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    Gloomy US employment report weighs on global markets

    Local markets

    Losses in gold mining and resource stocks weighed on the JSE All Share, pushing the local bourse down by 2.38% by midday. The All Share mirrored market action on US and Asian stocks. Traders say the weaker rand is helping to cushion the fall.

    A US dollar cost investors R9.63 at 12:00. Local banks bought up rands in large amounts yesterday, though on the whole the market continues to be illiquid.

    Oil was trading steadily at $45.76 a barrel despite a plunge in the price after US inventories showed a higher-than-expected increase yesterday, which reminded the market that demand is still weak.

    International markets

    In US markets, a gloomy report on private sector employment in addition to a revenue warning from Intel corp depressed investor sentiment. Also, the large inventory of crude oil in the US caused energy shares to slide. The Dow Jones closed lower by 2.72%, while the Nasdaq plunged 3.23%.

    In Japan, the Nikkei fell 3.93% as investors fretted over grim employment news in the US and the Intel revenue warning, which might be an indicator of poor results for Japanese exporters and a reminder of a deepening recession.

    Hong Kong’s Hang Seng tumbled 3.81% down as three prominent Chinese banks lost a total of $25 billion in market capitalisation after nervous investors were spooked by a two-day slide in the equity market.

    In the UK, the FTSE 100 had slid by 0.17% as investors await another rate cut from the Bank of England. Negative sentiment relating to the dark economic outlook weighed down metal prices and mining stocks.

    Share price news

    Netcare Limited in the hospital management sector gained 3.07% in the value of their share price, which rose to R8.40 by midday. Shares in Reinet Investments SCA lifted to R9.61, up 2.23% after yesterday’s disclosure of total voting rights and capital.

    Broadcasting contractors Naspers Limited slid to R151.72 a share, down 5.47% since trade opened this morning. Impala Platinum Holdings Limited dived 4.69% to cost buyers R143.92 a share at noon, as investors reacted negatively to news that Impala will continue in its plans to acquire Mvela Resources and Northam Platinum Limited.

    Permalink2009-01-08, 12:46:34, by Natalie Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/1102

    Comments, Trackbacks:

    Comment from: Luke [Visitor] Email
    Good reporting, very nice to see a quick, clear and to the point summary of the morning's movements - Well done and keep it up!
    PermalinkPermalink 2009-01-09 @ 09:25

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