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    Resources Drag JSE Lower

    LOCAL MARKETS

    The JSE is trading weaker today as lower demand from Asian markets for resources stocks weighs on sentiment. The All Share is down by 0.61% and gold is down by 1.77% in noon trade.

    The rand is trading weaker today as the dollar strengthened against the euro. The local unit is trading at around R7.79/$ and is likely to weaken to R7.86/$, with support at R7.68/$. Investors will be looking ahead to consumer inflation data due out on Wednesday.

    OVERSEAS MARKETS

    Wall Street is set to open firmer today after a negative day yesterday. The stronger dollar against the euro, yen and pound is boosting the market. A report on consumer confidence and new home sales is due out later.

    The euro hit a six-month low against the dollar today. Weak commodity stocks are weighing on European markets while bid activity has failed to lead the FTSE higher.

    Weaker banking stocks have led Asian markets lower today. A stronger yen hit Japanese exporters with the Nikkei closing 0.8% down. The Shanghai Composite index closed 2.6% lower while the Hang Seng ended 0.2% lower.

    COMPANY NEWS

    Business Connexion have reported a rise in diluted headline earnings per share of 44.3c for the year ending May 2008 compared to the 37.5c reported a year ago. Revenue rose by 16% to R4.1 billion and operating profit grew by 51% to R164.2 million.

    Dawn have reported a 35% rise in headline earnings per share to 149.3c for the year ending June 2008. Revenue grew by 31% to R3.9 billion, while operating profit rose by 27% to R411 million.

    PPC have appointed four black senior executives to boost their black economic empowerment credentials.


    Permalink2008-08-26, 14:04:56, by Marika Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/919

    Comments, Trackbacks:

    Comment from: Eddie Miller [Visitor] Email · http://sahobo.blogspot.com
    What will happen as China puts more cars on the road and factories start up because Olympic Games have finished? Will there be a bigger demand for oil from China? If so will the oil price and also commodities start rising in price?
    PermalinkPermalink 2008-08-26 @ 14:16

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