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    Local market news

    With little news to drive the local currency the rand was slightly firmer against the dollar in noon trading today. Having closed on Monday at R9.74/$ it was trading at R9.65/$.

    With stocks opening weaker today due to concerns over the demand for base metals, the JSE All Share found itself 0.15% down by 1pm.

    Foreign markets

    Asian stocks posted losses again on Thursday with oil prices dropping below $40 a barrel. On top of the hard hit resource-related shares, auto-makers also slumped following Toyota’s bleak assessment. The Hang Seng closed 2.75% in the red, although the Nikkei ended 1.57% stronger.

    Following a strong early morning session the FTSE was 0.83% in the black at 1pm local time. However, retailers failed to keep pace. Marks & Spencer has been hit by a downgrade from Seymour Price, with ominous predictions for the Christmas trading period. Tea and coffee chain Whittard of Chelsea has been reported as being on the verge of calling in the administrators.

    Company news

    Absa is holding the competition commission responsible for the leak regarding the banking investigation. However, experts are unsure as to what the commission can do about it. On the 12th of December the commission published a report on its investigation into banking fees, with various sections censored. However, an uncensored version became available on the Wikileaks website.

    GoldFields Limited announced that it was on track to meet its 804,000 ounce output forecast for the second quarter of 2009. With lower cash and notional cash costs expected, the company feels that it is well placed to achieve its target.


    MIP Merchant released its audited abridged report for the year ended 20 September 2008. Revenue was reported at R7,836,000 before interest while profit for the period was totaled at R8,986,000.

    GoldFields Limited stated that it felt that it was on track to meet its output forecast for the second quarter of 2009 of 804,000 ounces. With an expected drop in cash and notional cash costs, the company was confident of achieving this target.
    Nick Holland, Chief Executive Officer of Gold Fields, said: "We are pleased with the improved production and good cost control as well as the progress we are making in terms of delivering the various projects, which will make a significant difference to the future profile of Gold Fields

    Permalink2008-12-23, 15:08:16, by Natalie Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/1083

    Comments, Trackbacks:

    Comment from: sharegyan [Visitor] Email · http://www.sharegyan.com
    Stock market is a volatile market. Investors are afraid of entering Indian stock market due to such volatile conditions. FII are the one who are selling
    shares like anything. Now we can see some relief rally in the market but still recession can curb the movement of the stock market. In these sort of market investors and
    traders are confused like which stock they should select that is stock selection is the major issue now.

    Have any doubt lets discuss it and help everyone

    Happy Trading,


    PermalinkPermalink 2008-12-26 @ 07:48

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