Wednesday, 22 June 2011 - 20:00
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S.Africa's rand weaker;wage demands weigh on miners
By Phumza Macanda and Helen Nyambura-Mwaura
JOHANNESBURG (Reuters) - South Africa's rand weakened against the dollar on Wednesday as importers and the Reserve Bank were in the market buying dollars after it hit two-week highs.
The rand hit two-week highs of 6.70 to the dollar but retreated as the Reserve Bank and importers came in and pushed it to session lows of 6.7910.
By late in Johannesburg it was off lows as the greenback lost ground ahead of the Federal Reserve policy statement.
Government bonds also trimmed earlier losses that were prompted by higher-than-expected inflation data.
Platinum shares dragged local stocks lower with the bourse falling 0.6 percent as companies in the sector faced high wage demands from labour unions.
Unions are asking for double-digit wages increases as high as 20 percent at some companies, almost five times the inflation rate of 4.6 percent.
The rand was trading at 6.7629 against the dollar at 1608 GMT, 0.75 percent weaker than Tuesday's New York close of 6.7125.
"The euro's rise against the dollar ahead of the Federal Reserve has helped to lift the rand from its earlier lows," said Ion de Vleeschauwer, chief dealer at Bidvest Bank.
"If the Fed is dovish as expected, then the rand will regain some of these losses tomorrow morning."
The U.S. Federal Reserve is expected to signal that rates will remain low, which will be negative for the dollar.
Even if the rand gains a bit, it will find it tough to break resistance at 6.6750 because worries about the Greek debt crisis are keeping investors wary of going long on high risk assets.
Yields on government bonds rose, with that on the 2015 up 0.5 basis points to 7.47 percent, from a session high of 7.50 while the 2026 yield went up one basis point to 8.56 percent, from 8.60 percent.
On the bourse, the JSE Top-40 index of blue chips fell 0.64 percent to 27,475.40, bringing this month's decline to 6 percent. The All-Share index declined nearly 0.6 percent to 30,792.87.
"What's moving us down is the platinum miners' side," one trader said.
Anglo American Platinum fell 3.3 percent to 618.00 rand as the firm began tough wage negotiations with a union asking for a 20 percent pay rise for its members.
Lower global prices were another drag for miners, with Impala Platinum down 1.05 percent to 178.50 rand.
Shares of MTN, Africa's largest mobile operator, fell nearly 2 percent after the firm said January-April revenue was only marginally higher due to the effect of a stronger rand.
Johannesburg-listed shares of SABMiller also fell over 1 percent, the second straight drop, on worries the global brewer would have to cough up more than its initial $10 billion bid for Australia's Foster's Group.
Wed, 22 Jun 2011
Junior coal miners in South Africa should focus on supplying the domestic market as access to lucrative exports is likely to remain constrained for some time to come, an industry official said on Wednesday.
MTN Group, Africa's largest telecom group, said on Wednesday it has topped 150 million subscribers across 21 countries, as it continues to expand in fast-growing developing markets.
Signs of discord emerged on Wednesday in the NATO alliance over the air campaign against Libyan leader Muammar Gaddafi, as Italy said it favoured a cease-fire and political talks while France dismissed the idea.
A senior U.S. official held talks on Wednesday with government officials in Yemen, which is teetering on the brink of civil war over President Ali Abdullah Saleh's refusal to meet protesters' demands to step down.
Dissident Chinese artist Ai Weiwei, detained since April, was released on bail on Wednesday, state media said, citing Beijing police.
Shareholders are referred to the announcement published on 28 March 2011, wherein, shareholders were advised of changes to the board and executive of Grindrod Limited. John Jones resignation from the board will now become effective on 30 June 2011, as he. . .
The board of directors of Kumba announce the appointment of Mr Litha M Nyhonyha as a non-executive director of Kumba with immediate effect.. . .
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. . .
Revenue increased to R35.2 million (R22 million). Gross profit soared to R12.1 million (R0.8 million) and the operating loss was lower at R18.1 million (loss of R25.4 million). Net attributable profit more than doubled to R15.2 million (R6 million). In addition,. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||27475.40||-178.04||-0.64%|
|JSE Indust 25||17:00||26583.33||-234.08||-0.87%|
|Rand / Dollar||19:59||6.7530||0.0458||0.68%|
|Rand / Pound||19:55||10.8462||-0.0305||-0.28%|
|Rand / Euro||19:55||9.7258||0.0558||0.58%|
|Rand / NZD||19:58||5.5238||0.0743||1.36%|
|Rand / AUD||19:55||7.1800||0.0592||0.83%|
|Yen / Dollar||19:59||80.3000||-0.0100||-0.01%|
|Euro / Dollar||19:55||0.6941||-0.0001||-0.01%|
|Dollar / Euro||19:56||1.4399||0.0001||0.01%|
|Pound / Dollar||19:55||0.6205||0.0049||0.80%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||29,587.12||-282.99||-0.95%|
|Oil & Gas ||26,408.38||-466.86||-1.74%|
|Oil & Gas Producers ||14,199.30||-251.02||-1.74%|
|Basic Materials ||28,987.27||-12.77||-0.04%|
|Forestry & Paper ||14,370.65||-93.72||-0.65%|
|Industrial Metals ||29,404.26||45.10||0.15%|
|General Industrials ||73,895.61||-853.59||-1.14%|
|Consumer Goods ||26,122.02||-92.35||-0.35%|
|Automobiles & Parts ||3,333.28||-18.12||-0.54%|
|Health Care ||33,220.95||-541.17||-1.60%|
|Food Producers ||47,311.67||-114.29||-0.24%|
|Index Name||RP||Move||% Move|
|Personal Goods ||426.87||3.89||0.92%|
|Consumer Services ||51,663.79||-394.93||-0.76%|
|General Retailers ||39,993.33||-120.10||-0.30%|
|Travel & Leisure ||3,711.34||2.37||0.06%|
|Support Services ||2,408.01||-14.87||-0.61%|
|Non-life Insurance ||31,523.82||-242.49||-0.76%|
|Life Insurance ||15,497.48||-117.58||-0.75%|
|General Financial ||2,212.75||-22.84||-1.02%|
|SHARIAH TOP40 ||3,040.28||-17||-0.54%|
|FTSE/JSE SHARIAH ALL||3,108.45||-16||-0.51%|
|FTSE JSE Fledgling ||4,547.79||60||1.34%|
|FTSE/JSE Alt X ||1,077.84||-1||-0.14%|
|SA LISTED PROPERTY ||379.95||0.11%|
|CAPPED PROPERTY ||314.60||0.01%|
|FTSE/JSE RAFI 40||6,403.08||-52||-0.81%|
|Capped Top 40||14,345.27||-102||-0.71%|
|Capped All Share||15,521.20||-93||-0.59%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|MDC||MEDI-CLINIC CORPORATION L...||HOLD||19 Jun|
|NTC||NETCARE LIMITED||BUY||19 Jun|
|NED||NEDBANK GROUP LTD||SELL||17 Jun|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||17 Jun|
|AIP||ADCOCK INGRAM HLGS LD||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)|
|SOH||South Ocean Holdings Ltd||22/06/2011||Confirmed|
|MTN||MTN Group Ltd||22/06/2011||Confirmed|
|ISA||ISA Holdings Ltd||22/06/2011||Confirmed|
|CRG||Cargo Carriers Ltd||23/06/2011||Confirmed|
|PNC||Pinnacle Technology Holdings Ltd||24/06/2011||Confirmed||
Stock Exchange News Service
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