 |
Wednesday, 14 September 2011 - 20:00
Charts
S.Africa's rand and bonds fall further, stocks up
By Phumza Macanda and David Dolan
JOHANNESBURG (Reuters) - South Africa's rand weakened sharply against the dollar on Wednesday and looked set to test 2011 lows at 7.50 in the next few sessions, while bonds mirrored the currency's bearishness.
Johannesburg stocks rose for the second straight session, adding 1.6 percent, as investors returned to luxury goods maker Richemont and other recently battered firms.
The rand has already lost 2.5 percent this week. On Wednesday it was the worst performer of emerging market currencies tracked by Reuters and there might be no respite in the next few session, traders said.
By 1541 GMT, it was trading at 7.38 to the dollar, one percent weaker than Tuesday's New York close of 7.2995.
"There are too many gloomy signals from the global backdrop, with the focus closely on the euro zone," said Anisha Arora, emerging markets analyst at 4CAST.
"There is risk that dollar-rand could breach August highs around 7.500 with fresh negative news,"
Finance Minister Pravin Gordhan said South Africa was not in the same position as its BRICS partners who can afford to use reserves to buy debt of euro zone countries, a potentially bullish signal for the rand.
But the rand has strong support at 7.40 and a decisive break of this level could signal that further losses are in the offing.
Bond yields climbed further Wednesday, with the 2015 yield up 11.5 basis points to 6.96 percent after briefly hitting a fresh one-month low of 7.035 percent. The 2026 yield went up 2.5 basis points to 8.325 percent, off a session high of 8.445 percent.
"On a relative value basis, the panic selling is overdone in South Africa," said Di Luo, a fixed income strategist at HSBC in London. The steepening has created attractive entry levels and buying could resume when the currency weakness ebbs, she said.
STOCKS UP IN THIN TRADE
Trade on the bourse was thin, as concern about the European debt crisis kept many equity investors on the sidelines.
"A lot of guys are seeing the dark clouds on the horizon, but at the same time, a lot of (investors) are not prepared to sit in cash, so you are seeing a constant to-and-fro," said Devin Shutte, a stock trader at Newstrading.
The JSE's Top-40 index of blue chips rose 1.6 percent to 27,153.95. It is down 5.2 percent so far this year.
As of Tuesday's close, the Top-40 was the best performer among the indexes of the BRICS countries, or Brazil, Russia, India and China, in local currency terms.
Brazil and India are both down nearly 20 percent, with China down 12 percent and Russia down 11 percent.
The JSE's broader All-share index rose 1.4 percent to 30,459.82.
Richemont, the maker of Cartier watches and Mont Blanc pens, jumped 5.9 percent to 401.4 rand. The company has been hit hard in recent weeks by the surge in the Swiss franc, which eats into its overseas profits.
As of Tuesday's close Richemont was still one of the worst performers on the Top-40 this month, falling 6.5 percent.
Junior broker Sasfin Holdings tumbled nearly 5 percent to 30.51 rand, making it the worst performer on Johannesburg's All-Share index, after it reported a 16 percent drop in full-year earnings, hurt by non-banking businesses such as property private equity.
A total of 255 million shares changed hands on the exchange, the slowest day of trade this week. Advancers outnumbered decliners by a ratio of 2 to 1, with 83 shares unchanged.
Wed, 14 Sep 2011Top News
![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnewsimages%252F2011-09-14T161958Z_01_AJOE78D19DB00_RTROPTP_3_OZABS-SAFRICA-RENEWABLES-20110914.JPG "Electricity pylons are seen as the sun sets in Soweto outside Johannesburg") South Africa is confident that a recently launched bidding process for renewable energy will lead to the addition of 3,725 megawatts (MW)of green energy to the national grid by 2016, despite previous delays, a senior government official said. Full story ![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnewsimages%252F2011-09-14T161435Z_01_AJOE78D194D00_RTROPTP_3_OZABS-SAFRICA-FRUITS-EXPORTS-20110914.JPG "A woman smells a grapefruit at a supermarket in Sintra") Europe's debt woes have hurt demand and prompted fruit exporters in South Africa, the world's second-largest citrus fruit supplier, to seek new markets in Asia, an industry official said on Wednesday. Full story |
 The United States gave Libya's new rulers a very visible show of support on Wednesday when a senior envoy visited the capital and praised their efforts to assert control of armed groups three weeks after Muammar Gaddafi was overthrown. Full story  A car bomb targeting a popular restaurant killed 15 people and wounded dozens more in the southern Iraqi town of Hamza on Wednesday, police and hospital sources said. Full story  U.S. envoys raced on Wednesday to try to revive Middle East peace talks and avert a Palestinian bid for United Nations membership, but a U.N. official said it was probably too late to stop the move opposed by Israel and the United States. Full story |
|
SA Business |
Maize deliveries to South African silos rose to 8.777 million tonnes in the week to Sept 9, up from a revised 8.669 million tonnes in the week before, data showed on. . . Full story |
South Africa is undecided on buying euro bonds and is not in the same position as its partners in the BRICS grouping of emerging market powers who can afford to use. . . Full story |
South Africa's rand fell as much as 1.7 percent against the dollar in nervous trade on Wednesday ahead of more European talks about Greece's debt problems and amid concerns about weakening. . . Full story | ||||
Brazil's proposal for BRICS
countries to come to Europe's rescue by buying bonds is a
well-intentioned but largely self-serving initiative that will
enhance its. . . Full story | The BRICS emerging economies are considering offering support to the euro area, possibly by buying bonds, although doubts emerged that a. . . Full story | Bharti Airtel's entry into Rwanda's telecoms market should mean lower tariffs and a rise in mobile subscriber numbers, as the Indian. . . Full story | The European Commission said
on Wednesday it had no specific comment on reports that the
world's largest emerging economies would discuss this month. . . Full story |
South Africa's Treasury said on Wednesday it would issue 1.1 billion randworth of the 2026 government bond and 1.O billion rand of the 2041 bond at a weekly debt auction next Tuesday.. . . Full story |
Company News |
At the annual general meeting of Datatec Limited (JSE and LSE: DTC), held at 14h30 today, 14 September 2011, votes were. . . Full story |
At a general meeting held on 22 November 2005, the company's shareholders approved a BEE transaction ("the BEE transaction") pursuant to. . . Full story |
Further to the announcement made on 12 September 2011, Investec has now received an irrevocable undertaking from Landsdowne Partners to vote. . . Full story |
Further to an announcement released on SENS on 30 June 2011 relating to the posting of the annual report, linked unitholders. . . Full story | |||
Cadiz shareholders are advised that basic and diluted earnings and headline earnings per share for the six months ending 30 September. . . Full story |
Shareholders are referred to the announcement released on SENS on 25 August 2011, wherein the company declared a special dividend of. . . Full story |
Business Day reported that Nedbank has been named joint winner in the annual Ernst & Young excellence in corporate reporting survey,. . . Full story |
Business Report highlighted that FirstRand said it had enough cash for acquisitions and organic growth despite declaring a special dividend of. . . Full story | ||||
Company Results | Interest and similar income declined by 2% to R38.2 billion (R38.8 billion). Net income from operations was up by 46% to. . . Full story | Revenue for the year ended 30 June 2011 increased by R471.4 million (2010: R334.9 million). Gross profit was slightly lower at. . . Full story | Revenue increased to AUD253 564 (AUD27 855). The net loss attributable decreased to AUD333 198 (loss of AUD553 571). The basic. . . Full story | Revenue increased to R3.6 billion (R3 billion). Operating profit before depreciation declined to R276.6 million (R286.5 million). Net attributable profit decreased. . . Full story |
World Markets (Spot Prices)
|
|
Click here for the Sharenet Spot Price page
The JSE Today
Trading Statistics| Date | Adv. | Decl. | Unch. | Actives | Volume | Value | Trades | Orders |
|---|---|---|---|---|---|---|---|---|
| 14/09/2011 | 244 | 121 | 94 | 459 | 348,635,777 | R18,260,582,129 | 120520 | 2848419 |
| 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 |
Major Moves Up
Click here for more Major Moves... |
Major Moves Down
Click here for more Major Moves... |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Highs
Click here for more Major Moves... |
New Lows
Click here for more Major Moves... |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Index Summary
|
|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|
Results Expected**
|
Recent Dividends**
|
Ex Div**
|
Upcoming AGMs**
|
Stock Exchange News Service
| Date | Time | Headline |
| 14/09/2011 | 17:35 | Cashbuild Limited - Trading Update |
| 14/09/2011 | 17:30 | GEN - FTSE/JSE Africa Index Series - OneLogix Group Ltd (South Africa): Shares |
| 14/09/2011 | 17:29 | GEN - FTSE/JSE Africa Index Series - Dialogue Group Holdings (South Africa): |
| 14/09/2011 | 17:19 | Redefine Properties Limited - Further cautionary announcement |
| 14/09/2011 | 17:00 | Datatec Limited - Report on proceedings at Annual General Meeting |
| 14/09/2011 | 16:48 | Metrofile Holdings Limited - Dealing in securities by directors |
| 14/09/2011 | 16:26 | OML - Old Mutual plc - Form 8.3 |
| 14/09/2011 | 16:25 | OML - Old Mutual Plc - Form 8.3 |
| 14/09/2011 | 16:01 | Shoprite Holdings Limited - Dealings in securities by directors |
| 14/09/2011 | 16:00 | Rand Merchant Insurance Holdings Limited - Summarised, audited results |
| 14/09/2011 | 16:00 | RMB Holdings Limited - Summarised, Audited Results Announcement, Cash |
| 14/09/2011 | 15:45 | Andulela Investment Holdings Limited - Trading statement |
| 14/09/2011 | 15:35 | OneLogix Group Limited - Conversion of shareholding of BEE Consortium |
| 14/09/2011 | 15:30 | Holdsport Limited - Trading statement |
| 14/09/2011 | 15:28 | INL/INP - Investec Limited/Investec plc - Irrevocable undertakings and |
| 14/09/2011 | 15:10 | DRDGOLD Limited - Dealing in securities by a director |
| 14/09/2011 | 15:09 | Argent Industrial Limited - Dealing in securities by directors |
| 14/09/2011 | 15:02 | Acucap Properties Limited - Details of the annual general meeting |
| 14/09/2011 | 14:29 | CPL/FFA/FFB - Capital Property Fund/Fortress Income Fund Limited Approval |
| 14/09/2011 | 14:05 | Combined Motor Holdings Limited- Changes to the board |
| 14/09/2011 | 13:54 | INL/INP - Investec Limited/Investec plc - Form 8 (DD) |
| 14/09/2011 | 13:53 | INL/INP - Investec Limited/Investec plc - Form 8 (DD) |
| 14/09/2011 | 13:20 | Exxaro Resources Limited - Trading of Exxaro ordinary shares on |
| 14/09/2011 | 13:13 | BIIVU - iVuzi Investments Limited - Tap Issue and New Financial |
| 14/09/2011 | 13:00 | Cadiz Holdings Limited - Trading statement |
| 14/09/2011 | 12:40 | OMLSTF - The Standard Bank of South Africa Limited - Dividend |
| 14/09/2011 | 12:15 | Country Bird Holdings Limited - Dealings in securities |
| 14/09/2011 | 11:59 | SOLSTG - The Standard Bank of South Africa Limited - Dividend announcement |
| 14/09/2011 | 11:58 | FSRSTF - The Standard Bank of South Africa Limited - Dividend announcement |
| 14/09/2011 | 11:57 | SCIB: FSRSTF - The Standard Bank Of South Africa Limited - Special dividend |
| 14/09/2011 | 11:22 | BIIVU - Ivuzi Investments Limited - Full Capital Redemption |
| 14/09/2011 | 10:30 | Chrometco Limited - Further cautionary announcement |
| 14/09/2011 | 10:00 | Cafca Limited - Unaudited Financial Results: Half Year Ended 30 June 2011 |
| 14/09/2011 | 10:00 | SFN - Sasfin Holdings Limited - Audited Group results and dividend |
| 14/09/2011 | 09:55 | Winhold Limited - Dealings in securities by a director |
| 14/09/2011 | 09:50 | INL/INP - Investec Limited/Investec plc - Disclosure in accordance with |
| 14/09/2011 | 09:45 | Optimum Coal Holdings Limited - Finalisation Announcement- Special |
| 14/09/2011 | 08:35 | AFGRI Limited - Announcement relating to the disposal by GroCapital |
| 14/09/2011 | 08:30 | Village Main Reef Limited - Report for the three months ended 30 June 2011 |
| 14/09/2011 | 08:26 | HYP/HYPC - Hyprop Investments Limited - Dealings in securities |
| 14/09/2011 | 07:15 | First Uranium Corporation - Fatality at Ezulwini Mine |
| 14/09/2011 | 07:10 | British American Tobacco p.l.c.- Transaction in own shares |
| 14/09/2011 | 07:07 | MMI Holdings Limited - MMI charts new vision |
| 14/09/2011 | 07:07 | Rolfes - Abridged Audited Consolidated Results for the year ended 30 June |
| 14/09/2011 | 07:05 | MMI Holdings Limited - Audited group results for the year ended 30 June |
| 14/09/2011 | 07:05 | RAFRES - NEWFUNDS eRAFI(TM) SA Resource 20 INDEX ETF - Partial de-listing of |
Click here for more SENS news