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    JSE may yet recover in line with positive global markets

    Local markets

    The JSE All Share had slipped 0.02% by midday, led down by resources after investors consolidated last week’s gains and took profits, taking direction from weaker US futures.

    A US dollar cost R9.91 by 12:00, gaining fractionally firm after finding support from stronger global markets.

    After Opec’s weekend meeting in Vienna, where members decided that they would refrain from cutting back on production, the oil price slid 3.05% to $42.66 a barrel at noon.

    International markets

    The markets remained positive in the US on Friday, with the Dow Jones closing up by 0.75% and the Nasdaq up by 0.38% - Wall Street’s best week for more than three months. However, investors are not confident that the market has hit rock bottom yet, believing that the global economy will continue to be weak this year.

    The Japanese Nikkei closed 1.78% higher this morning, reaching its highest level in four weeks. Banks rallied after US markets appeared stronger last week, soothing some anxiety over the health of the financial sector.

    Hong Kong’s Hang Seng shot up 3.60%, adding a fifth day to their succession of gains. Investor confidence was boosted after HSBC announced that they would not need to be bailed out.

    Britain’s FTSE 100 had gained 1.75% by 12:00, lifted by stronger financials, which may help to add a sixth-day’s gain to the index’s previous seven positive closes.

    Share price news

    Pallinghurst Resources (Guernsey) Limited soared by 36.36% to cost investors R3 a share at midday, after three substantial deals put them at the top of the biggest movers up. Afgri Limited in the farming and fishing sector gained 8.89% after one deal, after which shares sold for R3.92.

    Cargo Carriers Limited in the rail, road and freight sector plummeted 23.53% to R5 a share at noon. Coal producer Hwange Colliery Company Limited lost 31.51% as shares fell to R1.30.

    Permalink2009-03-16, 12:40:21, by Natalie Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/1201

    Comments, Trackbacks:

    Comment from: Mark [Visitor] Email
    To Peet Viljoen....

    RE: Pamodzi

    I must say, you were spot on! Down 22% today, to 70c as I type this...

    Any other warnings you want to issue?

    Mark
    PermalinkPermalink 2009-03-17 @ 10:10

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