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    JSE Follows Asian Markets Lower

    LOCAL MARKETS

    The JSE opened lower this morning, following Asian markets who all ended lower on the back of global credit concerns. Most world markets are due for a negative day today.

    The rand is slightly firmer thanks to a weaker dollar. The firm gold price (above the $800/oz level) is also supporting the local unit. The rand should trade between R6.53-R6.60 for the rest of the day.

    OVERSEAS MARKETS

    Wall Street is set for a weak opening today. Investors are uncertain after a mixed week of earnings and economics data, as well as concern over the financial sector. The credit crunch has claimed the top executive at Citigroup and this is likely to send investors into a tailspin. In other news, the Fed Reserve Chairman is set to appear on Thursday before the Joint Economic Committee of Congress.

    European markets have opened lower this morning as European investment banks are affected by the subprime and credit crisis in the US.

    Most Asian markets have closed sharply lower today. Losses at US financial firms affected banking shares. Hong Kong shares were hit the hardest as Chinese Premier Wen Jiabao reported over the weekend that the country needed "new laws regarding the outflow of funds from mainland investors into Hong Kong stocks".

    COMPANY NEWS

    Mutual & Federal's shares have leaped by nearly 4% today after a UK newspaper reported that Old Mutual planned to sell their controlling stake in the group.

    Koni Media Holdings have vehemently denied any government involvement in their bid to take over Johncom.

    The JD Group have reported a 27% decrease in full year basic headline earnings per share on the back of the demand for credit and subsequent bad debts.

    Permalink2007-11-05, 12:50:57, by Marika Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/507

    Comments, Trackbacks:

    Comment from: Thabang Ratema [Visitor] Email · http://chosen-1-d12@webmail.co.za
    Thank you for your work.I do appreate it,cause i just have an interest to learn more about the stockmarket.I'm 23yrs old,also thinking of taking a course which sharenet offer to learn about inverstment.Any advice you can give for a starter like me.
    thank you.
    thabang
    PermalinkPermalink 2007-11-05 @ 14:48

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