Tuesday, 10 January 2012 - 20:00
S.Africa's rand breaks losing streak, bonds rise
JOHANNESBURG (Reuters) - South Africa's rand firmed for the first day in five on Tuesday as risk sentiment improved with positive signals out of the Unites States, which in turn helped bond prices higher.
The rand broke the 8.10/12 resistance area to trade at 8.0625, making 1.1 percent worth of gains against the dollar on the day. It closed at 8.15 in New York on Monday.
Analysts see little chance for the rand to break the big 8 rand level without a convincing rally from the euro.
"Euro/dollar has struggled to rally much beyond 1.2800 and this has limited any further dollar/rand downside, as has traders buying on dips below 8.1000. I don't think USD/ZAR is going to break below 8.0000 anytime soon," said Christopher Shiells of Informa Global Markets.
The firmer rand helped to drag bond yields, which trade inversely to the price, to a week low.
The yield on the three-year bond closed at 6.80 percent from 6.885 percent on Monday and the fourteen year yield ended at 8.575 percent from 8.67 percent previously.
Treasury held its first fixed income auction for the year which saw healthy demand even though some players were said to be holding back.
"Most local clients we spoke to all wanted to adopt a wait and see strategy for the auction. It cleared a tad higher than I would have expected being the first auction but results were fair," said Steve Arnold, a bond trader at Investec.
"Rand strength dragged yields lower for most of the afternoon and I guess that players who missed (the auction) today jumped in as well," Arnold added.
South Africa also sold a $1.5 billion 12 year eurobond, taking advantage of low U.S. yields to diversify its sources of funding and pay down more expensive domestic debt. [ID:nL6E8CA0LJ
The bond attracted bids totalling $3 billion and saw demand from mainly European and American investors.
Analysts say state-owned agencies are likely to follow suit now that the sovereign has set a benchmark.
Tue, 10 Jan 2012
The company wished to advise shareholders that, with effect from 9 January 2012, Mr. Shaun Strydom has resigned from his role as group financial director of Blue. Mr Strydom will however continue to serve on the board of Blue as an. . .
Bytes Technology Group, wholly owned by Altron, has entered into agreements to acquire 100% of the issued share capital of Unisys Africa from Unisys Corporation and CyberKnowledge Systems Investments (Pty) Ltd, a local empowerment company. The transaction is subject to competition. . .
Revenue improved to R268.1 million (R236.9 million) and gross profit rose to R42.4 million (R36.2 million). Profit for the year grew to R10 million (R7.8 million), while headline earnings per share strengthened to 23.80cps (19.36cps).
*First quarter -- A dividend of 4 cents (2010: 4 cents) per share was declared on 22 December 2010 and paid to all shareholders recorded in the share register of the company at the close of business on Friday, 21 January 2011;
*Second quart. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||29481.51||249.59||0.85%|
|JSE Indust 25||17:00||29327.08||44.61||0.15%|
|Rand / Dollar||19:59||8.1052||-0.0482||-0.59%|
|Rand / Pound||19:55||12.5120||-0.0658||-0.52%|
|Rand / Euro||19:55||10.3534||-0.0619||-0.59%|
|Rand / NZD||19:58||6.4327||0.0132||0.21%|
|Rand / AUD||19:55||8.3643||0.0103||0.12%|
|Yen / Dollar||19:59||76.8300||-0.0370||-0.05%|
|Euro / Dollar||19:55||0.7827||-0.0002||-0.03%|
|Dollar / Euro||19:59||1.2778||0.0008||0.06%|
|Pound / Dollar||19:55||0.6460||-0.0006||-0.09%|
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|JSE TABACO ||4,858.16||-5||-0.11%|
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Latest Consensus Changes**
|SAB||SABMILLER PLC||HOLD||06 Jan|
|MTN||MTN GROUP LIMITED||BUY||06 Jan|
|OML||OLD MUTUAL PLC||BUY||06 Jan|
|CFR||COMPAGNIE FIN RICHEMONT||HOLD||05 Jan|
|REM||REMGRO LIMITED||BUY||04 Jan||
|Expected||Company Name||Fin. Date|
|13 Jan 2012||MAS||November 2011 (Q)|
|13 Jan 2012||TELEMASTR||September 2011 (Final)|
|18 Jan 2012||FORBES||November 2011 (Q)|
|19 Jan 2012||ELLIES||October 2011 (Interim)|
|19 Jan 2012||FIURANIUM||December 2011 (Q)|
|NAMPAK 6%P||11-12-08||12-01-20||12-01-30||R 0.0600|
|NAMPAK 6.5||11-12-08||12-01-20||12-01-30||R 0.0650||
|BCX||Business Connexion Group Ltd||13/01/2012||Unconfirmed|
|BCA||Business Connexion Group Ltd||13/01/2012||Unconfirmed|
|CLS||Clicks Group Ltd||17/01/2012||Confirmed||
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