Tuesday, 05 July 2011 - 20:00
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S.African rand recovers, Metorex leads bourse higher
By Tiisetso Motsoeneng and Stella Mapenzauswa
JOHANNESBURG (Reuters) - The South African rand recovered from early losses against the dollar on Tuesday while government bond yields were flat to higher after a weekly auction pointed to better demand at the longer end of the yield curve.
Stocks rose, extending gains to a seventh consecutive day, with Metorex in the spotlight after China's Jinchuan bid $1.3 billion for the copper miner.
The rand initially fell to a session low of 6.7645 against the dollar before coming back to 6.7260 by 1622 GMT, just 0.06 percent softer than Monday's close at 6.7220.
"Euro/rand has been at quite reasonable levels over the last couple of weeks, under 9.75 and with dollar/rand close to the bottom of the range (6.70) we've had good importer demand locally against good offshore demand for rand," said Jim Bryson, a trader at RMB.
The Metorex news would boost sentiment on the rand, although it was not yet clear if foreign exchange would flow directly into the market should the deal succeed, he said.
"We haven't really seen any of these inflows apparently hit the market (from previous deals), so you would expect that to be the case with this as well, although I get the impression the SARB (South African Reserve Bank) takes them on a case-by-case basis," Bryson said.
Metorex topped the gainers' list on the bourse after news of Jinchuan's offer -- which trumps Brazilian giant Vale's offer by 21 percent -- sent shares in the miner surging 7.96 percent to 8.46 rand.
Technology group EOH Holdings jumped 6.44 percent to 20.65 rand after the company said it would buy Internet technology company TSS Managed Services for 130 million rand.
The JSE Top-40 index of blue chips edged up 0.56 percent to 28,899.23 and the broader All-share index added 0.55 percent to 32,254.24.
The stock market's gains extended a rally that began at the start of the month in what traders said was a continued recovery from oversold levels.
"The market was deeply oversold. We needed something last week to kick-start the recovery and it came in the form of Greek austerity measures," one trader said.
The Greek parliament's approval last week of new austerity measures which should help the country tackle its debt crisis have reduced the immediate threat of a Greek debt default and boosted global demand for riskier assets including South African assets, although persistent concerns about the Greek situation still weigh on markets.
Against the trend, Group Five dropped 0.85 percent to 30.20 rand on Tuesday after the construction firm forecast lower full-year profits.
Government bonds closed little changed from previous levels, with the yield on the benchmark 2015 bond flat at 7.49 percent while that on the longer-dated 2036 added 2 basis points to 8.595 percent.
Tue, 05 Jul 2011
Shareholders are referred to the reviewed results announcement for the year ended 28 February 2011 dated 30 June 2011, which advised that the reviewed results were qualified by the auditors and details of which were set out in the said announcement.. . .
FirstRand undertook to investigate and report back to shareholders on the events preceding the early release of the group's interim results on 7th March 2011. In addition to its own internal review process and to ensure absolute rigour and transparency, FirstRand. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||28899.23||162.26||0.56%|
|JSE Indust 25||17:00||28298.18||291.82||1.04%|
|Rand / Dollar||19:58||6.7245||0.0116||0.17%|
|Rand / Pound||19:58||10.7845||0.0077||0.07%|
|Rand / Euro||19:58||9.7404||-0.0278||-0.28%|
|Rand / NZD||19:58||5.5713||-0.0195||-0.35%|
|Rand / AUD||19:58||7.2065||-0.0138||-0.19%|
|Yen / Dollar||19:56||81.0900||0.3900||0.48%|
|Euro / Dollar||19:58||0.6904||0.0026||0.38%|
|Dollar / Euro||19:58||1.4485||-0.0056||-0.39%|
|Pound / Dollar||19:58||0.6215||0.0003||0.05%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||31,463.82||350.29||1.13%|
|Oil & Gas ||27,257.39||-73.59||-0.27%|
|Oil & Gas Producers ||14,655.80||-39.56||-0.27%|
|Basic Materials ||30,067.75||-15.66||-0.05%|
|Forestry & Paper ||15,108.57||187.47||1.26%|
|Industrial Metals ||30,315.35||163.66||0.54%|
|General Industrials ||77,792.64||639.03||0.83%|
|Consumer Goods ||28,012.22||447.63||1.62%|
|Automobiles & Parts ||3,453.30||-2.26||-0.07%|
|Health Care ||33,669.74||152.28||0.45%|
|Food Producers ||49,025.16||218.17||0.45%|
|Index Name||RP||Move||% Move|
|Personal Goods ||450.64||11.18||2.54%|
|Consumer Services ||54,284.65||167.50||0.31%|
|General Retailers ||42,598.62||473.57||1.12%|
|Travel & Leisure ||3,742.65||5.12||0.14%|
|Support Services ||2,426.58||-5.50||-0.23%|
|Non-life Insurance ||31,766.31||24.25||0.08%|
|Life Insurance ||16,172.58||192.69||1.21%|
|General Financial ||2,308.98||23.41||1.02%|
|SHARIAH TOP40 ||3,175.11||3||0.09%|
|FTSE/JSE SHARIAH ALL||3,239.82||4||0.12%|
|FTSE JSE Fledgling ||4,677.61||4||0.09%|
|FTSE/JSE Alt X ||1,075.87||1||0.13%|
|SA LISTED PROPERTY ||387.17||1.05%|
|CAPPED PROPERTY ||320.55||0.81%|
|FTSE/JSE RAFI 40||6,745.96||42||0.62%|
|Capped Top 40||15,081.81||176||1.18%|
|Capped All Share||16,253.69||169||1.05%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||SELL||01 Jul|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||01 Jul|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||01 Jul|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||01 Jul|
|EQS||EQSTRA HOLDINGS LTD||HOLD||01 Jul||
|Expected||Company Name||Fin. Date|
|13 Jul 2011||AQUARIUS||June 2011 (Q)|
|13 Jul 2011||AQUARIUSCVT||June 2011 (Q)|
|15 Jul 2011||ROCKWELL||May 2011 (Q)|
|VMK||Verimark Holdings Ltd||08/07/2011||Unconfirmed|
Stock Exchange News Service
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