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    Gold Price Soars

    LOCAL MARKETS

    The JSE is trading slightly lower today as world markets slump on concerns over the ongoing turmoil in the financial sector. The market will be volatile today ahead of the futures close out later.

    Gold has made its biggest one day gain since 1980, boosting gold mining stocks. It's currently trading at R876.60.

    The rand is still weak, but off its worst levels today. The local unit is currently trading at around R8.17/$, taking more of a knock by the euro and sterling.

    OVERSEAS MARKETS

    Oil prices have fallen to $96/barrel on fears that demand for the commodity will decrease.

    Central banks (U.S. Federal Reserve, the European Central Bank, the Swiss National Bank, the Bank of England, the Bank of Canada and the Bank of Japan) are pumping more money (an expansion of $180 billion) into money markets in an effort to allay the current upheaval and fuel economic activity.

    The FTSE is trading firmer as investors welcome the £12.2bn bid by Lloyds TSB for HBOS.

    Asian shares have staged a late recovery to close slightly higher today as six central banks injected some liquidity into the market. The Hang Seng fell by 7.7% but then recovered to close up by 1.2%.

    COMPANY NEWS

    Shares in Pinnacle rose by 4% today as the company reported a 39% increase in operating profit for the year ending June 2008. Revenue grew by 45% to R2.5 billion and increased cash flow from last year's R21.5 million outflow to a R78.2 million cash inflow.

    Blue Financial Services have opened their new operation in Lagos, 6 months after announcing that the company plans to tap into the country's unbanked market.

    Forestry and timber milling company York have reported a 280% increase in headline earnings per share for the 18 months ending June. York's share price rose by 5.7% on the back of this news.

    Permalink2008-09-18, 13:11:28, by Marika Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/953

    Comments, Trackbacks:

    Comment from: Zakiyya [Visitor] Email · http://zussuph@yahoo.com
    Please send me the gold prices for South Africa from the 18 May to 22 May 2009
    PermalinkPermalink 2009-05-22 @ 12:16

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