JSE starts 2008 in upbeat mood

South African stocks ended the first trading day of 2008 with sharp gains on Wednesday led by miners on firmer metal prices, while bargain hunting following Monday's sell-off further shored up the local bourse.

But volumes remained low as some traders are still on festive season break. The JSE's broader all share index gained 1.05% thanks to a 1.73% rise in the platinum mining index. Resources added 1.23% but the gold mining index was off 0.21%. Banks rallied 1.75%, financials gained 0.84% and industrials perked up 0.97%.

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S.Africa economic policies to offset c/a risks - government

(Reuters) - South Africa's economic position, including net reserves, will be adequate in dealing with risks associated with the country's huge current account deficit, a top treasury official said on Monday.

Speaking to Reuters after the release of the International Monetary Fund's (IMF) annual country report, National Treasury Director-General Lesetja Kganyago said that the finance ministry was not overly concerned about the current account.


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Highveld says H1 headline EPS at 648.2 cts

(Reuters) - South Africa's Highveld Steel and Vanadium Corporation's first half headline earnings per share increased to 648.2 cents from 404.9 cents a year ago, the firm said on Friday.

Highveld said headline earnings rose to 643 million rand, from 401 million rand.


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Resources lead S.African stock market firmer

(Reuters) - Resource shares continued to lead South African shares to higher ground on Tuesday, with heavyweight miners Anglo American and rival BHP Billiton leading the march.

"We have seen gold and copper prices up quite significantly on the back of improved global markets, which are more than anything driving our markets rather than what is happening locally," Gryphon Asset Management Chief Investment Officer, Abri du Plessis said.


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S.Africa worried GMO labels could raise food prices

(Reuters) - South Africa is resisting labelling its genetically modified foods because of fears it could raise prices and make food less available for consumers, a senior health official told the country's parliament on Tuesday.

The country, Africa's economic powerhouse and one of the few on the continent to accept genetically modified organisms, or GMOs as they are popularly known, does not currently require that the modified foods be labelled.


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S.Africa June trade deficit widens

(Reuters) - South Africa's trade balance shifted further into deficit in June, recording a shortfall of 5.31 billion rand and keeping pressure on South Africa's current account, official data showed on Tuesday.

The data follows May's smaller 2.67 billion rand shortfall and compares with expectations of a 3.5 billion rand gap.


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South Africa eyes import tariff cuts to aid manufacturing

(Reuters) - South African President Thabo Mbeki said on Sunday his government may cut tariffs on some imported equipment and goods in a bid to boost the manufacturing sector and make it more competitive internationally.

In a briefing to discuss the outcome of a mid-year meeting of his cabinet and other senior officials, Mbeki said a healthier manufacturing sector was critical to the government's efforts to narrow the country's trade deficit.


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Tongaat sees H1 headline loss per share of 145 cts

(Reuters) - South African sugar group Tongaat Hullet (TH) expects a headline loss per share for the six months to end-June of 145 cents per share versus a headline profit per share of 283 cents per share a year-ago.

The company said on Friday the loss came about after accounting for expenses from restructuring the company by selling a stake to black investors and other costs.


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S.Africa's bourse down 2 pct on global sell off

(Reuters) - South Africa's blue chip top 40 index opened more than 2 percent lower on Friday on the back of a global markets sell off.

Asian shares dropped sharply while Japanese government bonds and the yen rose on Friday as investors fled riskier assets, fearing rising costs of corporate credit will damage the U.S. economy. European shares also opened lower.


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S.Africa maize forecast down, but traders sceptical

(Reuters) - South Africa lowered its forecast of the 2006/07 maize harvest marginally to 6.9 million tonnes on Wednesday, but many traders were convinced that the harvest would be far smaller and squeeze supplies.

The figure was close to expectations but met with scepticism from dealers who say independent figures show farmers have to date delivered much less maize to silos -- a fact that has spurred local prices over the past couple of weeks.


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S.Africa maize deliveries soar to 4.858 mln T

(Reuters) - Maize deliveries soared by 601,000 tonnes to 4.858 million tonnes last week, data showed on Wednesday, somewhat allaying worries that this season's harvest may be far smaller than feared.

It was the biggest weekly jump in deliveries since June 15, according to Reuters calculations and included 3.074 million tonnes of white maize and 1.784 million tonnes of yellow maize, the South African Grain Information Service (SAGIS) said.


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S.Africa stocks tumble as banks, miners weaken

(Reuters) - South Africa's blue-chip Top-40 index fell over 1.2 percent on Wednesday, dragged lower by weak mining and bank stocks after fresh weakness on Wall Street.

The Top-40 index was 1.1 percent weaker at 26,512 points by 0707 GMT after falling to an intraday low of 26,472 points earlier.


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Hulamin posts H1 loss, sees rosier H2

(Reuters) - Hulamin, the South African maker of semi-fabricated aluminium, posted a first-half headline loss per share of 33 cents as one-off costs outweighed revenue growth, but forecast a stronger second half.

Hulamin said on Tuesday it saw operating earnings in the second half beating those of the first half to end-June, which were undermined by one-off 160 million rand charge linked to the sale of a stake to black investors and by other costs.


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South African Rand Rises to 11-Month High Versus Dollar on Interest Rates

(Bloomberg) -- South Africa's rand strengthened to
its highest against the dollar in more than 11 months on
speculation the interest rate gap with the U.S. will widen.

The currency of Africa's biggest economy has advanced 3
percent in the past year as the Reserve Bank has raised rates
five times to 9.5 percent, compared with a key rate of 5.25
percent in the U.S. Economists expect a government report this
week will show inflation exceeded the central bank's target range
for a third month in June.


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Rand firms more than 1 pct vs dollar

(Reuters) - South Africa's rand firmed by more than one percent versus the dollar on Monday, as the greenback hovered near a record low against the euro -- the currency of South Africa's largest trading partner.

At 0600 GMT, the rand stood at 6.8250 to the greenback, its strongest level since August 20 last year. It reached 6.80/dollar earlier.


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Rand softer as inflows excitement fades

(Reuters) - South Africa's rand softened against the dollar on Friday as the previous day's market excitement over possible investor inflows into the country faded and emerging market nerves re-emerged.

At 1545 GMT the rand stood at 6.8845 versus the dollar, about 0.36 percent weaker than Thursday's close of 6.86 in New York.


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Hulamin sees H1 loss due to one-off item

(Reuters) - South African semi-fabricated aluminium maker Hulamin expects a interim headline loss of about 70 million rand or 33 cents per share due to once-off corporate structuring costs, it said on Friday.

Hulamin said it incurred costs of about 160 million rand after the introduction of black investors into the firm.


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Platinum Futures Climb to Record in Tokyo as South Africa Mine Talks Stall

(Bloomberg) -- Platinum futures rose to a record in
Tokyo as deadlocked wage talks between unions and mines in South
Africa, the world's biggest producer of the metal, raised concern
that production may be crimped.

State officials in South Africa have been called in to
mediate negotiations at Anglo Platinum Ltd. and Impala Platinum
Holdings Ltd., the world's two biggest makers. Mediation is a
necessary step before unions can call a strike. Pay talks at
Northam Platinum Ltd., which reduced its raise demand, also ended
without an agreement yesterday.


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S.Africa chemical workers threaten strike over pay

(Reuters) - About 7,000 workers at South Africa's chemical firms, including energy giant Sasol, may strike next week after wage talks collapsed on Wednesday, trade union Soldarity said.

The union said final negotiations broke down after management refused to improve its offer of a 7.5 percent wage increase. Unions are demanding a 10 percent raise.


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Platinum Futures Rise on Threats of South African Strikes; Palladium Gains

(Bloomberg) -- Platinum rose in New York on
speculation that strikes may disrupt supplies from South Africa,
a source of 78 percent of the metal. Palladium also gained.

State officials in South Africa are mediating in pay talks
between unions and management at Anglo Platinum Ltd. and Impala
Platinum Holdings Ltd., the world's two biggest producers of the
metal. Mediation is a necessary step before unions can call a
strike. Pay talks at Northam Platinum Holdings Ltd. ended without
an agreement yesterday.


Read more at Bloomberg Commodities News