Friday, 29 July 2011 - 20:00
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S.Africa's rand, bonds firmer, strikes weigh on stocks
By Helen Nyambura and Phumza Macanda
JOHANNESBURG (Reuters) - South Africa's rand regained some lost ground on Friday as exporters sold dollars, betting the local currency will keep its upward trend intact.
Stocks fell for a fifth straight day as concerns over a strike-induced supply shortfalls at heavyweight miners such as Anglo American weighed.
Government bonds tracked the rand higher, with the yield on the 2015 bond falling to six-month lows.
Short-term debt yields have fallen considerably in the past two weeks as uncertainty in global markets has encouraged investors to look for high-yielding assets.
Local credit data earlier showed monetary conditions locally are still weak, with ETM managing director George Glynos saying the Reserve Bank may have to keep interest rates at 30-year lows into the second half of 2012.
The trade account recorded a surplus of 4.9 billion rand in June but a 2.9 percent decline in imports pointed to weak domestic demand.
The rand was trading at 6.70 to the dollar at 1605 GMT, 0.42 percent firmer than Thursday's New York close.
The rand hit two-month highs of 6.6250 Thursday, and may re-test those levels next week.
"We still like the dollar/rand stronger and as such suggest selling into weakness above 6.75/80 for a move back below 6.60 toward the 6.53 support in the next week," said Brigid Taylor, chef dealer at Nedbank.
Charts also point to the rand maintaining a firmer trend. It is trading stronger than its 50-, 100- and 200-day moving averages and could maintain gains if it does not pierce 6.80.
A rally in the gold price has also supported the rand.
On fixed income, the yield on the 2015 bond was at 7.34 percent after hitting 6-month lows of 7.3150 earlier. The 2026 bond yield was at 8.505 percent after hitting a session low of 8.48 percent.
"Local bonds have been trading in tandem with the rand. It has recovered and that has supported bonds. Next week, it will pretty much be the same story of monitoring developments in the United States," said Alvin Chawasema, bond dealer at Renaissance BJM.
On the bourse, the Top-40 index fell 0.86 percent to 27,857.91 and has shed nearly 3 percent this week. The All-Share index lost 0.76 percent to 31,208.04.
Some 100,000 gold mine workers downed tools on Thursday at the country's top three gold producers, weighing on shares in the sector.
Despite the gold price scaling record highs above $1,630 an ounce Friday, the domestic gold index is down 5.3 percent this week.
Amplats fell 2.3 percent at 573 rand and Impala Platinum lost 2.2 percent to 171.40 rand.
Around four in every five ounces of platinum is mined out of South Africa, so supply disruptions in the republic have a significant effect on metals prices. The ongoing strikes have not spread to the platinum companies yet, but could if wage talks fail.
Fri, 29 Jul 2011
World Markets (Spot Prices)
|JSE Top 40||17:00||27857.91||-241.90||-0.86%|
|JSE Indust 25||17:00||27700.24||-99.22||-0.36%|
|Rand / Dollar||19:59||6.6931||-0.0400||-0.59%|
|Rand / Pound||19:59||10.9677||-0.0215||-0.20%|
|Rand / Euro||19:59||9.6227||-0.0225||-0.23%|
|Rand / NZD||19:58||5.8629||-0.0037||-0.06%|
|Rand / AUD||19:59||7.3635||-0.0520||-0.70%|
|Yen / Dollar||19:58||77.1500||-0.5300||-0.68%|
|Euro / Dollar||19:59||0.6952||-0.0025||-0.36%|
|Dollar / Euro||19:58||1.4377||0.0049||0.34%|
|Pound / Dollar||19:59||0.6082||-0.0024||-0.39%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,572.06||-122.88||-0.40%|
|Oil & Gas ||25,424.03||-311.66||-1.21%|
|Oil & Gas Producers ||13,670.03||-167.58||-1.21%|
|Basic Materials ||28,789.43||-389.48||-1.33%|
|Forestry & Paper ||13,884.32||-21.42||-0.15%|
|Industrial Metals ||30,208.37||35.81||0.12%|
|General Industrials ||76,431.65||-675.88||-0.88%|
|Consumer Goods ||27,634.37||-157.26||-0.57%|
|Automobiles & Parts ||3,849.58||.00||0.00%|
|Health Care ||33,024.53||-192.91||-0.58%|
|Food Producers ||49,254.87||16.08||0.03%|
|Index Name||RP||Move||% Move|
|Personal Goods ||434.06||-2.10||-0.48%|
|Consumer Services ||52,779.47||-297.37||-0.56%|
|General Retailers ||42,750.70||-79.72||-0.19%|
|Travel & Leisure ||3,798.43||-35.81||-0.93%|
|Support Services ||2,354.03||-9.10||-0.39%|
|Non-life Insurance ||31,889.98||608.65||1.95%|
|Life Insurance ||15,636.15||-61.81||-0.39%|
|General Financial ||2,227.43||-16.92||-0.75%|
|SHARIAH TOP40 ||3,055.45||-33||-1.06%|
|FTSE/JSE SHARIAH ALL||3,123.06||-31||-0.98%|
|FTSE JSE Fledgling ||4,609.02||11||0.24%|
|FTSE/JSE Alt X ||1,171.61||-1||-0.10%|
|SA LISTED PROPERTY ||387.66||0.10%|
|CAPPED PROPERTY ||318.54||-0.16%|
|FTSE/JSE RAFI 40||6,473.53||-52||-0.79%|
|Capped Top 40||14,570.75||-116||-0.79%|
|Capped All Share||15,741.43||-117||-0.74%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|RBP||ROYAL BAFOKENG PLATINUM L...||HOLD||27 Jul|
|EMI||EMIRA PROPERTY FUND||HOLD||27 Jul|
|RDF||REDEFINE PROPERTIES LTD||HOLD||27 Jul|
|RES||RESILIENT PROPERTY INCOME...||HOLD||27 Jul|
|CSO||CAPITAL SHOPPING CENTRES ...||BUY||27 Jul||
|Expected||Company Name||Fin. Date|
|01 Aug 2011||ANGLD||June 2011 (Interim)|
|01 Aug 2011||ANGLD-A||June 2011 (Interim)|
|01 Aug 2011||ANGLD-B||June 2011 (Interim)|
|01 Aug 2011||ANGLD-E||June 2011 (Interim)|
|01 Aug 2011||NEDBANK||June 2011 (Interim)|
|IVT||Invicta Holdings Ltd||29/07/2011||Unconfirmed|
|TON||Tongaat Hulett Ltd||29/07/2011||Confirmed|
|WGRTSX||Witwatersrand Consolidated Gold Resource...||29/07/2011||Confirmed|
|WGR||Witwatersrand Consolidated Gold Resource...||29/07/2011||Confirmed|
Stock Exchange News Service
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