Südafrika Rand

KROESUS · 25. April 2004

Ich denke, Gold hat jetzt sein Jahrestief in $ erreicht.

Der Einstieg inn Qualitätsminen könnte lohnen.

Vorzugsweise in SA?

Normalerweise steigt der Rand mit dem Goldpreis.

Wenn allerdings die Schwarzen ausflippen und die Weissen massakrieren, wird der Rand fallen.

Dann werden aber auch die Goldminen verstaatlicht, das entsprechende Gesetz ist schon im Gespräch.(Quote zugunsten der schwarzen Minenarbeiter)

Also Vorsicht!

gogh · 25. April 2004

"Qualitätsminen" = Worthülse.
===================

Will jemand Schrottminen?
================

Man kann diskutieren: Produzent oder Explorer?

Tagebau oder Untertagemine?

Senior (Volumenproduzent) z. B. Barrick, Harmony, mehrer Mio Unz p. a.

oder Mittelgroße Mine, einige 100 tausend Unz/P. a. z. B. Iamgold,

Equigold

Riesige Resourcen/Reserven z. B. Western Areas

dann die schwierige Frage nach Sinn und Unsinn von Hedgin

(Hedgin wird regelmäßig von kreditierenden Banken verlangt.

Andere machen damit "große Pollitik" wie Barrick)

gogh

KROESUS · 25. April 2004

Hallo,Gogh!

ehrlich gesagt, weiss ich nicht, welche Minen Qualität sind.

Ich wollte echte,produzierende Minen von Explorern abgrenzen, die meiner Meinung nach zu riskant sind. Es sollte schon etwas gefördert werden, wenn man Geld dafür bezahlt.

Welche Minen sind denn Deiner Meinung nach unterbewertet oder zumindest billig?

gogh · 25. April 2004

Welche Minen sind denn Deiner Meinung nach unterbewertet oder
=========================================
zumindest billig?
==========

Hier im Forum habe ich ca. 10 Minen erwähnt (bin erst 1 Monat dabei,

ist alles frisch). Man kann zusätzlich noch Harmony, Kinross, Sino Gold

nennen.

Das ist aber n i c h t das entscheidendende. Es kommt zuallererst

darauf an, eine eigene Meinung zum Gold zu entwickeln. Interessiert

man sich nicht wirklich für Gold an sich und als Geldwert, kann ich

nur raten, die Finger von den Minen zu lassen. Andernfalls ist

man allen möglichen Einflüsterungen ausgesetzt. Man wird

zwangsläufig "rausgeschüttelt".

Außerdem sollte man willens und in der Lage sein, notfalls

2 Jahre dabeizubleiben.

Nochmal ohne eigene Meinung zu Gold, keine Minen anfassen.

gogh

gogh · 26. April 2004

der Artikel beschreibt die aktuellen Auswirkungen des starken Rand auf Südafrikan.-GM,
es geht darin nicht nur um Goldfields
===========================================

Gold Fields strike on the cards over job cut plans
April 26, 2004

By Bloomberg

Johannesburg - Gold Fields, the world's fourth-biggest gold producer, might face a strike at Africa's biggest gold mine and another of its local operations over plans to cut costs, a labour union said at the weekend.

The company planned to cut jobs at Driefontein, which produced about 1.1 million ounces of gold a year and employs 16 000 people; and at Beatrix, which employed 5 000, the National Union of Mineworkers (NUM) said. Gold Fields said it was seeking ways to cut costs.

Willie Jacobsz, a Gold Fields spokesperson, said: "We are not planning mass retrenchments." The company was talking to the union at the two mines about ways to cut expenditure, he said.

The profits of South African gold producers have been slashed by the rand's 76 percent gain against the dollar since 2001, as they pay most costs in local currency while selling their metal for dollars.

Labour accounts for half of the costs of South African gold producers.

The talks on cost cutting follow an announcement by Harmony Gold Mining this month that it might close six of its local mine shafts employing a total of 5 000 people.

Durban Roodepoort Deep fired 3 000 workers in October and said on Friday it might reduce output at its East Rand Proprietary Mines associate.

Afrikander Lease closed its only mine in December.

Elias Mulaudzi, the branch chairman for the NUM at Driefontein, said: "A strike is definitely on the cards."

The NUM is also in talks with the Commission for Conciliation, Mediation and Arbitration over whether it can call a national strike to protest against job losses caused by the rand's appreciation.

South Africa has an unemployment rate of 28.2 percent, the highest among 54 countries monitored by Bloomberg.

Gold mining employs about 200 000 people in the country.

Shares in Gold Fields fell 1 percent to R73.35 in Johannesburg on Friday, while the gold mining sector fell 0.75 percent.

gogh

bognair · 26. April 2004

@ gogh
schöner beitrag!

anbei der Rand-Kurs von letztem freitag. somit sind wir genau an der spitze. wenn es jetzt hoch geht mit ihm, dann angriffs-versuch auf die dicke dicke marke 0,16. hoffe dass das dreieck es nicht schafft bzw schon jetzt runter geht. wir dürfen gespannt sein. Durban & Co noch mehr...

gogh · 28. April 2004

Habe heut einige Harmony zu knapp 9,5€ gekauft.

Unter 10€ ist eine feine Sache.

Nicht nur champagnisieren, nutze den Tag, carpe diem

gogh

bognair · 29. April 2004

anbei der Rand-Index von gestern:

"nicht alle Thrusts die nach unten gehn sind schlecht für uns"

was für Einstiegskurse das warn für die Hebel-Freunde aus Afrika!!

bis jetzt läuft hier alles nach Plan! Der Breakout vom Rand schaffte es nicht mal bis ganz nach oben. jetzt nachhaltig runter!??

Welcome to the Thrust !

bognair · 29. April 2004

und nun der Randgoldpreis. was für ein Timing überall in den Märkten!!

der Goldpreis in Rand gerechnet dürfte EXAKT an der Spitze sein - ähnlich wie der Rand-Index gestern!

"WOW!"

gogh · 9. Juni 2004

und die Auswirkungen auf die großen Kaffern
============================

aus Mineweb vom 09.06.2004
===================

Die Aufschlüsselung nach einzelnen Minen-

standorten ist das interessanteste am Artikel.

gogh

Two in five South African gold mines unprofitable
==============================

By: Stewart Bailey & Gareth Tredway

Posted: '09-JUN-04 16:48' GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) -- Two of every five South African gold mines owned by the country’s major producers are operating at a loss at the current rand gold price, while almost another third are making margins of less than 10 percent.

Mining executives have been vocal critics of the strong rand and the devastating effect it has had on their operations. A look at the latest set of numbers shows that their threats of shaft closures and pending job losses could soon materialise, as they redouble their efforts to bring 2.2 million ounces of annualised production back to profitability. Jobs are likely to come in for the chop, given that the price of gold is unlikely to come to the rescue; analysts reckon a weak rand and a high dollar gold price, which would give the industry some respite, is unlikely to occur any time soon.

Using a gold price of R82,000/kg, a level close to that at which local producers are selling their gold at the current dollar gold price and exchange rates, eight of the 19 South African mines owned collectively by AngloGold, Gold Fields, Harmony, Durban Roodepoort Deep are mining gold at a loss. In all, those unprofitable mines produce 2.2 million ounces of gold each year of a total of 9.3 million ounces.

Shocking as that analysis is, it may be on the generous side, given that Mineweb has used the end of the March quarter as its cost base. Once wage increases of about seven percent are implemented next month, raising total costs by more than 3.5 percent, even more production will find itself underwater – figuratively at least.

Among the worst affected is DRD.
=====================

Its 40 percent-owned Crown Gold Recoveries (57,340 oz during the March quarter) and the Blyvooruitzicht operation (56,858 oz) are both in loss territory, while its North West unit (87,711 oz) has a perilous margin of only 5 percent. The company, which resents being called marginal, has had its bacon saved by a smart acquisition of a 20 percent share in the Porgera mine in Papua New Guinea, which enjoys a margin of almost 50 percent.

Among the big three, Harmony’s situation is dire.
==============================
The group’s earlier strategy of buying cheap, loss-making assets and turning them around, has fallen foul of a strengthening currency, rampant producer inflation and a rand-denominated gold price that cannot seem to rise above R85,000/kg. Its acquisition of the Free Gold assets from AngloGold in 2001 has saved the group from total ignominy. The division is the group’s most prolific operating division and also its most profitable; it produced 233,435 ounces of gold during the March quarter at R72,240/kg for a margin of 12 percent at the current gold price. Orkney, at 65,622 ounces during the March quarter is also in the black if only just. But the rest of the operations are in varying states of despair, with Evander which has costs of R89,919/kg, the worst off.

Harmony has already flagged job losses and the possible closure of six shafts, but that could be optimistic if the current price environment persists.

Gold Fields is profitable at an operating level, if only just.
==================================

Its flagship Driefontein mine is the most profitable with an 18 percent margin, while its Beatrix operation which produces more than 600,000 ounces of gold a year is sailing close to the wind, at a margin of less than 5 percent. Even Kloof, regarded as one of the country’s largest and finest ore bodies, has a margin of less than 10 percent.

What the margin analysis does reveal, though, is that AngloGold is in good shape. Not only does it have the largest proportion of its gold mined from jurisdictions with dollar-based costs, but it has by far the most profitable mines locally. Its Tau Tona mine, which produces 585,338 ounces of gold using the March output as a benchmark, is the best performer, with a margin of 41 percent. The Great Noligwa mine, the company’s largest at an annualised production of 755,880 ounces, has a margin of 38 percent. Predictably, the Savuka mine, which is in the process of closing down, lost more than R14,000 for each of the 1,100 kg or gold it mined in the March quarter.

Kuddel · 10. Juni 2004

Die Randstärke ist das große Problem der SA-Minen.
Obwohl viele Meinungen darauf hinausliefen, daß der Rand schon in der ersten Jahreshälfte 2004 schwächeln sollte, ist trotz der angekündigten Zinserhöhungen in den USA und der Bank of England und andererseits der Ankündigung der South African Reserve Bank, den Reposatz bei 8 % unverändert zu belassen, der Rand nach wie vor (zu) stark - und das obwohl der Spread nun kleiner wird.
Gleichwohl ist meine Meinung, daß mit jeder Zinserhöhung in USA und Europa die Wahrscheinlichkeit steigt, daß der Rand fällt.
Das kann - so zumindest die Erfahrungen aus der Vergangenheit - dann sehr schnell gehen.
Ein Kurs von 6,50 ZAR für den USD ist jedenfalls für die Hochkostenminen unattraktiv und bei einigen Minen auch nicht kostendeckend.
Daher überrascht es nicht, wenn die Goldproduktion in Südafrika in den letzten 3 Monaten um 0,1 % zurückgegangen ist (siehe nachstehenden Artikel aus "BUSINESS DAY" vom 8.6.2004).

Mining output grows 2.7% in first quarter

Mining output for the three months ended April 2004, after seasonal adjustment, increased by 2.7% compared with the previous three months, Statistics South Africa (StatsSA) said today.
The increase was largely due to a seasonally adjusted increase of 3.4% in the production of non-gold minerals. However, this increase was partially counteracted by a seasonally adjusted decrease of 0.1% in the production of gold during the three months ended April 2004 compared with the previous three months. The seasonally adjusted increase of 3.4% in the production of non-gold minerals was mainly due to an increase in the production of platinum group metals (2.4%), coal (0.4%), iron ore (0.l%) and building materials (0.1%).
Total mineral sales during March 2004 were 10.274 billion rand, up 4.8% from March 2003. Gold sales amounted to 2.686 billion rand while non-gold mineral sales amounted to 7.588 billion rand.
On a seasonally adjusted basis March 2004 mineral sales were 10.515 billion rand, up 9.2% from March 2003.

I-Net Bridge
--------------------------------------------------------------------------------

Wenn man daran glaubt, daß die Randstärke nur noch für wenige Monate halten sollte, dann ist für einen Einstieg in die SA-Goldminen jetzt wohl ein guter Zeitpunkt. Der Hebel bei höheren USD-Erlösen
ist jedenfalls ernorm.
--------------------------------------------------------------------------------

Artikel aus "BUSINESS DAY" vom 8.6.2004

Rand moves below R6.50/$

By Helmo Preuss

The South African rand moved below 6.50 rand per dollar to a best level of 6.4788 in thin after-hours trade on Thursday as offshore players squared positions ahead of Friday's US national day of mourning for former President Ronald Reagan.

At 17h40, the rand was quoted at 6.4813 to the dollar from an overnight close of 6.6526 on Wednesday, 6.5876 on Tuesday and 6.4818 on Monday. It was quoted at 7.8488 to the euro from a previous 8.0033, Tuesday's 8.0625 and Monday's 7.9772 and at 11.9430 against sterling from Wednesday's 12.1650 and Tuesday's 12.1020.

The euro was quoted at $1.2098 from $1.2028 late Wednesday, $1.2259 late Tuesday and $1.2320 late Monday, while gold was quoted at US$387.55 an ounce from a previous $384.13/oz and Tuesday's close of $391/oz.

"The guys were caught long dollars and decided to make use of the carry trade as Friday US markets will be closed," a London-based economist said.

Another trader said that although widely expected, the market had also warmed to the news that the country's monetary authorities had kept interest rates unchanged.

The South African Reserve Bank's Monetary Policy Committee (MPC) on Thursday decided to keep the repo rate at 8% for the third consecutive MPC meeting. The unanimous forecast of economists was for no change in interest rates.

On Thursday afternoon the Bank of England raised its benchmark rate by 25 basis points to 4.5% at 13h00 South African time. This was the first back-to-back increase in more than four years after it increased interest rates by the same amount in May and marks a break from the Bank's previous gradualist approach.

On Thursday, New Zealand also raised interest rates to 5.75% from 5.5% amid worries the booming economy is heading for an inflation shock in the face of high oil prices and consumer spending.

Reserve Bank of New Zealand governor Alan Bollard, in lifting the official cash rate, also flagged a series of further hikes later this year.

I-Net Bridge

gogh · 14. Juni 2004

BBC vom 14.06.2004

Townships despair over water meters
=============================

By David Loyn
BBC Developing World Correspondent in Johannesburg

How do you get people to pay for something which they have seen up to now as a right? That's the problem facing the company that supplies water to the South African city of Johannesburg and the giant townships nearby.

Water meters enable the company to charge

With new investment from foreign companies, Johannesburg Water needs to make a commercial return. But during the apartheid years, a campaign not to pay for essential utilities became part of political protest.

It has been hard for the ANC government to change that: After all, during Apartheid, non-payment for water was an effective political process.

Now the ANC has been in power for 10 years, and it is finding itself under attack by a strong new campaign against water charges among its natural bedrock support - in the townships.

Health hazard

For most people, the arrival of the meters means that they have to live a different lifestyle.

Thojo Colwet used to grow enough fruit and vegetables in his garden to sell at the side of the road. Now most of his garden is just dust, and he can afford to plant only a tiny strip which he irrigates with waste water from washing.

Many in the townships run out of water every month.

Others have been hit even harder. If the meters are not recharged then the water runs out, and that can have serious health implications.

Hlezibki Mfusi says that she has been without water for about a week each month since her meter was installed. Ms Mfusi is HIV positive, like three other people in her house, and losing the water makes her much more prone to infection.

Internationally agreed minimums

Briggs Mokolo, the organiser of a 'water crisis committee' in Orange Farm, describes Johannesburg Water's initiative as a new kind of apartheid and says the people of the townships did not vote for the ANC for them to introduce water charges

The accusation is denied by Johannesburg Water's Anthony Still who insists that although water may be a human right, free water in unlimited quantities is not.

When the meters are installed, the water company repairs leaks for free, even replacing toilet cisterns where necessary, and needs to make a return.

Making a living from growing vegetables has become harder.

Mr Still says that the new water meters let people get 6000 litres a month free before any charges come in, which conforms with internationally agreed minimums for health.

After that, householders can recharge the meter with an electronic key which should bring their charges down below the flat rate charged previously if they use an average amount of water.

But since hardly anyone was paying the flat rate in the first place, protests against the meters are growing.

Sabotage

Protests have been organised by the Anti-Privatisation Forum which may run candidates against the ANC in future elections. The forum says that since unemployment is very high in the townships, few people have the ability to pay anything for water.

Many South Africans see unlimited free water as a human right.
It is backed by international organisation, including the World Development Movement in the UK, which says that very few developed countries meter water for private houses.

The forum has already successfully bypassed electricity meters in the townships, and although it knows it is illegal they are now campaigning to sabotage the water meters too.

The forum says that the ANC has been blocking them violently.

gogh · 15. Juni 2004

früher hätte man gesagt SED-Zeitung. Was das heute ist

entzieht sich meiner Kenntnis.

Der Artikel ist jedenfalls gut geschrieben:

aus NEUES DEUTSCHLAND vom 14.06.2004
====================================

Globalisierung im Bergbau

Russischer Konzern drängt nach Südafrika
==================================

Von Hanna Ndlovu, Pretoria

Erstmals hat sich ein russischer Konzern in Südafrikas wichtigste Wirtschaftsbranche eingekauft: den Bergbausektor.
Für die südafrikanische Geschäftswelt kam die Meldung überraschend: Die Russen kommen. Im eigentlich westlich orientierten Bergbausektor steigt Norilsk Nickel ein.

Das zur Jelzin-Zeit privatisierte Bergbauunternehmen hat den 20-Prozent-Anteil von Anglo American am Konzern Gold Fields erworben. Bezahlt wurde die Kaufsumme von 7,6 Milliarden Rand (1,2 Milliarden US-Dollar) in bar. Die Hälfte stammt aus dem Firmenkapital, der Rest aus einem Kredit der Citibank, für den das Unternehmen 50000 Tonnen Nickel als Sicherheit in die USA transferieren musste.

Die enorme Summe hat nicht nur die Aktien des südafrikanischen

Bergbaugiganten Anglo American in die Höhe getrieben, sondern auch

den Rand um einige Punkte gegenüber den großen internationalen

Währungen stärker gemacht.

Norilsk Nickel ist mit einem Anteil von zwei Prozent auf dem internationalen Goldmarkt bislang eher unbedeutend. Dank großer unerschlossener Vorkommen könnte es aber unter die fünf größten Goldproduzenten der Welt vorstoßen. Ein weiterer Meilenstein dahin könnte der Einstieg in Südafrika werden. Gold Fields ist der zweitgrößte Goldförderer des Landes und gehört auch zu den wichtigsten Platinproduzenten. Zudem dürfte Know-how-Transfer von Südafrika nach Russland stattfinden.

Vor einiger Zeit hat Norilsk Nickel bei der amerikanischen Bergbaugesellschaft Stillwater Mining Aktien im Wert von 300 Millionen US-Dollar gekauft. Diese Firma ist allerdings nur ein kleiner Player, verglichen mit Gold Fields. Der Konzern beschäftigt allein in Südafrika 48000 Mitarbeiter und besitzt Beteiligungen an Bergbaugesellschaften in Ghana, Australien und den USA. Gold Fields ist Südafrikas älteste Goldbergbaugesellschaft. Die Grundlage bildeten Goldfunde am Tati-Fluss in Transvaal, die einst der deutsche Forscher und Abenteurer Karl Mauch erschloss.

Anglo American wird die Einnahmen aus dem Deal in seine expandierenden ausländischen Bergbauaktivitäten stecken. Erst Ende vergangenen Jahres hatte der Bergbauriese für 1,4 Milliarden Dollar das ghanaische Unternehmen Ashanti Goldfields gekauft. Auch nach Asien stößt Anglo American vor. So ist geplant, in den nächsten drei bis fünf Jahren 20 Millionen US-Dollar in die Entwicklung einer Platinmine in Chinas südöstlicher Provinz Sichuan zu stecken.

(ND 14.06.04)

gogh · 18. Juni 2004

die bekannten Probleme mit dem starken Rand hier zusammengefaßt.

Außerdem Hinweise zu "Monopolstrukturen" bei Wasserversorgern

und Iscor-Stahl.

gogh

Artikel aus MINEWEB vom 18.06.2004

South African gold production tumbles
==============================
By: Gareth Tredway
Posted: '18-JUN-04 08:00' GMT © Mineweb 1997-2004
===========================================

South Africa’s bloodied gold industry showed the extent of its decline, as production numbers for the first quarter hit lows last seen almost a decade ago.

Gold production decreased by 8.3 percent to 84,616.5 kilograms in the first quarter compared to 92,314.6 kilograms produced in the same quarter last year. On an annualised basis, that would leave South Africa producing only 338 tonnes of gold this year, or only 13 percent of last year’s global production. That’s a long way down from the 375.8 tonnes produced last year and further still from the 425 tonnes of gold mined in 1999.

As was the case last year, South African mining houses attempted to counteract the weak rand gold price by mining at higher average grades. But the Chamber of Mines, the industry’s representative body, says these efforts failed to boost production to levels previously achieved.

“Because of the holidays in December, this quarter is always lower than the others. But this dip is the lowest we’ve seen in quite some time, I think since ’95,” said Roger Baxter, an economist at the South African Chamber of Mines.

Baxter says the “big issues” affecting the industry are the strength of the rand - which is forcing costs higher and lowering revenues - and the restrictions placed on local producers by suppliers. “We believe the current value of the currency does not reflect the true cost and fundamental structure of the economy,” said Baxter.

Despite a dollar gold price hovering around $400/oz for most of the quarter, a strong rand has held its ground below R7 to the dollar. The Rand price of gold fell a further 5.9 percent to R88 873 per kilogram during the quarter. It has since fallen to around R80,000/kg, rendering a third of the countries gold mines unprofitable. That number climbs if capital expenditure is taken into account.

At such low profits these companies have turned to slashing costs as a means to increase margins. Baxter says in South Africa the process is more difficult as the monopolistic control by industry suppliers prohibits cost control. “It is not like in the US or Canada where they have a lot of leeway with their suppliers,” said Baxter.

The average increase in total production costs excluding capital expenditure rose by 18 percent year-on-year with above inflation increase in water costs and steel prices singled out. Durban Roodepoort Deep and Harmony, two local gold producers have, over the past few months, publicly shown their unhappiness towards Iscor’s steel price model

Kuddel · 24. Juni 2004

Strong rand pushes JSE into the red

By Alison Maltz

The JSE Securities Exchange posted losses for the ninth trading day out of the last 10 on Wednesday, when a rampant rand knocked heavyweight dual-listed and resources stocks. Dealers said that in addition to translation losses, the currency's strength had spooked the market, with players asking where it was leading.

The all share index slipped below the 10,000 level for the first time since May 24, closing 0.62% lower at 9982.090.

Resources retreated 1.51%, the gold mining index tumbled 2.02% and the platinum mining index lost 1.65%. The financial and banks indices fell 0.26% and 0.70% respectively, but the all share industrial index eked out a 0.11% gain.

The rand was quoted at 6.25 per dollar from 6.31 when the JSE closed on Tuesday, while gold was quoted at US$393.95 an ounce from $395.68/oz at the JSE's last close.

On the all share index, 66 shares were down, 37 were unchanged and 59 were up. There were 22 decliners on the Top 40 index and 17 advancers, while two stocks were static.

"The market was totally rand driven. The currency is starting to create concern. A lot of people are exposed to rand hedge shares via their pension funds etc. and they are starting to ask where this is leading," a dealer said.

He continued that in addition to translation losses based on dual- listed stocks' prices on offshore markets, there were jitters about the rand possibly strengthening further.

"The market is nervy. No one is sure where the rand is going nor understands what is behind the strength, so there is a lot of anxiety," he explained.

He added that people are worried about what the strength means for the mines and the exporters.

Currency traders attributed the local unit's strength to offshore dollar sales, which had resulted in stop losses being triggered at 6.27 to the dollar - an important technical level. They said that should the rand close below 6.27 on Wednesday, it could firm to its previous 12-month best level of 6.09 in coming days.

The dealer said that overall, it had been a quiet news day on the corporate front. The main story was that US anti-trust authorities had on Tuesday given approval to a merger between British American Tobacco's US
assets (Brown & Williamson) and RJ Reynolds (RJR).

Swiss-listed luxury goods group Richemont (RCH) and investment company Remgro (REM) own effective stakes of 18.6% and 10% respectively in BAT. The approval for the RJR-Brown & Williamson merger will pave the way for the formation of Reynolds American in the US, a force to compete with the dominant Philip Morris group in that market.

After being up over 2% in early trade, Richemont shares finished three cents lower after being knocked by the strong rand. They were up over 2% in Zurich when the JSE closed.

Remgro shares rang up 1.16% or 85 cents to 74.25 rand, after earlier trading as high as 74.25 rand.

London-listed diversified resources group Anglo American (AGL) weakened 1.81% or 2.31 rand to 125.20 rand, while BHP Billiton (BIL) surrendered 1.75% or 93 cents to 52.15 rand.

Gold Fields (GFI) led its sector lower, plunging 3.82% or 2.58 rand to 65.02 rand, Harmony (HAR) shed 1.68% or 1.12 rand to 65.50 rand and AngloGold Ashanti (ANG) surrendered 1.01 rand to 199.99 rand.

Impala Platinum (IMP) dropped 1.83% or 8.24 rand to 443.26 rand and AngloPlat (AMS) was down 1.51% or 3.60 rand to 235 rand.

Industrials to decline included cellular network operator MTN Group, which lost 1.83% or 51 cents to 27.39 rand. Retailer Woolies (WHL) tumbled 2.08% or 15 cents to 7.05 rand and packaging group Nampak (NPK) gave up 1.36% or 20 cents to 14.50 rand.

Pulp and paper producer Sappi (SAP), however, surged 2.4% or 2.10 rand to 89.55 rand. "I think Sappi might have reached a level where the weakness was overdone - people are prepared to look at it again below 90 rand. [Paper market] conditions have improved in both the US and Europe and the share is at a level where it looks attractive," the dealer commented

Transport and logistics group Imperial (IPL) soared 2.39% or 1.60 rand to 68.60 rand and media group Naspers (NPN) jumped 1.08% or 49 cents to 46 rand.

Retailer Massmart (MSM) rallied 3.24% or 99 cents to 31.50 rand and hospital group Netcare (NTC) perked up 1.81% or eight cents to 4.50 rand.

On the financial front, Standard Bank (SBK) slid 1.96% or 84 cents to 42.11 rand and ABSA (ASA) slipped 1.4% or 70 cents to 49.30 rand.

Real estate company Liberty International Plc (LBT) was 61 cents in the red at 85.34 rand. Sanlam (SLM), South Africa's second largest financial services group, was six cents softer at 8.40 rand.

London-lsited Old Mutal (OML), however, ticked up four cents to 11.69 rand and banking group FirstRand (FSR) firmed 1% or 10 cents to 10.15 rand.

I-Net Bridge

----------------------------------------------------------------------------------
Auch die Experten wissen im Moment nicht so recht, warum der Rand so stark ist.
Kuddel

Kuddel · 24. Juni 2004

Aus "BUSINESS DAY" vom 24.6.2004