Sharenet Morning Market Report

Local markets

At midday on Thursday, rising gold mining shares led gains as the JSE edged up 0.24%, flattish after yesterday’s rally on upbeat global economic data.

The rand was trading at R7.26 to the US dollar just after 12:00, somewhat firmer after overnight levels and looking to the euro for direction.

A barrel of Brent crude oil cost $75.34 at noon, a gain of 0.60%, despite record high US inventories and caution before the release of employment data.

International markets

On US markets yesterday, the Dow Jones closed 2.54% higher and the Nasdaq 2.97% up. Investor sentiment improved after better-than-expected factory data from the US and China.

Japan’s Nikkei index finished 1.52% higher this morning, as US and Chinese manufacturing data continued to calm investor anxiety about the global economy.

Germany’s DAX had lost 0.02% by midday, on caution before the announcement of the European Central Bank interest rate decision and US home sales.

England’s FTSE 100 was 0.08% up, creeping back after earlier losses in miners on pessimistic Citigroup comments.

Share price news

Blue Label Telecoms Limited (share code: BLU) climbed 8.96% by midday to sell at R5.23 a share. Investors sold 27 379 948 shares in 804 deals.

Rising 3% to R42.25 a share was Northam Platinum, after 187 deals traded 236 813 shares.

Losing ground at noon was Brait SA (BAT) in the investment banks sector, whose shares fell 4.70% to R20.49 each. Investors exchanged 555 424 shares in 190 deals.

Dimension Data Holdings Limited (DDT) lost 1.61% after 26 deals totaling 579 973 shares sent the share price down to R13.45 at noon.

Local markets

On Wednesday, gains in basic materials shares led the upward movement of the JSE All Share, which had risen 1.35% by noon. Optimistic global sentiment helped to lift the local bourse.

The rand was selling at R7.35 to the US dollar, strengthening in line with the euro, as investors’ risk appetite rose.

Oil cost $74.72 per barrel at 12:00, rising 0.97% after news that Chinese manufacturing growth sped up in August.

International markets

Yesterday, the Dow Jones edged up 0.05% but the Nasdaq lost 0.28% after US markets experienced a volatile session’s trade.

In Japan, the Nikkei average closed 1.17% higher this morning, as the strengthening of the yen eased after a manufacturing rebound in China, and news of better-than-expected growth in Australia.

China’s Shanghai index dipped 0.6% despite manufacturing data that showed growth was stabilizing at a moderate but acceptable pace.

Britain’s FTSE 100 had risen 1.54% by midday, led by gains in mining stocks after firm economic data from China eased concerns about the health of global economic recovery.

Share price news

Country Bird Holdings Limited (share code: CBH) in the farming and fishing sector rose 8.70% to R2.50 a share, after 23 deals exchanged 175 060 shares by noon.

After 422 892 shares were traded in 126 deals, pharmaceutical company Cipla Medpro SA Limited (CMP) climbed 4.52% to sell at R6.47 a share.

In the hospital management sector, Litha Healthcare Group Limited (LHG) fell 9.09% to R1 a share, after investors sold 696 000 shares in 11 deals.

Redefine Properties Limited (RDF) lost 2.63% as 1 475 029 shares were traded in 335 deals, leaving share price down at R7.78 at midday.

Local markets

At midday on Tuesday, losses in resource shares had led the JSE All Share down 0.96%. The local bourse also responded to negative sentiment on global markets, which were down on concerns about the economic outlook.

The rand was trading at R7.38 to the US greenback, weakening slightly as it followed movements of the euro.

Despite an increase in consumer spending data from the US, oil continued to lose ground, falling below $74 a barrel midmorning.

International markets

Yesterday saw US markets fall in the year's lightest volume after investors continued to worry about the pace of economic recovery, in spite of data showing an increase in consumer spending and income. The Dow Jones lost 1.39% while the Nasdaq fell 1.56%.

The Japanese Nikkei index closed 3.55% lower this morning, with sellers getting out of the market after the Bank of Japan’s efforts failed to slow the strengthening yen.

China's Shanghai index lost 0.52% led by losses in financial and real-estate shares, after anxiety over rising domestic inflation and the government’s latest promise of property tightening measures.

Britain’s FTSE 100 had given up 0.92% led by falls in banks and commodity stocks as investors continued to fret over the sustainability of global economic recovery.

Share price news

Top mover up at midday was IPSA Group Limited (share code: IPS), whose shares rose 11.83% to R1.04, after 6 677 shares were exchanged in 2 deals.

Ellies Holdings Limited (ELI) rose to R1.59 a share, a gain of 8.90% after 6 deals traded 87 955 shares.

Amongst the top movers downwards was Coal of Africa Limited (CZA), selling at R9 a share after 37 659 shares were exchanged in 19 deals, resulting in a share price loss of 5.26%.

Gold One International Limited (GDO) fell 5.13% to sell at R1.85 a share, after investors sold 132 000 shares in 3 deals by midday.

Local markets

At noon on Monday, basic materials and resource shares had led the JSE All Share up 1.61%, following US and Asian markets higher after positive comments from Fed Reserve Chairman Ben Bernanke on Friday.

The rand dipped marginally to R7.29 against the US dollar at midday, after concern that the public service strike might spread to the private sector.

Gold cost $1 234.80 an ounce, down 0.18% despite earlier gains. Investors were awaiting the outcome of important US employment reports for signs of economic health.

International markets

On Friday, both the Dow Jones and the Nasdaq climbed 1.65% after fairly optimistic comments from US Federal Reserve Chairman Ben Bernanke.

In Japan, the Nikkei average closed higher by 1.76% this morning, though pared earlier gains after a disappointing Bank of Japan decision.

News of mergers and acquisitions boosted European markets this morning, sending the CAC40 edging up by 0.09% and the German DAX higher by 0.17% around midday.

The British FTSE 100 was closed today for a bank holiday.

Share price news

In the computer hardware sector, Pinnacle Technology Holdings Limted (PNC) rose 5.87% to R4.87 a share, after 1 253 977 shares were sold in 43 deals. This morning, Pinnacle reported an increase in earnings per share of between 35% and 40% since their last 12-month statement.

Retailer Truworths International Limited (TRU) gained 3% after shares rose to R57.60 each at noon, after investors exchanged 665 117 shares in 460 deals.

Losing 4.17% was construction firm Esorfranki Limited (ESR), whose shares fell to R2.30 each after 25 deals traded 167 942 shares.

Gold One International Limited (GDO) lost 3.55% after 163509 shares were exchanged in 19 deals, sending the share price sliding to R1.90 at midday.

Local markets

At noon on Monday, basic materials and resource shares had led the JSE All Share up 1.61%, following US and Asian markets higher after positive comments from Fed Reserve Chairman Ben Bernanke on Friday.

The rand dipped marginally to R7.29 against the US dollar at midday, after concern that the public service strike might spread to the private sector.

Gold cost $1 234.80 an ounce, down 0.18% despite earlier gains. Investors were awaiting the outcome of important US employment reports for signs of economic health.

International markets

On Friday, both the Dow Jones and the Nasdaq climbed 1.65% after fairly optimistic comments from US Federal Reserve Chairman Ben Bernanke.

In Japan, the Nikkei average closed higher by 1.76% this morning, though pared earlier gains after a disappointing Bank of Japan decision.

News of mergers and acquisitions boosted European markets this morning, sending the CAC40 edging up by 0.09% and the German DAX higher by 0.17% around midday.

The British FTSE 100 was closed today for a bank holiday.

Share price news

In the computer hardware sector, Pinnacle Technology Holdings Limted (PNC) rose 5.87% to R4.87 a share, after 1 253 977 shares were sold in 43 deals. This morning, Pinnacle reported an increase in earnings per share of between 35% and 40% since their last 12-month statement.

Retailer Truworths International Limited (TRU) gained 3% after shares rose to R57.60 each at noon, after investors exchanged 665 117 shares in 460 deals.

Losing 4.17% was construction firm Esorfranki Limited (ESR), whose shares fell to R2.30 each after 25 deals traded 167 942 shares.

Gold One International Limited (GDO) lost 3.55% after 163509 shares were exchanged in 19 deals, sending the share price sliding to R1.90 at midday.

Local markets

At midday on Friday, the JSE All Share had lost 0.63% with losses across the board led by falling resource shares. The local bourse lacked direction and investors continued to worry about global economic recovery.

The rand had weakened by 0.95% and was trading at R7.35 to the US dollar at noon.

Gold had fallen 0.09%% to $1 235.60 at midday, as investors awaited US Federal Reserve chairman Ben Bernanke’s speech later today, and expected the release of a lower revised second-quarter economic growth figure.

International markets

Yesterday, the Dow closed 0.74% down, while losses in tech shares sent the Nasdaq falling 1.07% ahead of an expected downward revision in US economic growth for the second quarter.

The Japanese Nikkei average finished higher by 0.95% this morning, after investors sold super-long Japanese debt to buy shares, and on hopes for government action to ease the strong yen.

Germany’s DAX had slipped 0.03% while France’s CAC40 had fallen 0.36% by midday in SA, heading towards a third week of losses. Investors continued to fret about the pace of economic recovery after gloomy economic data.

Britain's FTSE 100 slid 0.16% by noon, as investors waited for the second release of second-quarter UK GDP, and Ben Bernanke’s speech later today.

Share price news

Retailer Massmart Holdings Limited (share code: MSM) rose to R121.65 a share at midday, a gain of 3.75% after 836 542 shares were traded in 2472 deals.

Esorfranki Limited (ESR) gained 2.13% to sell at R2.40 a share, after investors exchanged 112 154 shares in 34 deals.

Impala Platinum Holdings Limited (IMP) fell to R172 a share, a loss of 2.82% after 1 230 deals exchanged 807 725 shares by noon.

After 699 deals totaling 721130 shares, African Bank Investments Limited (ABL) dipped to R30.76 a share, a loss of 2.26%.

Local markets

Thursday midday saw the JSE All Share recovering 0.82% after yesterday’s losses, with resources leading gains as investors sought bargains.

At noon, the rand was relatively unmoved, trading at R7.28 to the US dollar while the euro and dollar rebounded.

Oil was selling at $73.69 a barrel, gaining 2.45% after it reached 11-week lows. Analysts said the underlying outlook was still bearish with sufficient stocks to cover any surge in demand.

International markets

On US markets yesterday, the Dow Jones edged up 0.20% while the Nasdag gained 0.84%, recovering after recent economic data triggered losses, as key technical support encouraged bargain-hunting.

Japan’s Nikkei average rose 0.69% this morning, ending a four-day losing streak after short-covering and a slight technical rebound.

Hong Kong's Hang Seng closed 0.11% lower, after China Life Insurance tumbled a day after it reported better-than-expected growth, as Citigroup and Credit Suisse cut the company's price targets.

Britain’s FTSE 100 had recovered 0.67% by midday after yesterday’s losses, on gains in mining stocks after the release of Kazakhmys's first-half results.

Share price news

Old Mutual PLC (share code: OML) rose 0.64% after 1 123 deals exchanged 4 756 415 shares, which saw the share price climb to R14.09 at midday.

After 1 983 465 shares were sold in 2 135 deals, MTN Group Limited (MTN) gained 1.91% as share prices increased to R119.23.

In the real estate sector, Fortress Income Fund Limited (FFA) fell 1.77% to R11.10 a share at noon, after 55 deals traded 7 000 000 shares.

Firstrand Limited (FSR) lost 0.16% after 1 397 deals totaling 3 365 705 shares, which saw the share price slide to R18.55.

Local markets

On Wednesday at midday, the JSE All Share had fallen 0.71%, as losses across the board came on renewed fears for continued global economic recovery. The oil and gas index led the downwards trend, sliding 1.10% by noon.

The rand was trading at R7.35 to the US dollar, strengthening marginally but remaining within a range amidst uncertainty and fears of a double dip recession.

Gold rose 0.57% to sell at $1236.15 an ounce at 12:00, after weak data from the United States increased concern over the health of the global economy.

International markets

A surprisingly large fall in US home sales saw equities hit their lowest level in seven weeks yesterday. The Dow Jones slid 1.32% while the Nasdaq lost 1.66%.

The Japanese Nikkei index closed 1.66% lower this morning, after disappointment at the lack of Japanese policy response to ease the strong yen.

Hong Kong’s Hang Seng slid 0.11% in another session of losses after weak US housing data spurred selling of risky assets.

Britain's FTSE 100 had given up 0.40% by noon Johannesburg time, despite upbeat corporate results, as caution prevailed following Standard & Poor's downgrade of Ireland's credit ratings.

Share price news

Diversified industrial Eqstra Holdings Limited (share code: EQS) was amongst the top movers at midday, gaining 1.89% as shares rose to R5.40. Investors traded 167 944 shares in 15 deals.

Telkom SA Limited (TKG) rose 1.95% to R34.06 a share, after 275 deals traded 305 354 shares.

In the construction sector, Basil Read Holdings Limited (BSR) fell 5.45% to R11.10 a share, after investors exchanged 122 719 shares in 103 deals.

After 624 deals, investors traded 380 116 shares in Naspers Limited (NPN), sending the share price down 2.01% to R287.50 at midday.

Local markets

The JSE All Share followed gloomy international markets lower, losing 1.18% by midday on Tuesday. Leading losses were resources and basic materials shares.

The rand fell to trade at R7.40 to the US dollar at noon, before the release of GDP data which might spur another interest rate cut.

Gold cost $1 217 an ounce, sliding 0.67% after weaker equity markets prompted speculators to sell bullion to offset their losses.

International markets

The Dow Jones fell 0.38% and the Nasdaq gave up 0.92% yesterday on US markets in light trade. Tech shares lost ground after news of a possible bidding war between Hewlett-Packard and Dell over data storage company 3PAR.

The Japanese Nikkei average closed 1.33% lower this morning on increasing worry that authorities' inaction on a strong yen will threaten a vulnerable economic recovery.

France’s CAC40 had lost 1.39% by midday, while the German DAX had slipped 1.01% following losses on US markets and oils, miners and bank shares fell.

Britain's FTSE 100 had fallen 1.17% on concern over the health of the global economic recovery, which offset gains from recent mergers and acquisitions.

Share price news

Blue Label Telecoms Limited (share code: BLU) rose to R4.30 a share at noon, a 1.90% gain after investors traded 250 306 shares in 95 deals. The company published their audited results this morning, reporting an 11% increase in revenue.

Food and drug retailer Shoprite Holdings Limited (SHP) rose 0.96% to R83.11 a share, after 777 810 shares were traded in 793 deals. Shoprite also released their results this morning, reporting an increase of 15.6% in diluted headline earnings per share.

In the metals and minerals sector, Merafe Resources Limited (MRF) fell to R1.28 a share, a loss of 3.03% after 1 134 383 shares were exchanged in 88 deals.

After just 15 deals totaling 253 000 shares, Gold One International Limited (GDO) slid 2.58% to R1.89 a share at noon.

Local markets

Monday midday saw the JSE All Share up 0.81%, led by gains in basic materials shares, and boosted by news that HSBC Holdings PLC had offered to acquire a controlling shareholding in Nedbank Group from Old Mutual.

The rand strengthened to R7.29 to the US dollar at noon, as sentiment improved in response to local news about Nedbank and Old Mutual.

Oil rose 1.42% to sell at $74.04 a barrel, but further gains were limited by weak economic indicators and increasing risk aversion.

International markets

On US markets on Friday, the Dow Jones lost 0.56% while the Nasdaq edged up 0.04% as investors continued to worry that the global economic recovery has dimmed.

Japan’s Nikkei average closed 0.68% lower this morning, reaching a nine-month closing low after selling of hedge funds and concern over the impact of the strong yen.

Hong Kong’s Hang Seng finished 0.44% down after positive corporate results were offset by investor worry about the pace of global economic recovery.

Britain’s FTSE 100 had gained 0.47% by midday, as rising mining shares offset losses in energy stocks, after an inconclusive election in Australia made the dismissal of a proposed punitive mining tax more likely.

Share price news

Insurance brokers Glenrand MIB Limited (share code: GM rose 22.68% to sell at R1.19 a share at noon, after investors exchanged 503 928 shares in 9 deals.

Nedbank Group Limited (NED) climbed 6.72% to R139.91 a share after HSBC made an offer for a controlling stake to current holder Old Mutual. By midday, investors had traded 3 439 754 shares in 2 481 deals.

After 6 deals sold 32 700 shares, specialized consumer services company Advtech Limited (ADH) fell 4.10% to R5.61 a share. Advtech announced this morning that headline earnings per share were down 7% for the six months ended 30 June 2010.

Real estate firm Redefine Properties Limited (RDF) lost 1.57% after 135 deals traded 2 247 547 shares, leaving the share price down at R7.52 at 12:00.