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    Flat Day For JSE

    LOCAL MARKETS

    The JSE is trading flat today, with only resources performing well. Banks and retail stocks are taking some strain as the possibility of an interest rate hike weighs on them.

    The rand gave up some earlier gains after losses on Wall Street overnight. The local unit is steady, trading at around R7.60/$.

    OVERSEAS MARKETS

    Wall Street is set to open higher today as Wal-Mart announced better-than-expected sales figures. Analysts expect other major retail stores to also improve on their sales reports.

    European markets (with the exception of the FTSE which is steady) are trading lower today as the Bank of England kept interest rates steady at 5% after cutting it by a quarter of a percentage point last month.

    Financial stocks have led Asian markets lower today.

    COMPANY NEWS

    African Bank Investments has shrugged off a R450 million shortfall of Ellerine Holdings, the furniture retailer it recently bought for R9.5 billion.

    Old Mutual have missed forecasts with a drop in margins and flat first-quarter sales. Shares in the company fell by more than 2% today as they announced that sales rose by just 2% to £426 million, below the consensus analyst estimate of £438 million.

    Old Mutual plc has announced that insurer Mutual and Federal is still for sale. Community-based investment group Royal Bafokeng Holdings were planning on buying the company but both parties were unable to agree to mutually acceptable terms in the current economic environment.

    Permalink2008-05-08, 16:34:06, by Marika Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/757

    Comments, Trackbacks:

    Comment from: Gilbert Bogopane [Visitor] Email · http://www.phemelammanape.co.za
    I think that the Royal Bafokeng made a sound decision by terminating the negotiations. The current global economic climate make it difficult for terms set out by Mutual and Federal as part of the transaction conditions. I am certain there'll be better deals along the financil sector that may be pursued by the Community-Based Bafokeng.
    PermalinkPermalink 2008-05-09 @ 10:27

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