Company Data
| Last traded |
R113.00 |
| Change |
R0.00 |
| % Change |
0.00% |
| Cumulative volume |
1.71m |
| Market cap |
R179.93bn |
Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - The rand softened further in midday trade on Monday, in
line with the euro which was under pressure as concerns over US and
eurozone debts weighed on markets.
In mid-morning trade, the
rand was bid at R6.9365/$ from its previous close of R6.8886/$. It was
bid at R9.7560 to the euro from R9.7558 before, and at R11.1452 against
sterling from R11.1055 previously.
The euro was at $1.4063 from $1.4120.
A
local dealer said that as long as the debt issues continued to plague
the eurozone, and with the US in negotiations over its debt ceiling, the
rand would continue to lose ground.
Michael Keenan, head of
forex research at Standard Bank, said that R6.95/$ was a crucial level
for the local currency against the dollar. "If we break that level amid
the current risk aversion, then R7.08 is on the cards," he said.
Standard
Bank analysts said in a morning report that although the rand was still
below the psychological R7.00/$ level, momentum remained in favour of
rand bears.
"Risk aversion associated with eurozone sovereign
debt has culminated in a firmer dollar and higher gold price, while
risky assets such as emerging market currencies have sold off.
"However,
the rand is weakening more than most of its emerging market peers,
which we view as a function of the escalating industrial action in SA."
Standard
Bank Group [JSE:SBK] said that, despite metal and engineering workers
reportedly returning to work within the next 48 hours after agreeing to a
10% wage increase, wage talks in the oil industry would only resume
today. Many petrol stations in Gauteng and Kwazulu-Natal have already
run dry.
"We would sell into rand strength (buy dollar dips),
with a target of R6.96 in mind. If (it) breached to the upside, a return
to R7.08 would be possible over the coming days."
Meanwhile,
Dow Jones Newswires reported that in foreign exchange markets the euro
could not gain any momentum, with market participants expressing
scepticism over the quality of European bank stress tests.