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Friday, 22 July 2011 - 20:00
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Charts
S.Africa rand steady, bonds near multi-week highs
By Mmathabo Tladi and Phumza Macanda
JOHANNESBURG (Reuters) - South Africa's rand held steady against the dollar on Friday after crawling back up from six-week lows hit early this week, while bonds ended near multi-week highs.
Domestic blue chip stocks slipped for the first session in three, as banks such as Absa Group fell to profit-taking after a recent run-up.
The Top-40 index of blue chips fell 0.4 percent to 28,664.52, snapping three straight sessions of slight gains.
The broader All-share index declined 0.3 percent to 32,016.30.
The rand firmed by more than 1.5 percent to the dollar in the week and is expected to gain more next week if sentiment towards risky assets remains favourable.
Charts back the view of a firming rand after it pierced the 6.82 level. It is also trading firmer than its 50-, 100- and 200-day moving averages.
It stood at 6.7776 against the dollar at 1550 GMT, not far from Thursday's New York close of 6.77.
"A lot of the risk around the European sovereign debt crisis has been alleviated after the summit yesterday that outlined some of the bailout package," said Brigid Taylor, dealer at Nedbank.
Investors breathed a sigh of relief and took risky bets after euro zone leaders agreed on a second rescue deal for Greece in a bid to stop the debt crisis from spreading.
"We have also seen good demand for our local bonds from foreigners, which just indicates we potentially can see better levels on the rand," Taylor added, forecasting a range of 6.68 to 6.88 for the rand next week.
But the rand will likely meet with some resistance at 6.72, which has previously attracted Reserve Bank and importer buying of foreign exchange.
Risky assets could benefit further next week if U.S. lawmakers break their impasse on raising the debt ceiling to avoid a debt default.
Government bond prices gained as foreigners bought local debt after weak retail sales data and dovish Reserve Bank comments suggested monetary policy could remain accommodative throughout 2011.
The yield on the 4-year bond hit its lowest since mid-January earlier and ended steady at 7.38 percent. The 2026 yield fell to 6-week lows 0f 8.43 percent before coming back to 8.48 percent.
Spreads between local bonds and U.S. Treasuries have narrowed, with that on the 30-year paper and its U.S. equivalent narrowing to 4.52 this week from 4.81 percent last week.
Foreign interest in local debt is expected to continue partly due to the fragility of the local economy and high yields.
In stocks, banks were among the hardest hit as firmer commodity prices prompt investors to shift back into some resource-related companies, which were sold in the last few sessions.
"There has been noticeable sector rotation as (investors) have moved out of the financials and are taking a bit more risk, buying into more resources," says Michele Santagelo, a portfolio manager at Newstrading.
The drop in banks bucked the trend in Europe, where financials have been boosted after euro zone leaders agreed to a second rescue package for debt-ridden Greece.
Johannesburg's index of bank stocks fell nearly 2 percent.
Standard Bank, Africa's largest lender by assets, slid 2.5 percent to 97.60 rand. Absa Group, the South African bank that is majority owned by Britain's Barclays dropped 2 percent to 133.00 rand.
Among the gainers, Mondi Ltd rose more than 2 percent after the paper maker said its first-half earnings would rise by nearly 70 percent. The company said in May it was seeing increases in both price and sales.
Miners also rose, with Anglo American Plc adding 1 percent while AngloGold Ashanti climbed nearly 1 percent.
Fri, 22 Jul 2011Top News
![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnewsimages%252F2011-07-22T115856Z_01_AJOE76L0XA900_RTROPTP_3_OZABS-SAFRICA-STRIKES-20110722.JPG "Striking rail and port workers demanding a 15 percent increase in salary march through the Durban city centre") South Africa's power utility Eskom on Friday increased its wage offer to unionised workers, trying to head off a strike that could cut power to Africa's largest economy. Full story ![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnewsimages%252F2011-07-22T173846Z_01_AJOE76L1D0O00_RTROPTP_3_OZABS-SAFRICA-STRIKES-FUEL-20110722.JPG "A customer waits to be attended to at a petrol station in Soweto") South Africa's main petroleum sector union lowered its pay increase demand to 9.5 percent from 13 percent in a bid to end a two-week strike which disturbed supplies of fuel in Africa's biggest economy, it said on Friday. Full story |
 A bomb devastated the main government building in Norway's capital Oslo on Friday, killing two people, and a gunman wounded five people hours later in a shooting at a youth camp, state media reported. Full story  A U.N. envoy will seek to persuade warring parties in Libya to accept a plan that envisages a cease-fire and a power-sharing government, but with no role for Muammar Gaddafi, a European diplomat said. Full story  Serbia extradited the last ethnic Serb wanted by the U.N. war crimes tribunal for the former Yugoslavia to The Hague Friday, in a symbolic moment for the once-pariah Balkan nation's European future. Full story |
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Markets |
Gold rose about 1
percent on Friday, nearing this week's record high as
reservations over a bailout plan for debt-laden Greece and
concerns over. . . Full story |
European shares ended the day
and week higher on Friday, led by oil stocks, as a second
bailout for debt-laden Greece gave an. . . Full story |
Britain's top shares ended
higher on Friday, in spite of banks paring gains after initial
euphoria over a Greek debt bailout wore off.. . . Full story |
World stocks held firm on
Friday but the euro fell and Wall Street stocks were mixed as
investors turned their attention to the. . . Full story | |||
The Dow fell on Friday after
disappointing results from Caterpillar and Microsoft, reversing
optimism after a strong week of earnings.. . . Full story |
Tokyo stocks climbed to a
two-week high on Friday, led by banks that jumped on Morgan
Stanley's strong results and euro-sensitive issues such
as. . . Full story |
Australian shares rallied 1
percent to end at a two-week high on Friday as investor
confidence improved after euro zone leaders agreed on. . . Full story |
U.S. stocks climbed on
Thursday as signs of progress on the U.S. debt talks and
concrete action from Europe on its own debt. . . Full story | ||||
SA Business |
. . . Full story |
Standard Bank Group could seal by year-end the first sale of Brazil's corporate debt denominated in South Africa's currency, as the. . . Full story |
Namibia plans to raise its mining tax by 17 percent to boost revenue, but the hike will not apply to the. . . Full story |
South Africa's maize stocks rose to 3.315 million tonnes at the end of June compared with a revised 1.75 million tonnes. . . Full story | |||
South Africa is in its
mid-year labour bargaining session known locally as "strike
season", with unions seeking wage hikes about two to three-times
the. . . Full story | Econet Burundi's mobile phone subscribers rose by 140 percent to 600,000 in July year-on-year, the operator said, thanks to rapid growth. . . Full story | South Africa auctioned 3.825 billion rand worth of three-month Treasury Bills on Friday at an average yield of 5.56 percent from. . . Full story | South Africa will likely lower its May 2010-April 2011 season maize estimates due to lower yields in some parts of the. . . Full story |
South Africa's National Union of Mineworkers (NUM) said on Friday power utility Eskom has presented a new pay rise offer of 7 percent, up from the 5.5 percent presented earlier.. . . Full story | . . . Full story | South African assets were trading firmer early Friday with the rand extending previous gains to a nine-day high as global investor sentiment turned positive after a fresh bail out for Greece. . . Full story |
Company News |
Shareholders are advised that the following appointments to board committees have been made with effect from 21 July 2011: Ms TH. . . Full story |
Shareholders of GPI were advised that Mr Charl Williams has resigned as independent non-executive director of the company with effect from. . . Full story |
Acquisition of ordinary shares by RMB Investment and Advisory (Pty) Ltd ("RMBIA") In accordance with section 122(3)(b) of the Companies Act,. . . Full story |
Shareholders are referred to the announcements dated 30 December 2010 and 18 April 2011 detailing the announcement by Pinpoint of its. . . Full story | |||
Shareholders are advised that at the annual general meeting of the company held at 10:00 on Thursday, 21 July 2011, the. . . Full story |
RBPlat is in the process of finalising its financial results for the six months ended 30 June 2011. The company advised. . . Full story |
Spar shareholders ("shareholders") were advised that at the general meeting of shareholders, all the special resolutions contained in the notice of. . . Full story |
Notice is hereby given that a general meeting of Sentula will be held at 15:00 at Ground Floor, Building 14, Woodlands. . . Full story | ||||
Company Results | Revenue for the interim period ended 30 June increased to R24.1 billion (2010: R17.8 billion). Operating profit grew to R16.9 billion (2010: R11.2 billion), while profit attributable to owners of Kumba rose to R9.1 billion (2010: R6.5 billion). Furthermore, headline earnings strengthened to 2823cps (2010: 2028cps).
Dividend
At its board meeting on 20 July 2011 the directors declared an interim cash dividend of 2170cps on the ordinary shares from profits accrued during the year endin. . . Full story |
World Markets (Spot Prices)
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The JSE Today
Trading Statistics| Date | Adv. | Decl. | Unch. | Actives | Volume | Value | Trades | Orders |
|---|---|---|---|---|---|---|---|---|
| 22/07/2011 | 137 | 177 | 99 | 413 | 300,400,983 | R11,190,659,344 | 85818 | 1826340 |
| 21/07/2011 | 169 | 170 | 91 | 430 | 302,114,410 | R14,088,158,282 | 90533 | 2065784 |
| 20/07/2011 | 152 | 155 | 99 | 406 | 277,636,986 | R15,179,334,279 | 96527 | 1814527 |
| 19/07/2011 | 185 | 163 | 77 | 425 | 256,784,102 | R12,959,878,392 | 80841 | 1291078 |
| 18/07/2011 | 113 | 226 | 66 | 405 | 268,259,384 | R13,081,537,721 | 89804 | 1752887 |
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Stock Exchange News Service
| Date | Time | Headline |
| 22/07/2011 | 16:50 | BAW/BAWP - Barloworld Limited - Appointments to Board Committees |
| 22/07/2011 | 16:25 | Famous Brands Limited - Dealings in securities |
| 22/07/2011 | 16:18 | INVS - INVESTEC BANK LIMITED - Adjustment to the terms and conditions of ESPIBQ |
| 22/07/2011 | 16:16 | Gold Reef Resorts Limited - No change statement |
| 22/07/2011 | 16:00 | Marshall Monteagle Plc - Dealing in securities by directors |
| 22/07/2011 | 15:58 | Grand Parade Investments Limited - Directorate changes |
| 22/07/2011 | 15:12 | Vox Telecom - Acquisition of Ordinary Shares by RMB Investment and |
| 22/07/2011 | 15:00 | Growthpoint Properties Limited - General issue of new linked units for |
| 22/07/2011 | 14:42 | BSI STEEL Limited - Dealing in securities by a Director |
| 22/07/2011 | 14:41 | BSI STEEL Limited - Dealing in Securities by a Director |
| 22/07/2011 | 14:28 | SABNIH - Nedbank Capital - Dividend distribution announcement in |
| 22/07/2011 | 14:10 | Conduit Capital Limited - Renewal of cautionary announcement |
| 22/07/2011 | 12:30 | Mas Plc - Update on interim dividend |
| 22/07/2011 | 12:24 | DBXWD - db x-trackers MSCI World Index ETF - Distribution announcement - six |
| 22/07/2011 | 12:23 | DBXUS - db x-trackers MSCI USA Index ETF - Distribution announcement - Six |
| 22/07/2011 | 12:22 | DBXJP - db x-trackers MSCI Japan Index ETF - Distribution announcement |
| 22/07/2011 | 12:21 | DBXUK - db x-trackers FTSE 100 ETF - Distribution announcement - six months |
| 22/07/2011 | 12:20 | DBXEU - db x-trackers DJ Euro Stoxx 50 ETF - Distribution announcement - six |
| 22/07/2011 | 12:03 | Pinnacle - Claw Back Offer Finalisation Announcement |
| 22/07/2011 | 12:02 | Netcare Limited - Change to the board of directors |
| 22/07/2011 | 11:51 | CT - Nictus Limited - Dealing in Securities by Directors |
| 22/07/2011 | 11:14 | SBV/SVN - SABVEST LIMITED - Report on proceedings at General Meeting |
| 22/07/2011 | 11:00 | Metorex Limited - Results of General Meeting |
| 22/07/2011 | 10:37 | Bonatla Property Holdings Limited - Results of Annual General |
| 22/07/2011 | 10:33 | IFCA Technologies Limited - Results of Annual General Meeting and |
| 22/07/2011 | 09:52 | Royal Bafokeng Platinum Limited - Trading statement for the six |
| 22/07/2011 | 09:51 | Bowler Metcalf Limited - Cautionary announcement |
| 22/07/2011 | 09:38 | The Spar Group Limited - Results of General Meeting |
| 22/07/2011 | 09:32 | Sentula Mining Limited - Notice of General Meeting |
| 22/07/2011 | 08:52 | Finbond Group Limited - Directors` Share Dealings |
| 22/07/2011 | 08:50 | MVG/MVGP - Mvelaphanda Group Limited - Correction announcement relating to the |
| 22/07/2011 | 08:46 | Hulamin Limited - Results of Annual General Meeting and appointments to |
| 22/07/2011 | 08:38 | AngloGold Ashanti Limited - Anglogold Ashanti to acquire interest in First |
| 22/07/2011 | 08:37 | Village Main Reef Limited - Disposal of 47 065 916 common shares in the |
| 22/07/2011 | 08:11 | MND / MNP - Mondi Limited/ Mondi plc - Mondi Group: Trading Statement |
| 22/07/2011 | 08:10 | MND/ MNP - Mondi Limited/ Mondi plc - Consolidation of Mondi Limited`s share |
| 22/07/2011 | 08:00 | SACOIL Holdings Limited - Dealings in securities |
| 22/07/2011 | 07:10 | British American Tobacco p.l.c.- Transaction in own shares |
| 22/07/2011 | 07:05 | Uranium One Inc - News Release |
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