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Wednesday, 21 September 2011 - 20:00
Charts
S.African rand tumbles, tipped to hit 8.00/dollar soon
By Phumza Macanda
JOHANNESBURG (Reuters) - South Africa's rand tumbled nearly 3 percent to hit 16-month lows against the dollar on Wednesday as importers piled into the greenback, spooked by a recent trend of sharp declines that dealers said would continue.
At 1520 GMT, the rand was trading at 7.8720 to the dollar, 1.7 percent weaker than Tuesday's New York close of 7.74 and having hit 7.9650, its weakest since May 2010.
With over 5 percent of losses so far this week, the rand was on track to register its biggest weekly decline since May 2009.
"Importers .... are panicking and any order is moving the market aggressively," said Ion de Vleeschauwer, dealer at Bidvest Bank.
The rand has broken through several key technical levels this week and will likely hit 8.00 to the dollar soon.
"We have hit 7.9650 already so I think 8.00 could come under pressure and not hold. Sentiment for the short term has turned very bearish," said Judy Padayachee, a technical analyst at Absa Capital who sees it at 8.10/8.20 over the next few days.
"All my daily and weekly indicators are screaming the rand is oversold, but I have to ignore that and look at the price action, which shows it is under pressure and the trend is still weaker for now."
The rand was also at its weakest levels since January 2010 against the euro and sterling.
A reprieve is unlikely in the short term given investors are shunning risky positions in view of the deepening debt crisis in the euro zone.
The sharply weaker rand has created a monetary policy headache for the South African Reserve Bank as it tries to make a trade-off between rising inflation and weak growth.
But the central bank is still expected to keep its repo rate unchanged at 5.5 percent when it announces a decision on borrowing costs on Thursday.
Data showed earlier that annual headline inflation was steady at 5.3 percent in August but it is expected to rise gradually over the next few months and peak at 6.3 percent in the first quarter of 2012.
Government bonds firmed after the CPI data, which was softer than expected, with the yield on the 2015 bond down two basis points to 6.85 percent on the day and that on the 2026 issue falling by the same margin to 8.395 percent.
For now, money markets are still pricing in a small chance of a rate cut over the next few months, with the 6x9 FRA (forward rate agreement) rate at 5.21 percent on Wednesday after rising to 5.4 percent on Tuesday.
But analysts say the inflation outlook has deteriorated and instead of a rate cut, rates will be stable for longer.
Wed, 21 Sep 2011Top News
![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnewsimages%252F2011-09-21T172147Z_01_AJOE78K1C8D00_RTROPTP_3_OZABS-MARKETS-SAFRICA-STOCKS-20110921.JPG "Electronic board displaying movements in major indices is seen at Johannesburg stock exchange in Sandton") South African stocks ended a choppy session little changed on Wednesday as investors refrained from making large moves ahead of the outcome of a U.S. Federal Reserve meeting. Full story ![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnewsimages%252F2011-09-21T121410Z_01_AJOE78K0XZO00_RTROPTP_3_OZABS-SAFRICA-RAND-20110921.JPG "A CHILD HOLDS A FIFTY RAND NOTE.") South Africa's rand extended losses against the dollar on Wednesday, tumbling nearly 3 percent to 16-month lows as importers spooked by its sharp losses in recent days bought greenback in a panic. Full story |
 Iran freed on Wednesday two U.S. men it jailed for over two years on espionage charges after $500,000 (320,123 pounds) bail for each was paid by Oman, Reuters witnesses and diplomatic sources said. Full story  Flag-waving Palestinians filled the squares of major West Bank cities on Wednesday to rally behind President Mahmoud Abbas's bid for statehood recognition at the United Nations in the face of U.S. and Israeli objections. Full story  Afghans gathered to mourn assassinated former president and chief peace negotiator Burhanuddin Rabbani on Wednesday, World Peace Day, as fears mounted that his death could deepen ethnic divisions and nudge the country towards civil war. Full story |
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SA Business |
Growth in South Africa's retail sales quickened to 2.8 percent year-on-year at constant prices in July from a revised 2.4 percent. . . Full story |
South Africa's Treasury said on Wednesday it would issue 1.1 billion rand worth of the 2020 government bond and 1.0 billion. . . Full story |
South Africa's targeted consumer inflation was unchanged on a year-on-year basis in August and below market expectations, suggesting price pressures are. . . Full story |
South Africa's rand pulled slightly away from the previous day's 14 month lows against the dollar on Wednesday but remained on. . . Full story | |||
South Africa's Gold Fields Ltd could invest up to $2 billion to develop a gold and copper prospect in the Philippines,. . . Full story | Maize deliveries to South African silos rose to 8.872 million tonnes in the week to September 16, up from a revised. . . Full story | Inditex , the world's
biggest fashion retailer, has reported a slowdown in sales
growth in the last few weeks, after a forecast-beating
half-year, raising. . . Full story | Angola's banks must use their strong capital and liquidity positions to help fund the diversification of the oil-dependent economy by providing. . . Full story |
Company News |
ChemSpec and Mica announced that they had reached an agreement in principal regarding the sale to Mica Holdings Ltd of ChemSpec. . . Full story |
Shareholders were advised that a circular relating to the granting by Sasfin of financial assistance to companies within the group in. . . Full story |
Afdawn shareholders ("shareholders") are referred to the circular dated 19 August 2011("the circular") detailing:
* a partially underwritten, renounceable rights offer. . . Full story |
Business Report indicated that Calgro M3 Holdings has expanded its operations into the Western Cape following the award of a R554. . . Full story | |||
Company Results | Revenue grew by 6% to R5.7 billion (R5.4 billion) and gross profit jumped by 10% to R1.3 billion (R1.2 billion). Operating. . . Full story | Revenue was up by 34% to R712.2 million (R530.5 million). Operating profit rose by 19% to R83.9 million (R70.7 million). Net. . . Full story | Results for the June interim period showed turnover of R889 million (June 2010: R412.1 million) and an increase in gross profit. . . Full story | Sales revenue for the 15 months ended 30 June 2011 increased to R15 billion (2010: R11.8 billion). Trading profit weakened to. . . Full story |
World Markets (Spot Prices)
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The JSE Today
Trading Statistics| Date | Adv. | Decl. | Unch. | Actives | Volume | Value | Trades | Orders |
|---|---|---|---|---|---|---|---|---|
| 21/09/2011 | 246 | 172 | 86 | 504 | 300,562,590 | R15,640,701,953 | 126528 | 2524242 |
| 20/09/2011 | 237 | 124 | 87 | 448 | 233,481,242 | R12,127,472,792 | 87645 | 2517231 |
| 19/09/2011 | 151 | 206 | 79 | 436 | 453,259,208 | R12,611,007,070 | 101516 | 2456355 |
| 16/09/2011 | 186 | 153 | 86 | 425 | 298,294,485 | R11,990,751,285 | 95565 | 2438342 |
| 15/09/2011 | 237 | 122 | 77 | 436 | 343,174,424 | R21,085,614,091 | 176303 | 2609149 |
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Stock Exchange News Service
| Date | Time | Headline |
| 21/09/2011 | 17:46 | IKH2A2 - iKhaya RMBS 2 Limited - Partial Capital Redemption |
| 21/09/2011 | 17:35 | Total Client Services Limited - Awarding of new tender, no change |
| 21/09/2011 | 17:14 | Chemspec - Mica / ChemSpec announcement |
| 21/09/2011 | 17:02 | Brikor Limited - Granting of option to restructuring officer |
| 21/09/2011 | 16:59 | Avusa Limited - Dealing in shares by a director of a major subsidiary |
| 21/09/2011 | 16:58 | Avusa Limited - Dealing in share-based incentives by an executive director |
| 21/09/2011 | 16:25 | OML - Old Mutual Plc - Form 8.3 |
| 21/09/2011 | 16:16 | FRC62 - FirstRand Bank Limited - Partial Capital Redemption |
| 21/09/2011 | 16:13 | Reunert Limited - Changes to the board of directors |
| 21/09/2011 | 16:03 | BILETS - Letshego Holdings Limited - Trading Notice: Acquisition of majority |
| 21/09/2011 | 16:02 | BILETS - Letshego Holdings Limited - Trading Notice: Interim results for the six |
| 21/09/2011 | 16:01 | BILETS - Letshego Holdings Limited - Communication to shareholders |
| 21/09/2011 | 16:00 | Anooraq Resources Corporation - Further cautionary announcement and |
| 21/09/2011 | 16:00 | BILETS - Letshego Holdings Limited - Renewal of cautionary announcement |
| 21/09/2011 | 15:50 | SFN/SFNP - Sasfin Holdings Limited - Announcement regarding the posting of the |
| 21/09/2011 | 15:44 | SBN36 - The Standard Bank of South Africa Limited - Partial De-Listing |
| 21/09/2011 | 15:41 | Total Client Services Limited - Disclosure of acquisition of |
| 21/09/2011 | 15:38 | SBN36 - The Standard Bank of South Africa Limited - Partial De-Listing |
| 21/09/2011 | 15:20 | Alert Steel Holdings Limited - Changes to the board of directors |
| 21/09/2011 | 15:13 | Capevin Investments Limited - No change statement and notice of Annual |
| 21/09/2011 | 15:08 | CLN000096 - The Standard Bank Of South Africa Limited - Interest Rate |
| 21/09/2011 | 15:07 | CLN000095 - The Standard Bank Of South Africa Limited - Interest Rate |
| 21/09/2011 | 15:06 | CLN000094 - The Standard Bank Of South Africa Limited - Interest Rate |
| 21/09/2011 | 15:05 | CLN000093 - The Standard Bank Of South Africa Limited - Interest Rate |
| 21/09/2011 | 15:04 | CLN000092 - The Standard Bank of South Africa Limited - Interest rate |
| 21/09/2011 | 15:03 | CLN000091 - The Standard Bank Of South Africa Limited - Interest Rate |
| 21/09/2011 | 15:02 | CLN000085 - The Standard Bank of South Africa Limited - Interest Rate |
| 21/09/2011 | 15:01 | CLN000083 - The Standard Bank Of South Africa Limited - Interest Rate |
| 21/09/2011 | 15:00 | CLN000070 - The Standard Bank of South Africa Limited - Interest Rate |
| 21/09/2011 | 14:30 | Avusa Limited - Appointment of Interim Non-Executive Chairman |
| 21/09/2011 | 14:20 | JOZI03 - The City Of Johannesburg Metropolitan Municipality - Interest Rate |
| 21/09/2011 | 13:50 | BINRA - South African National Roads Agency Soc Limited - Availability |
| 21/09/2011 | 13:20 | CCO - Capital & Counties Properties PLC - Notification of major interests in |
| 21/09/2011 | 13:00 | Naspers Limited - Notification in terms of section 122(3) of the companies |
| 21/09/2011 | 12:53 | RBA Holdings Limited - Trading update |
| 21/09/2011 | 12:36 | REMIDI - Investec Warrants - Declared final dividend announcement on Remgro |
| 21/09/2011 | 12:35 | REMIHG - Investec Warrants - Declared final dividend announcement on |
| 21/09/2011 | 12:33 | Accentuate Limited - Change to the board of directors and change of |
| 21/09/2011 | 12:28 | Onelogix Group Limited - Dealing in securities |
| 21/09/2011 | 11:49 | SCIB/USDSCG - The Standard Bank of South Africa Limited - Issue of |
| 21/09/2011 | 11:48 | INL/INP - Investec - Form 8 (DD) |
| 21/09/2011 | 11:47 | INL/INP - Investec Limited/Investec plc - Form 8 (DD) |
| 21/09/2011 | 11:39 | Sea Kay Holdings Limited - Posting of circular and notice of a general |
| 21/09/2011 | 11:30 | SABMiller Plc - Recommended proposal to acquire Foster`s at A$5.10 per |
| 21/09/2011 | 11:10 | Resilient Property Income Fund Limited - Resolutions of the linked |
| 21/09/2011 | 11:08 | Petmin Limited - Petmin increases investment into Canadian PIG Iron |
| 21/09/2011 | 10:57 | African Dawn Capital Limited - Results of General Meeting/ |
| 21/09/2011 | 10:01 | CLR/CLRP - Clover Industries Limited - Dealings in share appreciation rights |
| 21/09/2011 | 10:00 | CLR/CLRP- Clover Industries Limited - Allocation and acceptance of |
| 21/09/2011 | 09:53 | Gold Fields Limited - Gold fields makes second payment on FSE Gold- |
| 21/09/2011 | 09:50 | INL/INP - Investec Limited/ Investec plc - Disclosure in accordance with Rule |
| 21/09/2011 | 09:34 | ELR/ELRP - ELB Group Limited - Reviewed group provisional report and final |
| 21/09/2011 | 09:02 | INVS - Investec Bank Limited - Expiry of stock warrants 5 October 2011 |
| 21/09/2011 | 08:43 | ABN39 - Absa Bank Limited - New Financial Instrument Listing |
| 21/09/2011 | 08:30 | Sovereign Food Investments Limited - Trading statement |
| 21/09/2011 | 08:10 | Firestone Energy Limited - Firestone appoints CEO |
| 21/09/2011 | 07:30 | Pallinghurst Resources Limited - Interim results for the six months ended |
| 21/09/2011 | 07:13 | IFCA Technologies Limited - Update to the announcement regarding |
| 21/09/2011 | 07:10 | British American Tobacco p.l.c - Transaction in own shares |
| 21/09/2011 | 07:06 | BHP Billiton Plc - Notice of 2012 Interim Dividend |
| 21/09/2011 | 07:06 | ADAPTIT Holdings Limited - Abridged consolidated audited results for the |
| 21/09/2011 | 07:05 | BHP Billiton Plc - Annual Financial Report |
| 21/09/2011 | 07:05 | Nampak Limited - Exercise of share options and sale of shares by a |
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