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By Phumza Macanda and David Dolan
JOHANNESBURG (Reuters) - South Africa's rand gained against the dollar on Tuesday, bouncing from 5-week lows as exporters came in the market and sentiment towards risky assets improved in late trade.
Stocks rose for the first time in three sessions as FirstRand finished up nearly 3 percent after South Africa's second-largest bank said it would pay a special dividend.
Wide gyrations were the order of the day on both the rand and bonds as investors wavered between taking on or dumping risky assets.
Reports that the BRICS (Russia, Brazil, India, China and South Africa) group of emerging countries could possibly buy euro zone sovereign debt helped risk appetite but market players were still nervous.
Finance Minister Pravin Gordhan will brief the media around 0645 GMT Wednesday, and the market will watch for any comments on whether South Africa is contemplating buying euro zone debt.
South African government bonds weakened sharply, with yields rising by more than 30 basis points to multi-week highs at one stage, hit by profit-taking after strong gains in the previous weeks.
Those sharp losses could be temporary though, and bonds may consolidate, because data from the Reserve Bank showed the pace of spending in the economy slowed, which suggests that another rate cut could very well be on the cards.
The rand was trading at 7.33 to the dollar at 1535 GMT, 0.8 percent firmer than Monday's New York close of 7.4050.
The rand flirted with the 2011 low at 7.50 overnight, falling to 7.4750 on heightened risk appetite.
Exporters took advantage of those levels to sell dollar, capping rand losses especially around the 7.40 area.
A close below 7.30 could be an indication that the rand's fall may have been overdone and it could retrace back to the early 7.20, said Ion de Vleeschauwer, chief dealer at Bidvest.
Citi said in a note to clients the rand looked oversold and its fair-value level at 7.23 although further risk aversion would adjust that to a weaker level.
BOND YIELDS OFF HIGHS
Investors returned to shares of Shoprite and other index heavyweights that had been hit in the previous session's sell-off, although nervous sentiment capped wider gains.
The Top-40 index of blue chips was up 0.8 percent at 26,735.39, while the broader All-Share index ended 0.6 percent higher at 30,032.71.
"FirstRand, with the special dividend that seemed to help it quite a bit and banks did relatively better today compared to the rest of the market," said Mitchell Gannaway, a trader at Thebe Securities.
"There just doesn't seem to be any straight direction for the market ... With volatile markets like this, you've got to get out quickly before it turns."
FirstRand rose 2.7 percent to 20.70 rand, the bank said it would pay a special dividend of 70 cents per share after selling off stakes in two insurance units. It also posted a 22 percent rise in full-year profit.
Generic drugs maker Aspen Pharmacare rose 2 percent to 88.80 rand after the company reported a 20 percent rise in profit and said it could spend up to $800 million on an acquisition.
On fixed income, the yield on the 2015 bond was up 15.5 basis points on the day at 6.845, after spiking to 7.01 percent earlier.
The 2026 yield went up 14 basis points on the day to 8.30 percent, also off a session high of 8.5 percent.
"There's some portfolio shifting going on after that unbelievable rally. People are going to equities but you can expect bonds to gain again once you see equities falling," Bidvest's de Vleeschauwer said.
The yield curve has flattened by between 30 and 50 basis points in the past two months, on rising expectations that the Reserve Bank may cut interest rates further from 30 year-lows given the weak global and local economy.
Tue, 13 Sep 2011![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnewsimages%252F2011-09-13T142553Z_01_AJOE78C143700_RTROPTP_3_OZABS-ASPEN-20110913.JPG "A pharmacy employee looks for medication as she works to fill a prescription while working at a pharmacy in New York") ![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnewsimages%252F2011-09-13T065003Z_01_AJOE78C0IZG00_RTROPTP_3_OZABS-FIRSTRAND-20110913.JPG "A new five rand coin is displayed by a South African Reserve Bank worker during its launch at the So..") A sharp decline in bad debts propelled South Africa's FirstRand to a 22 percent jump in full-year profit, the latest sign banks in Africa's top economy are recovering from a recession-driven credit strain. Full story |
 Taliban fighters fired rockets at the U.S. Embassy and NATO headquarters in Kabul on Tuesday and attacked police in three other areas in the biggest assault the insurgent group has mounted on the Afghan capital. Full story   Pakistan's Taliban claimed responsibility for an attack on a school bus on Tuesday which killed five people, saying the children on the bus were from a pro-government tribe. Full story |
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SA Business |
. . . Full story |
South Africa's National Union of Mineworkers (NUM) said on Tuesday it had declared a wage dispute with DRDGold, the nation's fourth. . . Full story |
The pace of spending in South Africa's economy slowed sharply in the second quarter, partly as household consumption eased, but investment. . . Full story |
The leader of South Africa's National Union of Mineworkers (NUM) said on Tuesday that a strike-averting wage settlement with the world's. . . Full story | |||
South Africa's rand extended its gains against the dollar on Tuesday, bouncing from five-week overnight lows as exporters came into the. . . Full story | South African state-owned freight logistics group Transnet is not under pressure to go and borrow in international capital markets and may. . . Full story | South African government bonds fell sharply in volatile trade on Tuesday and yields soared as much as 34 basis points as. . . Full story | South Africa exported 9,056 tonnes of white maize last week compared with 9,708 tonnes in the previous week, the South African. . . Full story |
Zimbabwe and Zimplats, the local unit of the world's second-largest platinum producer Impala Platinum, said on Tuesday they had agreed to produce a revised plan for a law requiring mining firms. . . Full story | South Africa's National Union of Mineworkers expects commodities giant Glencore to respect job security and employee ownership plans if it takes controlling interest in Optimum Coal, NUM General Secretary Frans Baleni. . . Full story | South African benchmark stocks turned negative in midmorning trade on Tuesday, tracking European equities on resurgent worries about the region's debt problems.. . . Full story |
Company News |
Shareholders were advised that Thabex is currently finalising its results for the year ended 28 February 2011. Accordingly, a review of. . . Full story |
The board would like to advise shareholders that the basic earnings per linked unit have decreased from 8.40 cents at 30. . . Full story |
Shareholders were advised that, at the annual general meeting of the company convened on Tuesday, 13 September 2011 (in terms of. . . Full story |
Holders of ordinary shares in the company were advised that Investec Bank Ltd ("IBL") has acquired shares in the open market. . . Full story | |||
The board of directors of Colliers announced the appointment of Mr Wayne P Alcock to the board as chairman with immediate effect. Wayne is currently a non-executive director of Colliers.. . . Full story |
Further to the cautionary announcement dated 30 September 2010 and subsequent renewal of cautionary announcements, the last of which was dated 29 July 2011, shareholders were advised that negotiations are still. . . Full story |
Aspen increases revenue by 29 percent to R12.4 billion Johannesburg - JSE Ltd listed Aspen Pharmacare Holdings Limited, the leading pharmaceutical manufacturer in the southern hemisphere, has produced excellent results for. . . Full story | |||||
Company Results | Turnover by more than 15% to R142.4 billion (R122.3 billion). Gross profit rose to R52 billion (R43.1 billion) and operating profit. . . Full story | Revenue improved to GBP79.2 million (GBP68.5 million) and mining profit rose to GBP30.8 million (GBP24.7 million). Profit attributable to owners of. . . Full story | Rainbow announce that it has concluded an agreement to acquire the poultry processing operations of Bush Valley Chickens, located near Tzaneen. . . Full story | Revenue for the year increased by 43.5% to R2.4 billion (2010: R1.7 billion). Operating profit rose to R232.9 million (2010: R147.9. . . Full story |
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| Date | Adv. | Decl. | Unch. | Actives | Volume | Value | Trades | Orders |
|---|---|---|---|---|---|---|---|---|
| 13/09/2011 | 184 | 155 | 82 | 421 | 301,818,219 | R15,248,607,466 | 124540 | 3095911 |
| 12/09/2011 | 87 | 264 | 79 | 430 | 337,484,573 | R18,172,527,509 | 123265 | 2529889 |
| 09/09/2011 | 138 | 213 | 77 | 428 | 271,158,160 | R13,021,756,034 | 102094 | 2483214 |
| 08/09/2011 | 232 | 130 | 63 | 425 | 279,645,295 | R14,043,938,105 | 126319 | 2613050 |
| 07/09/2011 | 231 | 114 | 74 | 419 | 290,437,463 | R12,300,423,199 | 108120 | 2473491 |
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| Date | Time | Headline |
| 13/09/2011 | 17:45 | Pinnacle - Revised Trading Statement |
| 13/09/2011 | 17:17 | Buildmax Limited - Trading statement |
| 13/09/2011 | 16:35 | Capital Shopping Centres Group Plc - Notification of transactions of |
| 13/09/2011 | 16:27 | Thabex Limited - Trading statement |
| 13/09/2011 | 16:25 | OML - Old Mutual plc - Form 8.3 |
| 13/09/2011 | 16:12 | Orion Real Estate Limited - Trading update |
| 13/09/2011 | 16:06 | MiX Telematics Limited - Results of Annual General Meeting |
| 13/09/2011 | 16:05 | BIFR1 - FirstRand Bank Limited - Listing of New Financial Instrument |
| 13/09/2011 | 15:35 | Vox Telecom Limited - Acquisition of ordinary shares by Investec |
| 13/09/2011 | 15:30 | Reinet Investments S.C.A. Depositary Receipts - Reinet Annual General |
| 13/09/2011 | 15:29 | Colliers South Africa Holdings Limited - Appointment of Chairman |
| 13/09/2011 | 15:24 | CLN199 - The Standard Bank of South Africa Limited - New Financial Instrument |
| 13/09/2011 | 15:23 | CLN198 - The Standard Bank of South Africa Limited - New Financial Instrument |
| 13/09/2011 | 15:12 | GRA289 - Grayston Conduit 1 (Proprietary) Limited - New Financial |
| 13/09/2011 | 14:58 | Thabex Limited - Renewal of cautionary announcement |
| 13/09/2011 | 14:49 | Exxaro - Trading of Exxaro ordinary shares on behalf of the Exxaro |
| 13/09/2011 | 14:46 | African Brick - Cautionary announcement |
| 13/09/2011 | 14:04 | Argent Industrial Limited - Dealing in securities by director |
| 13/09/2011 | 14:03 | INL/INP - Investec Limited/Investec plc - Form 8 (DD) |
| 13/09/2011 | 13:24 | York Timber Holdings Limited - Director`s dealing in securities |
| 13/09/2011 | 13:01 | Aspen Pharmacare Holdings Limited - Press release |
| 13/09/2011 | 13:00 | Aspen Pharmacare Holdings Limited ("Aspen") - Reviewed preliminary |
| 13/09/2011 | 13:00 | Forbes & Manhattan Coal Corp - Forbes Coal reports record export sales of |
| 13/09/2011 | 12:58 | FSRIHH - Investec Warrants - Declared final dividend and special dividend |
| 13/09/2011 | 12:28 | INL/INP - Investec - Form 8 (DD) |
| 13/09/2011 | 12:27 | Omnia Holdings Limited - Dealing in securities |
| 13/09/2011 | 12:15 | Metrofile Holdings Limited - Grant and acceptance of rights to |
| 13/09/2011 | 12:00 | Comair Limited - Audited abridged group results for the year |
| 13/09/2011 | 11:18 | Tawana Resources NL - Financial report for the half-year ended |
| 13/09/2011 | 09:50 | INL/INP - Investec Limited/Investec plc - Disclosure in accordance with Rule |
| 13/09/2011 | 09:25 | BIIND - iNdwa Investments Limited - Full Capital Redemption |
| 13/09/2011 | 09:01 | Petmin Limited - Dividend Announcement |
| 13/09/2011 | 08:56 | Petmin Limited - Appointment of director |
| 13/09/2011 | 08:54 | Petmin Limited - Petmin sells SamQuarz silica mine and withdrawal of |
| 13/09/2011 | 08:51 | Petmin Limited - Condensed Preliminary Consolidated Financial Statements |
| 13/09/2011 | 08:03 | Trans Hex Group Limited - Renewal of cautionary announcement relating to |
| 13/09/2011 | 08:00 | FirstRand Limited - Audited results and cash and special dividend |
| 13/09/2011 | 07:10 | British American Tobacco p.l.c - Transaction in own shares |
| 13/09/2011 | 07:06 | Growthpoint Properties - Dealing in securities by company secretary |
| 13/09/2011 | 07:05 | BIIND - iNdwa Investments Limited - Listing of New Financial Instrument |
| 13/09/2011 | 07:05 | BIPINF - Bips Government Inflation Linked Bond Fund - Partial delisting |
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