Rand likely to determine direction for South African stocks

The volatile rand is expected to determine overall direction for the South African stock market next week, stealing the show from an interest rate decision and results from retailer Pick n' Pay.
"Next week all depends on where the currency will go," said one trader at a leading brokerage.
"Inherently the rand still looks like it will potentially strengthen," he said.
A strong rang puts pressure on heavyweight resource stocks such as mining houses Anglo American Plc and BHP Billiton whose revenues are dollar-denominated.
Miners were under pressure this week after investors booked profits on news that China was aiming to curb its strong growth, dampening prospects for commodity stocks.
China's insatiable demand for raw materials has fuelled a surge in commodity prices, boosting South African mining firms.
Companies such as iron-ore producer Kumba Resources and steel producer Iscor which have pinned future earnings partly on demand from China will stay under scrutiny.
Elsewhere, a strong Christmas season at home and smaller losses in Australia are expected to lift South African supermarket chain Pick 'n Pay's 2003 earnings by 20-26 percent.
The company reports on Tuesday at around 0630 GMT.
On Thursday, health and beauty products retailer New Clicks Holdings Ltd unveils its half year earnings. It said in late March it expected to report a rise of 10-30 percent in headline earnings per share in the first half to end-February.
The Reserve Bank's Monetary Policy Committee meets on April 21-22 and is widely expected to keep its repo rate steady at 8.0 percent although an increase is on the cards by the end of the year to curb growing inflationary pressures.
Traders said that meant the rand, which fell to 6.69/dlr on Thursday, its closing level at the end of 2003, would be the main driver. It was trading at 6.52/dlr at 1116 GMT on Friday.
Last year, the central bank cut the repo rate by 5.5 percentage points pushing prime lending rates to a 22-year low of 11.50 percent as inflation pressures subsided thanks to a strong rand.