Barclays Capital regards this year's budget as broadly rand positive from a capital flow and sound macroeconomic policy perspective.

Barclays Capital regards this year's budget as broadly rand positive from a capital flow and sound macroeconomic policy perspective.

“The Treasury is subtly suggesting the ZAR could recover from current levels over the next few years and is also looking at reducing the country's foreign debt exposure,” said the group's analysts in their post Budget commentary.

Despite the recent recovery in the rand in recent months, the Treasury was quick to mention that the local unit remains susceptible to any shifts in the level of global risk appetite, which in turn rests heavily on the rate at which global output recovers over the coming years.

The Treasury acknowledged that the rand, together with a number of other emerging market currencies, has been the recipient of the sharp increase in global liquidity in recent quarters. This is in keeping with the renewed foreign appetite for SA bonds that we have seen since the start of the year, they added.

“These recent bond inflows have more than compensated for the foreign withdrawal from SA equities and in so doing ensured that there has been a net positive inflow of portfolio capital this year, after the severe sell-off during H2 11,” the analysts said.

In the year to date foreigners have been net buyers of R8.625 billion of local bonds.

They noted that it was also heartening to see that the officials are also clearly looking to attract increased levels of FDI, given that there is an emphasis to make it 'easier to do business in SA' and also an ongoing desire to promote greater investment into Africa through SA.

“From a trade flow perspective, the Treasury also placed increased attention on the export sector. In this regard, the authorities are looking to improve the country's network infrastructure so as to address the transportation bottlenecks that have has been cited as a reason for why SA has not taken as much advantage of the prevailing commodity boom as one might have expected,” they said.

They added that based on the government's intended foreign borrowing over the next three fiscal years, the rand is implied to average R7.30 over the corresponding period.

“While one shouldn't draw too much of an inference about the exchange rate from these projected foreign bond proceeds, they do imply that the Treasury is more constructive about the ZAR in comparison to both the prevailing spot rate and the ZAR forward curve,” they said.

As expected, there were no changes in exchange control regulation at this year's budget, but it was heartening from an external vulnerability perspective that the Government intends to significantly reduce its foreign debt levels as a percentage of overall debt over the coming years - from 19.9% to 2.9% by 2014/15.

“The authorities are also optimistic that SA sovereign rating outlook will not be downgraded, which would also be supportive for the ZAR from a country risk premia perspective,” they added. - I-Net Bridge

The JSE closed in the red, tracking global stocks which were weaker due to fresh concerns over the implementation of Greece's second bailout package.

The JSE closed in the red on Wednesday, tracking global stocks which were weaker due to fresh concerns over the implementation of Greece's second bailout package.

A local trader said that economic forecasts released in Finance Minister Pravin Gordhan's budget speech did not have a significant impact on movements in the local bourse.

At 17:00 local time, the JSE all-share index was down 0.40% to 34,006 points. Banks fell 1.02%, followed by a 0.87% decline in financials, and a 0.56% fall in resources. Platinum miners shed 0.54%.

The gold index rose 0.33%, while industrials were flat (-0.09%).

The rand was at 7.73 to the US dollar, from 7.71 at the JSE's close on Tuesday. Gold was quoted at US$1,752.02 a troy ounce from US$1,748.02/oz at the JSE's previous close, while platinum was at US$1,716/oz, from US$1,679.99/oz before.

The trader said that markets had pulled back towards the afternoon after a fairly strong start. “Markets are just digesting everything and settling down a bit, maybe some consolidation as well,” the trader suggested.

US stocks opened a touch lower as European business activity unexpectedly slowed, prompting investors to pause after rising to the cusp of multi-year highs, the Dow Jones Newswire reported.

The Dow Jones Industrial Average slipped six points, or 0.1%, to 12,960 in early trading. The Standard & Poor's 500-stock index shed one point, or 0.1%, to 1361 and the Nasdaq Composite eased seven points, or 0.2%, to 2941.

Also hurting sentiment was a reading on business activity in the euro zone, which unexpectedly contracted in February. Markit Economics' purchasing managers' index fell to 49.7 from January's 50.4, below expectations of a rise to 50.8. Readings below 50 imply contraction.

Separately, some uncertainty remained over how Greece's second bailout deal, secured early Tuesday, would be implemented and how effective it would be. European markets traded broadly lower. The Stoxx Europe 600 shed 0.8%.

On the JSE, Anglo American (AGL) fell R4.46 or 1.35% to R325.10, BHP Billiton (BIL) shed R1.69 to R252 but Sasol (SOL) lifted 50 cents to R401.

In gold stocks, AngloGold Ashanti (ANG) added R2.63 to R331.94, Harmony Gold Mining (HAR) was up 82 cents to R99.83. Goldfields (GFI) however lost 63 cents to R122.22.

AngloPlats (AMS) was R4.00 higher at R574, while Impala Platinum (IMP) slipped R2.04 or 1.25% to R161.01, and Aquarius (AQP) dipped 37 cents or 2.07% to R17.51.

Among other miners, Exxaro (EXX) gained R5.80 or 2.91% to R204.86.

Among industrial stocks, SAB (SAB) added 90 cents to R307.90. Sappi (SAP) was 30 cents or 1.16% higher at R26.15.

Imperial Group (IPL) declined 1.16% or R1.62 to R138. Imperial on Wednesday reported diluted headline earnings per share of 688 cents for the six months ended December 2011 from 690 cents a year ago. Core earnings per share rose 30% to 756 cents.

An interim dividend of 300 cents per share was declared, up 36% on a year ago.

Revenue was 22% higher at R38.385 billion while operating profit improved 23% to R2.621 billion.

Altron (ATN) lifted R1.20 or 5.16% to R24.45, and Reunert (RLO) gained R1.22 or 1.79% R69.50.

In banking, RMB Holdings (RMH) gave up 44 cents or 1.45% to R29.96, while Standard Bank (SBK) shed R1.24 or 1.13% to R108.96.

The Foschini Group (TFG) rallied R2.47 or 2.16% to R111.07, Pick n Pay (PIK) fell 26 cents to R43.26, and Massmart (MSM) shed R1.04 to R181.51. - I-Net Bridge

The JSE turned negative at noon on Wednesday after a relatively positive start, with market players not making firm commitments ahead of the Budget Vote Speech later in the day.

The JSE turned negative at noon on Wednesday after a relatively positive start, with market players not making firm commitments ahead of the Budget Vote Speech later in the day.

“The market is playing around Tuesday's closing levels. It is almost without the trend,” said Ian Cruickshanks, market commentator at Nedbank Capital. “Market players are reducing their risk exposure in case there are major surprises in the Budget.”

At 12:00, the JSE all-share index was down 0.13% to 34,098.23 points, led by platinum miners, which shed 0.45%, but gold miners lifted 0.47%, while the resource index shed 0.37%.

Financials slipped 0.16%, banks were flat, as were industrials.

The rand was at 7.72 to the US dollar, from 7.71 at the JSE's close on Tuesday. Gold was quoted at US$1,754.89 a troy ounce from US$1,748.02/oz at the JSE's previous close, while platinum was at US$1,695/oz, from US$1,679.99/oz before.

European stocks ticked up and down between small losses and gains on Wednesday, as investors continued to dissect the new bailout deal for Greece and after mixed business activity data, although a decent set of corporate results offered some solace for investors, Dow Jones Newswires reports.

London's FTSE 100 index was down 0.33% to 5,908.49 at noon local time.

Although Greece has, in principle, secured a second bailout deal, there are still many questions to be asked about implementation and how effective the deal will be.

The next step is to see how willingly private sector creditors will participate in the deal. The Institute of International Finance has negotiated a deal on behalf of private holders of Greek debt that will see a 53.5% reduction in the nominal value of their holdings.

Asian stock markets closed mostly higher, with China giving investors something to ponder after the preliminary HSBC Purchasing Managers' Index, a gauge of manufacturing activity in the world's second-largest economy, rose to 49.7 in February compared with 48.8 in January.

Despite the improvement, the index remained below the key 50-mark, indicating the manufacturing sector continued to contract albeit at a slower pace.

Japan's Nikkei Stock Average rose 1.0%, while China's Shanghai Composite Index advanced 0.7%.

On the JSE, Anglo American (AGL) was down R3.56 or 1.08% to R326, BHP Billiton (BIL) lost R1.30 to R252.39 but Sasol (SOL) added R1.61 to R402.11.

AngloGold Ashanti (ANG) pocketed R2.59 to R331.90, Harmony Gold Mining (HAR) picked up 61 cents to R99.62 and DRDGOLD (DRD) lifted 9 cents or 1.46% to R6.25.

Anglo American Platinum (AMS) gained R2.49 to R572.49, while Impala Platinum (AMS) lost R1.65 or 1.01% to R161.40.

Massmart (MSM) was down R1.86 or 1.02% to R180.69. The consumer goods distributor reported headline earnings per share of 416 cents for the 26 weeks ended December 2011 from 366 cents a year ago. Diluted HEPS were 407.3 cents from a previous 343 cents.

An interim dividend of 252 cents was declared, unchanged from the previous period.

Operating profit before forex and integration costs was up 4.8% to R1.326 billion, while revenue was up 14.9% to R31.54 billion.

Imperial Holdings (IPL) was up six cents to R139.68. The transport and logistics group reported diluted headline earnings per share of 688 cents for the six months ended December 2011 from 690 cents a year ago. Core earnings per share rose 30% to 756 cents.

Revenue was 22% higher at R38.385 billion while operating profit improved 23% to R2.621 billion.

An interim dividend of 300 cents per share was declared, up 36% on a year ago. - I-Net Bridge

The rand was steady against the dollar in noon trade as it tracked a euro that was stuck in ranges as investors mulled the implications of the second Greek bailout.

The rand was steady against the dollar in noon trade on Wednesday as it tracked a euro that was stuck in ranges as investors mulled the implications of the second Greek bailout.

“There's also the Budget Speech to consider later on today, although I don't think we'll see anything major with regards to the rand,” a local currency trader said.

“However, players are reluctant to position heavily either way until they see what the Budget contains,” the trader added.

While Consumer Price Index (CPI) data had shown that inflation had moved higher and this was rand negative, the figures had not impacted the local currency, he added.

“Dollar rand is stuck in a 7.64 to 7.75 range at present and looking ahead I see a weaker rand.”

At 11:33 local time, the rand was bid at R7.7260 to the dollar from its previous close of R7.7313. It was bid at R10.2182 to the euro from R10.2386 before, and at R12.1567 against sterling from R12.1995 previously.

The euro was bid at US$1.3221 from its previous close of US$1.3249.

Earlier Statistics SA said the increase in SA's CPI was 6.3% year on year (y/y) in January from 6.1% y/y in December.

The inflation rate was expected to have ticked up slightly to 6.2% y/y in January, according to a survey of leading economists by I-Net Bridge. Forecasts among the economists ranged from 6.1% to 6.3%.

At 14:00 local time, SA Finance Minister Pravin Gordhan will deliver his Budget Vote Speech.

Meanwhile Dow Jones Newswires reported that in European markets, the euro traded in tight ranges against the dollar as doubts remained on Greece's ability to put its debt load on a sustainable footing.

Although Greece had, in principle, secured a second bailout deal, there were still many questions to be asked about implementation and how effective the deal would be.

The next step was to see how willingly private sector creditors would participate in the deal. The Institute of International Finance had negotiated a deal on behalf of private holders of Greek debt that would see a 53.5% reduction in the nominal value of their holdings.

There are, however, still concerns about contagion risks.

Dominic Rossi, global chief investment officer of equities at Fidelity Worldwide Investment said: “A Greek default has been priced into equity markets but what is far less clear is the implications for other nations, particularly Portugal, Spain and Italy. Whilst we appreciate progress has been made, particularly in Italy ... this remains a multi-year workout during which they will remain vulnerable to external shocks such as a Greek default.”

In fact, Portugal's 10-year government bond yield did not paint a pretty picture as in European trade mid-morning, its yield was up 3.90 basis points at 12.031%.

And purchasing managers' figures for the eurozone's largest economies were also a little disappointing.

French business activity grew at a reduced pace in February. The composite purchasing managers' index for France fell to 50.6 in February from a five-month-high of 51.2 in January. A reading above 50 signals growth. - I-Net Bridge

The JSE opened higher as news of a bailout package for Greece continued to lift market sentiment.

The JSE opened higher on Wednesday as news of a bailout package for Greece continued to lift market sentiment.

At 09:17 local time, the JSE all-share index was up 0.24% to 34,224.81 points, with platinum miners adding 0.49%, and gold miners rising 0.48%.

Industrials were 0.29% higher, while resources added 0.26%, and banks gained 0.13%. Financials lifted 0.10%.

The rand was at 7.71 to the US dollar, unchanged from the JSE's close on Tuesday. Gold was quoted at US$1,758.04 a troy ounce from US$1,748.02/oz at the JSE's previous close, while platinum was at US$1,701.50/oz, from US$1,679.99/oz before.

Despite the Greek news boosting bourses, a local trader said market movements had been “fairly muted”, and that these were now “less and less about Greece.” He suggested that economic developments out of China, and US economic data were driving the market. He expected jobs data out of the US this week to move markets significantly.

Dow Jones Newswires reported that European stock markets might start mostly lower with investors taking a circumspect view of the Greece bailout deal after so many fits and starts before. The euro was mixed, with oil futures and spot gold lower.

Greece's government submitted to parliament late on Tuesday a long-anticipated bill to implement a planned EUR100 billion debt write-down, which foresees a controversial provision designed to strong-arm investors into the deal.

In Asia, stock markets were mixed as hopes China would further ease policy following soft manufacturing data were offset by general caution about Greece's future despite an 11th hour rescue package to ease its debt burden.

The Nikkei rose 1.0%, the S&P/ASX was flat, the HSI gained 0.2%, the Kospi added 0.2%, the Taiex advanced 1.0%, the Sensex slid 0.3%, and the Shanghai Composite rose 0.7%.

On the JSE, Anglo American (AGL) was up 94 cents to R330.50, and Sasol (SOL) was up R1.90 to R402.40. BHP Billiton (BIL) gained 11 cents to R253.80.

BHP Billiton (BIL) has priced a five tranche Global Bond under its debt shelf registration statement, which had been previously filed with the US Securities and Exchange Commission.

AngloGold Ashanti (ANG) added R2.69 to R332, while Harmony Gold Mining (HAR) lifted 74 cents to R99.75.

Anglo American Platinum (AMS) rose R4 to R574, and Impala Platinum (IMP) lifted 95 cents to R164.

Exxaro (EXX) gained R2.64 or 1.33% to R201.70.

In industrials, SAB (SAB) was up R2.48 to R309.48.

Imperial (IPL) rose R1.28 to R140.90. The group on Wednesday reported diluted headline earnings per share of 688 cents for the six months ended December 2011 from 690 cents a year ago. Core earnings per share rose 30% to 756 cents.

An interim dividend of 300 cents per share was declared, up 36% on a year ago.

Revenue was 22% higher at R38.385 billion while operating profit improved 23% to R2.621 billion.

In telecommunications, Blue Label Telecoms (BLU) lifted 12 cents or 1.90% to R6.42. The group on Wednesday reported a 44% rise in headline earnings per share to 36.74 cents for the six months ended November 2011 from 25.45 cents a year ago. Diluted HEPS rose to 36.29 cents from 25.22 cents before.

The group reported a 7% increase in revenue to R9.2 billion, while gross profit was 14% higher at R590 million. EBITDA increased by 47% to R438 million which includes a once off income receipt of R79.4 million. The disclosure of the source and circumstance of the payment are prohibited by a confidentiality agreement, the company said.

Net profit after tax and non-controlling interests from continuing operations increased by 43% to R275 million. Excluding the once off income receipt, the increase was 7%.

The JD Group (JDG) gave up 57 cents or 1.19% to R47.23.

Massmart (MSM) was down R3.55 or 1.94% at R179. The consumer goods distributor on Wednesday reported headline earnings per share of 416 cents for the 26 weeks ended December 2011 from 366 cents a year ago. Diluted HEPS were 407.3 cents from a previous 343 cents.

An interim dividend of 252 cents was declared, unchanged from the previous period.

Operating profit before forex and integration costs was up 4.8% to R1.326 billion, while revenue was up 14.9% to R31.54 billion. - I-Net Bridge

The rand was flat against the dollar in early morning trade as it tracked a euro that lacked direction.

The rand was flat against the dollar in early morning trade on Wednesday as it tracked a euro that lacked direction.

“Our market is also lacking direction today and it looks as if the rand is going to move into ranges,” a local currency trader said.

He put dollar rand in a range of 7.70 to 7.78 for the first half of the trading day.

While SA Finance Minister Pravin Gordhan was due to deliver his Budget Speech later today, the trader said that this was not expected to be a rand moving event.

“Maybe the Budget Speech will move bonds, but I don't think it'll impact on the currency - and the same for CPI data due out this morning.”

At 08:33 local time, the rand was bid at R7.7342 to the dollar from its previous close of R7.7313. It was bid at R10.2375 to the euro from R10.2386 before, and at R12.2087 against sterling from R12.1995 previously.

The euro was bid at US$1.3239 from its previous close of US$1.3249.

Statistics SA is expected to release the CPI figure for January this morning. CPI is seen as coming in at around 6.2% from 6.1% in December.

Barclays Capital said in a note on Wednesday morning that yesterday's price action was a classic example of “buy the rumour sell the fact”, because once EU finance ministers had agreed to grant Greece more financial assistance after weeks of deliberation, the rand sold-off.

“Doubts over whether Greece can actually reduce its debt to 120% of GDP by 2020 as well as the adverse growth implications associated with yesterday's extended surge in energy prices curbed global risk appetite.”

Barclays Capital added that this morning's sub-50 PMI (which implies contraction) Chinese manufacturing data was not helping global sentiment either, and explained why Asian equity markets were in the red this and why the dollar was regaining favour.

Meanwhile Dow Jones Newswires reported that the euro remained range-bound during Asian trading on Wednesday as caution over whether Greece could follow through with reforms after an ambitious 130 billion euros rescue deal prevented the common currency from moving in a clear direction.

Tuesday's agreement by euro-zone finance ministers would see Greece's private creditors take a loss of 53.5% on their Greek bonds in order to put the debt-laden country on a sustainable footing and avert a catastrophic default.

But the deal still faced several hurdles, including the successful completion of a bond swap offer to private creditors, as well as parliamentary approvals in Germany, Austria, Finland and the Netherlands.

Investors were also watching to see if Greece could smoothly carry out the reforms it had agreed to as part of the deal.

“While the Greek government averted the risk of defaulting on bond redemption payments due in March, work remains over its fiscal austerity and implementation of economic reforms,” said Sumino Kamei, senior analyst at the Bank of Tokyo-Mitsubishi UFJ.

“The sense of caution over the future of the European debt crisis remains strong, weighing on the market,” she said.

Junya Tanase, chief forex strategist at JP Morgan in Tokyo, said that while the agreement on a fresh bailout had improved investor risk sentiment, lingering uncertainty over Greece had kept stocks and yen crosses from further substantial gains.

“The market will continue to be susceptible to news and headlines,” he said.

Looking forward, the global markets were expected to watch a meeting of finance officials from the Group of 20 advanced and developing nations in Mexico this weekend for any further developments on international support for the euro-zone. - I-Net Bridge

South African stocks edged up 0.15 percent, with some gold firms such as Harmony and banks ticking higher after the long-awaited Greek bailout deal soothed concerns about a default in the euro zone.

South African stocks edged up 0.15 percent on Tuesday, with some gold firms such as Harmony and banks ticking higher after the long-awaited Greek bailout deal soothed concerns about a default in the euro zone.

Shares of Shoprite rose 1.4 percent to 134.50 rand after the retailer reported a 19 percent rise in first-half profit, underpinned by recovering consumer demand in Africa's top economy.

After months of stalled negotiations, the Greek deal came as a relief to equity markets, traders said, but that was not enough to push stock prices substantially higher.

“There is going to have to be a catalyst for further upside. The bailout was good and it was a necessary step on the path to European recovery,” said Devin Shutte, a trader at brokerage Newstrading.

“But the markets are still looking at the hard reality that the euro zone is facing an extended period of lower growth.”

The Top-40 index rose 0.15 percent to 30,438.34.

The broader All-share index added 0.11 percent to 34,142.37.

After 13 hours of talks, euro zone ministers finalised a 130-billion-euro ($172 billion) deal for Greece in the early hours of Tuesday morning by forcing Athens to commit to unpopular budget cutbacks and private bondholders to accept deeper losses on their holdings.

The Greek deal helped put gold on course for its largest daily rally in two weeks, sending shares of South African miners up as well.

Harmony Gold, South Africa's third-largest bullion producer, rose 1.3 percent to 99.01 rand.

Bigger rival AngloGold Ashanti rose 0.22 percent to 329.31.

FirstRand, South Africa's second-largest bank by assets, gained 0.5 percent to 23.02 rand.

Among decliners, mobile operator Vodacom fell 1 percent to 101.80 rand.

Trade was relatively thin, with 185 million shares changing hands on the Johannesburg exchange, compared with last year's daily average of 256 million shares.

Advancers beat decliners 145 to 132. - Reuters

The rand fell against the dollar in late afternoon trade as it tracked a euro that had seen its gains reverse as investors became nervous about the implementation of the second Greek bailout.

The rand fell against the dollar in late afternoon trade on Tuesday as it tracked a euro that had seen its gains reverse as investors became nervous about the implementation of the second Greek bailout.

“Lots of people were expecting the bailout and it was priced into the markets,” a local analyst said.

“Now that the second Greek bailout is through, focus is shifting to other periphery nations like Portugal and investors are realising that the fundamentals in Europe are still not very good - and yes, Greece got the bailout but it's still in a poor situation.”

The analyst added that locally, the fact that the Budget speech would be delivered in parliament by Finance Minister Pravin Gordhan on Wednesday, had also had an effect on the local currency.

“The bond sell-off has put pressure on the rand, given the outflows,” he said, referring to the fact that local bonds were softer on worries that the country's borrowing requirements would increase as economic growth failed to meet expectations, thereby hitting revenue from taxation.

At 15:43 local time, the rand was bid at R7.7275 to the dollar from its previous close of R7.6805. It was bid at R10.2070 to the euro from R10.1480 before, and at R12.1804 against sterling from R12.1587 previously.

The euro was bid at US$1.3209, the same as its previous close.

Meanwhile Dow Jones Newswires reported that the euro had given up most of its overnight gains made earlier in Asian trade as investors fretted over Greece's capacity to make the required savings after eurozone finance ministers finally agreed a second bailout package for the country.

The single currency initially gained around 0.8% after the Euro group said it had approved an EUR130 billion bailout that would stop Greece defaulting on bond redemption payments due on March 20. The single currency rose to a 12-day high of $1.3293 in the immediate wake of the news but then faded.

“It has been a very choppy and slightly directionless session so far in Europe. There is a sense that it remains vulnerable, even though we have apparently seen a conclusion to the latest chapter in the long-running Greek debt saga,” analysts at Citigroup wrote in a note to clients. - I-Net Bridge

The JSE remained flat at noon, in line with global equity markets, following the muted investor response to the Greek bailout package.

The JSE remained flat at noon on Tuesday, in line with global equity markets, following the muted investor response to the Greek bailout package.

At 12:00, the JSE all-share index was up 0.15% to 34,155.67 points, led by resources, which lifted 0.69%, gold miners gained 0.26%, while the platinum index shed 0.47%.

Financials slipped 0.25%, banks dipped 0.40%, while industrials edged down 0.11%.

The rand was at 7.70 to the US dollar, from 7.67 at the JSE's close on Monday. Gold was quoted at US$1,740.04 a troy ounce from US$1,732.92/oz at the JSE's previous close, while platinum was at US$1,666.50/oz, from US$1,647/oz before.

“Market players seem to be treating the Greek bailout package as another step in the process to resolving problems that have plagued the eurozone for some time now. The response thus far has been muted,” said Devin Shutte, equity trader at stockbrokerage, Newstrading.

European stocks fell into the red on Tuesday and investors remained cautious despite Greece managing to secure a rescue package totalling EUR130 billion, Dow Jones Newswires reports.

Although Greece seems to be out of the woods for now, many investors are concerned that the general election, expected in April, may bring in a government unwilling or unable to implement stringent austerity measures.

“The crisis marathon is not over,” warned Carsten Brzeski, economist at ING Bank. “The combination of more austerity, social unrest and European impatience could become explosive, with a high risk that the Greek crisis could still derail.”

London's FTSE 100 was down 0.18% to 5,934.47 at noon local time.

In Asia, Japan's Nikkei Stock Average finished 0.23% lower at 9,463.02 points, while China's Shanghai Composite Index finished flat.

On the JSE, Anglo American (AGL) was up R4.60 or 1.41% to R330, BHP Billiton (BIL) gained R2.32 to R254.32 and Sasol (SOL) added 50 cents to R402.50.

AngloGold Ashanti (ANG) pocketed 90 cents to R329.49, Harmony Gold Mining (HAR) picked up 89 cents to R98.60 and DRDGOLD (DRD) lifted 18 cents or 3% to R6.18.

Impala Platinum (AMS) lost R1.30 to R162.85 and Aquarius Platinum (AQP) gained 23 cents or 1.29% to R18.

Among other miners, Kumba Iron Ore (KIO) slipped 60 cents to R539.40 but African Rainbow Minerals (ARI) added R3.08 or 1.64% to R191.25.

In industrials, SAB (SAB) eased R1.32 to R307.18 and Bidvest (BVT) lost R1.44 to R171.90.

Shoprite Holdings (SHP) was down seven cents to R132.61. The food retailer earlier reported headline earnings per share of 280.8 cents for the six months ended December 2011, up 18.6% from 236.8 cents previously.

Earnings per share rose to 280.3 cents from 234.4 cents previously. Trading profit was up 16.7% to R2.164 billion and operating profit was 19.8% higher at R2.188 billion.

Eqstra Holdings (EQS) was down 10 cents or 1.23% to R8.05. The company reported an 18% rise in headline earnings per share from continuing operations to 36.8 cents for the six months ended December 2011. Revenue increased 11.2% to R4.022 billion and operating profit increased 12.6% to R455 million, while profit before taxation increased 45.3% to R263 million.

Eqstra's core business is the distribution, long-term lease and rental of mobile capital equipment and the provision of related value-added annuity services to clients in the construction, mining, industrial and commercial sectors in SA, Africa, the UK and Ireland.

AECI (AFE) was still unchanged at R91.71. The chemicals group reported diluted headline earnings per share of 719 cents for the year ended December 2011 from 575 cents a year ago.

Headline earnings of R772 million were 25% higher, with HEPS of 720 cents per share.

Revenue grew by 16% to R13.397 billion and profit from operations was up 24% to R1.315 billion. - I-Net Bridge

The rand was flat against the dollar in noon trade as it tracked a euro that had been flustered by reports that Greece might still need a third bailout.

The rand was flat against the dollar in noon trade on Tuesday as it tracked a euro that had been flustered by reports that Greece might still need a third bailout.

“The euphoria is wearing off as the Greek deal was already priced into the markets,” a local currency trader said.

“The markets are still worried about Greece and certain news reports haven't helped,” he added.

“I see a weaker euro looming and therefore a weaker rand as markets haven't been wowed by the approval of the second Greek bailout,” the trader said.

At 11:37 local time, the rand was bid at R7.6962 to the dollar from its previous close of R7.6805. It was bid at R10.1994 to the euro from R10.1480 before, and at R12.1913 against sterling from R12.1587 previously.

The euro was bid at US$1.3259 from its previous close of US$1.3209.

RMB said in a note on Tuesday morning that the market had responded towards the Greek bailout agreement with a big yawn.

“After weeks of anxiously waiting, the deal is an anti-climax. Part of the reason is that some eurozone members do not believe a second bailout will resolve Greece's problems.

“Particularly damning has been a strictly confidential report prepared for eurozone members, obtained by the Financial Times, suggesting another bailout will be needed. Surprise, surprise, the bailout simply means that Greece lives to die another day.”

Meanwhile Dow Jones Newswires reported that although the euro was still up against the dollar in European markets, trading had been cautious.

Commerzbank said scepticism was justified and added that even with the Greek bailout, the majority of market players were finding it hard to believe that Greece would get through to 2020 without a further default.

Many investors were concerned that the Greek general election, expected in April, might bring in a government unwilling or unable to implement stringent austerity measures.

In addition to this, the UK's Financial Times reported that Greece might still need a third bailout as the forced austerity could cause debt levels to rise, and its debt restructure could prevent Greece from ever returning to financial markets.

“The crisis marathon is not over,” warned Carsten Brzeski, economist at ING Bank NV. “The combination of more austerity, social unrest and European impatience could become explosive, with a high risk that the Greek crisis could still derail.”

Brzeski added that the second bailout package had again bought time for other “peripheral” eurozone countries to show that they were different from Greece and to put all available “anti-contagion firewalls” into place. - I-Net Bridge