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Wednesday, 09 November 2011 - 20:00
Charts
SAfrica's rand falls 2.8 pct on outlook downgrade, EZ crisis
JOHANNESBURG (Reuters) - South African assets fell on Wednesday when investors were spooked by a ratings outlook downgrade of the domestic economy, which added to market fears over the euro zone debt crisis.
Yields on government debt ended 11 basis points higher on the 2015 issue and jumped 12 points on the 2026 bond partly as the most liquid government bonds reacted to Moody' s rating agency cutting South Africa's A3 rating outlook to negative from stable.
"The (outlook) downgrade combined with all of the international factors, is the biggest driver. It's a definite concern for your international investors if you suddenly get a downgrade," said Marten Banninga of World Wide Capital Securities.
"I do think there is a possibility you get a relook at South Africa from these international investors," Banninga said.
The local market was also tracking the weakness in euro zone bonds and that region's depressed currency.
The rand gave up 2.8 percent from its previous close to the dollar, trading as low at 8.0360 on the day.
The local unit has managed to hold just below the 8 level in the past sessions but broke through that barrier on Wednesday as investors dumped risk.
Europe's current inability to sort out its debt problems has battered sentiment towards emerging markets and Moody's outlook downgrade, although analysts say it is unlikely to lead to a ratings cut, soured sentiment further.
Gill Marcus will make her sixth and final monetary policy statement at 1300 GMT on Thursday and most of the market sees the rate holding steady.
"The MPC committee has one bullet left in the chamber and I don't think they'll use it tomorrow. I think rates will be unchanged, even more so now with Moody's downgrade," said Steve Arnold, a bond trader at Investec Bank.
Arnold said it would be prudent for the central bank's governor Gill Marcus to leave herself ammunition in case of a further deterioration in the European Union.
The futures markets however have priced in some chance of a cut, which could see bonds weaken as long positions unwind if there is not cut.
Wed, 09 Nov 2011Top News
![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnewsimages%252F2011-11-09T162328Z_01_AJOE7A819J600_RTROPTP_3_OZABS-SAFRICA-TREASURY-MOODYS-20111109.JPG "Moody's sign on 7 World Trade Center tower in New York") South Africa is disappointed by Moody' s decision to cut the country's ratings outlook and disagrees with the agency's assessment of political risks, the National Treasury said in a statement on Wednesday. Full story ![[IMAGE]](image.php@width=300&height=150&cropratio=2%253A1&image=%252Fnews_images_sn%252F1317717632.jpg "Man walks past the Johannesburg stock exchange offices in Sandton") South African stocks posted their biggest one-day loss in five weeks on Wednesday, dropping 2.3 percent as fears about the outlook for Italy's debt crisis pushed investors to sell off recent gainers such as miners and banks. Full story |
 Greek Prime Minister George Papandreou said he was stepping down on Wednesday without naming his successor as the nation heads towards an economic precipice, but party sources said political leaders had agreed it would be the speaker of parliament. Full story  Italy's president stepped in to calm markets on Wednesday after the country's borrowing costs raced to catastrophic levels, saying urgent action would be taken to end a political crisis. Full story  Iranian President Mahmoud Ahmadinejad dismissed on Wednesday a report from the United Nations' nuclear agency that highlighted concerns Tehran had worked on designing an atomic bomb, saying it was based on "invalid" information from Washington. Full story |
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Markets |
European shares fell on Wednesday
as rising tensions around Italy's debt situation pushed its bond
yields into the danger zone, hitting riskier assets. . . Full story |
Britain's top shares sank to their
lowest close for a week on Wednesday on spiralling concerns over
Italy's debt as the country's bond. . . Full story |
U.S. stocks slid more than 2
percent on Wednesday as a spike in Italian bond yields
heightened fears the debt crisis in Europe. . . Full story |
Stocks and the euro tumbled on
Wednesday as Italian borrowing costs spiked, raising fears the
country will be forced to seek a bailout. . . Full story | |||
Gold edged higher on Wednesday on
persistent doubts about Italy's ability to tackle its growing
debt crisis as political uncertainty and soaring Italian. . . Full story |
U.S. stocks tumbled at the open
on Wednesday as a spike in Italian bond yields prompted fears
the region's debt crisis was spiraling.. . . Full story |
The New York Stock Exchange and
NYSE Amex Cash Markets on Wednesday invoked a rule to smooth
trading at the market open as. . . Full story |
(Repeats to attach to snap)
European shares extended falls on Wednesday, with Italian stocks
tumbling and bond yields topping 7 percent, on concerns. . . Full story | ||||
SA Business |
The chief executive of AngloGold Ashanti said the world's No. 3 gold producer could employ deep-mining technology under development in South. . . Full story |
AngloGold Ashanti, the world No. 3 gold miner, reported record-breaking quarterly earnings on Wednesday, beating forecasts as bullion's bull run filled. . . Full story |
South African blue-chip stocks fell sharply in afternoon deals on Wednesday, dragging the benchmark Top-40 index down more than 2 percent. . . Full story |
South Africa's manufacturing output grew by 7.7 percent year-on-year in volume terms in September compared with a revised 5.9 percent expansion. . . Full story | |||
Helios Towers Nigeria, the firm that bought South Africa's Telkom stake in Nigeria's Multi-Links for $10 million, said on Wednesday that. . . Full story | South Africa played down suggestions from Moody's on Wednesday that political pressure could lead to a further deterioration in public finances,. . . Full story | Zambia exported more than 496,000 tonnes of maize to its neighbours from September last year to October this year after a. . . Full story | South Africa is committed to a sustainable fiscal path and sees the outlook downgrade by ratings agency Moody's in the context. . . Full story |
Tencent Holdings Ltd , China's
biggest Internet company by revenue, reported its slowest profit
growth in four years, missing analysts' estimates on softer
growth in its casual games and lower margins due to increased
investments.. . . Full story | South Africa's Allied Technologies said on Wednesday it is no longer in talks to acquire unlisted Kenyan IT firm Symphony, a deal that Reuters previously reported could be worth up to. . . Full story | Maize deliveries to South African silos rose to 9.451 million tonnes in the week to November 4, up from a revised 9.432 million tonnes in the week before, data showed on. . . Full story |
Company News |
Shareholders are referred to the announcement of the company's audited results for the year ended 30 June 2011 released on the. . . Full story |
Shareholders are advised that following the announcement released on Sens on 4 October 2011, Kagiso Media has posted a circular. . . Full story |
Optimum informed shareholders and updated the market that the company has entered into a R2.2 billion revolving credit facility with a. . . Full story |
Shareholders were advised that, at the annual general meeting of Putprop held on 9 November 2011, all the resolutions as set. . . Full story | |||
Business Day quoted FirstRand CEO, Sizwe Nxasana, as saying that the bank was more likely to make an acquisition in Nigeria than start from scratch in the country. Mr Nxasana implies in FirstRand's annual report that he wants to take advantage of the expected consolidation of Nigeria's fragmented banking system and acquire a bank that would like an alliance with a stronger rival. FirstRand's continued interest in Nigeria comes despite the group's failed attempt to buy Sterling Bank.. . . Full story | |||||||
Company Results | Revenue rose by 34% to R1.7 billion (R1.3 billion) and operating profit was up by 42% to R909.3 million (R638.1 million).. . . Full story | Revenue remained stable around R6.8 billion. Gross profit decreased to R2.3 billion (R2.7 billion). Operating profit declined by 19% to R1.7. . . Full story | Revenues more than doubled to USD157.7 million (USD73.1 million). Operating earnings almost quadrupled to USD58.4 million (USD16.0 million). Net earnings soared. . . Full story | Group revenue increased by 19% to R10 467 million (September 2010: R8 768 million). Operating profit before interest, tax, depreciation and. . . Full story |
World Markets (Spot Prices)
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The JSE Today
Trading Statistics| Date | Adv. | Decl. | Unch. | Actives | Volume | Value | Trades | Orders |
|---|---|---|---|---|---|---|---|---|
| 09/11/2011 | 123 | 240 | 81 | 444 | 255,463,787 | R12,409,833,097 | 115363 | 2803376 |
| 08/11/2011 | 220 | 128 | 96 | 444 | 247,286,363 | R10,570,419,272 | 79239 | 2148994 |
| 07/11/2011 | 244 | 126 | 62 | 432 | 192,463,753 | R8,664,641,342 | 76201 | 2575331 |
| 04/11/2011 | 147 | 210 | 79 | 436 | 246,985,385 | R11,596,080,586 | 100931 | 2800537 |
| 03/11/2011 | 176 | 188 | 92 | 456 | 289,864,602 | R14,513,936,422 | 103478 | 2964307 |
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Stock Exchange News Service
| Date | Time | Headline |
| 09/11/2011 | 17:46 | Old Mutual plc - Notification of transactions of directors, persons |
| 09/11/2011 | 17:30 | Discovery Holdings Limited - Dealings in securities by a director |
| 09/11/2011 | 17:26 | OML - Old Mutual plc - Form 8.3 |
| 09/11/2011 | 17:07 | ArcelorMittal South Africa Limited - Allocation and acceptance of share |
| 09/11/2011 | 17:05 | Steinhoff - Terms of the capitalisation share award and the |
| 09/11/2011 | 17:01 | JCI Limited - Voluntary announcement - unaudited NAV statement and renewal |
| 09/11/2011 | 17:00 | Pioneer Food Group Limited - Further trading update |
| 09/11/2011 | 16:50 | Trans Hex - Unaudited Interim Results for the six months ended 30 |
| 09/11/2011 | 16:41 | Real Africa Holdings Limited - Resignation of director |
| 09/11/2011 | 16:29 | The Spar Group Limited - Directors` dealings: acceptance of options |
| 09/11/2011 | 16:28 | Tradehold Limited - Trading statement |
| 09/11/2011 | 16:06 | Amalgamated Electronic Corporation Limited - Unaudited results for |
| 09/11/2011 | 15:42 | PSG Group Limited - Dealing in PSG Group Limited shares by an |
| 09/11/2011 | 15:27 | Comair Limited - Report on proceedings at Annual General Meeting |
| 09/11/2011 | 15:25 | ABN41 - Absa Bank Limited - New Financial Instrument Listing |
| 09/11/2011 | 15:05 | RTO/RTN/RTOP - Rex Trueform Clothing Company Limited - Dealing in securities |
| 09/11/2011 | 15:00 | Kagiso Media Limited - Notice of General Meeting |
| 09/11/2011 | 14:29 | Capitec Bank Holdings Limited - Dealing in securities by a director |
| 09/11/2011 | 14:20 | IQuad Group Limited - Update on disposal by Iquad of its 90% equity |
| 09/11/2011 | 13:43 | Optimum Coal Holdings Limited - Optimum Coal Holdings - debt re- |
| 09/11/2011 | 13:32 | INL/INP - Investec Limited/ Investec plc - Form 8 (DD) |
| 09/11/2011 | 13:31 | INL/INP - Investec Limited/Investec plc - Form 8 (DD) |
| 09/11/2011 | 13:30 | Transpaco Limited - Record date of the Annual General Meeting |
| 09/11/2011 | 13:20 | Wilson Bayly Holmes - Ovcon Ltd - Board Appointments |
| 09/11/2011 | 13:19 | WBO-Wilson Bayly Holmes - Ovcon Ltd - Results of Annual General Meeting |
| 09/11/2011 | 13:10 | Efficient Group Limited - Condensed audited consolidated annual |
| 09/11/2011 | 13:10 | BIIVU - iVuzi Investments Limited - Listing of Tap Issues |
| 09/11/2011 | 13:10 | Putprop Limited - Results of Annual General Meeting |
| 09/11/2011 | 11:37 | BIJHB - City of Johannesburg Metropolitan Municipality - Media Release |
| 09/11/2011 | 11:33 | Harmony Gold Mining Company Ltd - Board of directors: changes to |
| 09/11/2011 | 10:50 | INL/INP - Investec Limited/Investec plc - Disclosure in accordance with |
| 09/11/2011 | 10:30 | Sephaku Holdings Limited - Notification of Share Dealing by |
| 09/11/2011 | 10:27 | IVA145 - iVuzi Investments Limited - Full Capital Redemption |
| 09/11/2011 | 10:19 | Famous Brands Limited - Dealings in securities |
| 09/11/2011 | 10:00 | Mustek Limited - Director dealing in securities |
| 09/11/2011 | 09:00 | African Eagle Resources plc - IFC discloses proposed investment in African |
| 09/11/2011 | 08:46 | Allied Technologies Limited - In response to speculation regarding |
| 09/11/2011 | 08:00 | AngloGold Ashanti Limited - Anglogold Ashanti Q3 profit at record |
| 09/11/2011 | 07:50 | Anglogold Ashanti Limited - Report for the quarter and nine months ended |
| 09/11/2011 | 07:38 | BISASP - South African Securitisation Programme (RF) Limited - Change in name of |
| 09/11/2011 | 07:25 | Premium Properties Limited - Dealing in securities by associate of a |
| 09/11/2011 | 07:12 | Business Connexion Group Limited - Dealings in securities by directors |
| 09/11/2011 | 07:10 | British American Tobacco p.l.c - Transaction in own shares |
| 09/11/2011 | 07:06 | Brait SE - Unaudited interim results for the six months ended |
| 09/11/2011 | 07:06 | The Bidvest Group Limited - Directors` dealings in securities |
| 09/11/2011 | 07:05 | The Spar Group Limited - Audited results for the year ended 30 September |
| 09/11/2011 | 07:05 | MAQ008 - Macquarie Securities South Africa (Pty) Limited - New Financial |
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