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    Collapse of US auto industry bailout knocks markets

    Local markets

    Just after 12:30, the JSE All Share had fallen by 2.1%, led down by losses in the gold mining and basic materials sectors. The All Share tracked slides in Asia after news that the US had not reached an agreement regarding the auto industry bailout.

    The news caused the Rand-US dollar exchange rate to weaken, with the Rand trading at R10.18 as investors switched to steadier dollars after global markets reacted negatively.

    Gold lifted by 1.57% to trade at $814.60 an ounce, recouping some of its losses after the scrapped auto bailout triggered technical selling and sent oil prices sliding.

    International markets

    The Dow Jones closed down by 2.24% as investors sought refuge from the negative effect of the auto bailout collapse and release of further gloomy economic data.

    Japan’s Nikkei fell 5.56% as the lack of an auto bailout battered the index. To make matters worse for Japanese investors, the dollar dived to a 13-year low below 89.00 yen on the news, slashing profits.

    The Hang Seng dived 5.48%, breaking a 13% rally this week after investors got rid of exporters stocks on hearing news of the US auto bailout collapse.

    The FTSE 100 was down 3.64% after commodity and bank stocks fell on news that the US Senate did not reach an agreement to rescue the flailing auto industry. HBOS, one of Britain’s leading banks, reported a substantial rise in bad debts in October and November.

    Share price news

    Telecommunications company Huge Group Limited enjoyed a 8.33% rise in share price to R1.30. Shares in Datacentrix Holdings Limited in the computer services sector gained by 2.46% as prices rose to R2.50 a share.

    In the same sector but suffering a loss was Dimension Data Holdings Limited, whose share prices tumbled down by 9.81% to R5.70. Old Mutual PLc lost 6.75% this morning as share prices dropped to R8.15 by 12:34.

    Permalink2008-12-12, 14:14:20, by Natalie Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/1071

    Comments, Trackbacks:

    Comment from: Chicago Attorney [Visitor] Email · http://www.topchicagoattorneys.com
    Well, the US government finally broke down and gave the Big 3 the money they so desperately wanted. Stocks were up on the news.

    Only time will tell if they can get their act together and resurrect slagging sales.

    100 bucks says come March of 2009 they are back with their hands out, blaming the unions for not giving any concessions. Then Barack will be in the auto business too.
    PermalinkPermalink 2008-12-21 @ 00:14

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