89||2.90%|
|Basic Materials ||29,000.04||550.31||1.93%|
|Forestry & Paper ||14,464.37||205.44||1.44%|
|Industrial Metals ||29,359.16||574.31||2.00%|
|General Industrials ||74,749.20||1093.60||1.48%|
|Consumer Goods ||26,214.37||-150.84||-0.57%|
|Automobiles & Parts ||3,351.40||-22.64||-0.67%|
|Health Care ||33,762.12||611.53||1.84%|
|Food Producers ||47,425.96||80.10||0.17%|
|Index Name||RP||Move||% Move|
|Personal Goods ||422.98||12.59||3.07%|
|Consumer Services ||52,058.72||348.40||0.67%|
|General Retailers ||40,113.43||176.10||0.44%|
|Travel & Leisure ||3,708.97||-27.08||-0.72%|
|Support Services ||2,422.88||-6.64||-0.27%|
|Non-life Insurance ||31,766.31||242.49||0.77%|
|Life Insurance ||15,615.06||142.45||0.92%|
|General Financial ||2,235.59||26.60||1.20%|
|SHARIAH TOP40 ||3,056.83||55||1.85%|
|FTSE/JSE SHARIAH ALL||3,124.37||54||1.77%|
|FTSE JSE Fledgling ||4,487.85||19||0.43%|
|FTSE/JSE Alt X ||1,079.33||3||0.28%|
|SA LISTED PROPERTY ||379.52||0.14%|
|CAPPED PROPERTY ||314.57||0.34%|
|FTSE/JSE RAFI 40||6,455.13||74||1.17%|
|Capped Top 40||14,447.25||155||1.09%|
|Capped All Share||15,613.96||167||1.08%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||SELL||17 Jun|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||17 Jun|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||17 Jun|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||17 Jun|
|EQS||EQSTRA HOLDINGS LTD||HOLD||17 Jun||
|Expected||Company Name||Fin. Date|
|24 Jun 2011||AVUSA||March 2011 (Final)|
|24 Jun 2011||DIAMONDCP||December 2010 (Final)|
|24 Jun 2011||FREEWORLD||March 2011 (Interim)|
|24 Jun 2011||TELEMASTR||March 2011 (Interim)|
|27 Jun 2011||NASPERS||March 2011 (Final)|
|MTN||MTN Group Ltd||22/06/2011||Confirmed|
|SOH||South Ocean Holdings Ltd||22/06/2011||Confirmed|
|ISA||ISA Holdings Ltd||22/06/2011||Confirmed|
|CRG||Cargo Carriers Ltd||23/06/2011||Confirmed|
|KIR||Kairos Industrial Holdings Ltd||24/06/2011||Confirmed||
Stock Exchange News Service
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