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    MTN reaps major gains on talks of partnership with Bharti Airtel; JSE fairly flat

    Local Markets

    The JSE opened slightly higher this morning although trade volumes are expected to be subdued today in consequence of the public holidays in the UK and US. As banks and financials weakened, industrials collected over 2.5% to generate aggregate gains for the market. The main focus today remains on telecoms.

    Telkom has given up 33% whilst MTN is climbing rapidly in light of the announcement of an imminent partnership with Bharti Airtel, the Indian telecoms giant. By midday, the All Share was trading 0.13% down.

    The rand remained firm during the morning’s session as the US dollar continued to weaken. Equity markets have slid recently as global risk aversion takes precedence but the currency markets seem focused on the weak US dollar. After its superb April performance, the rand is considered a relative underperformer for May as gains stay capped at around the R8.25 per dollar mark. BY noon today, the dollar cost R8.32, a 0.70%.

    Oil prices fell towards $61 per barrel as news of a North Korean nuclear test reversed risk appetite in many markets. A weaker US dollar and OPEC’s announcement that it would keep production targets unchanged helped to limit the losses. BY noon, a barrel of Brent Crude traded for $59.15.

    International Markets

    Equities in the US feel for a 3rd consecutive day on Friday as concerns over the ever-increasing budget deficit continue to plague investors. The ailing dollar and depreciating US Treasury bond have also contributed to the losses. Financials and large manufacturers were the biggest losers although various commodity companies, which benefit from the weaker dollar, fared well to limit losses. The Dow Jones closed 0.18% in the red whilst the Nasdaq finished 0.19% under.

    The Nikkei gained 1.31% overnight as major steelmaker Nippon Steel received encouraging news that its largest customer Toyota Motor Corp would not be seeking another price cut form steel mills this financial period. During the noon break, North Korea released media reports that it has successfully carried out nuclear tests. This news served to trim gains on the futures market however most investors remain unfazed. It certainly adds some uncertainty to the regional political scene but other more pressing economic indicators seem to be the focus of the day.

    Share in Hong Kong edged up slightly overnight as property developers gained on market expectations that demand would soon show a turnaround and property prices would recover. Low savings rates and favourable mortgage terms in the region are also prompting the expectations. The benchmark Hang Seng index closed 0.35% up this morning.

    Share Price News

    MTN Group Ltd of the Wireless Telecom Services sector has fared extremely well this morning after announcing that a strategic partnership with Indian telecoms giant Bharti Airtel is imminent. At midday, a share in MTN traded for R124.18, marking a 4.35% increase. Grindrod Ltd of the Marine Transportation sector also enjoyed consistent gains this morning as the rand remains firm, helping the forex-reliant entity to lock in gains. By midday, its shares were trading for R15.57 each, reflecting a 4.15% gain.

    Telkom SA Ltd of the Fixed-Line Telecom Services lost significant ground during the morning session. By noon, it had shed 35.36% in value to trade at R37.55 per share. Mustek Ltd of the Computer Hardware sector also lost this morning as investors retreated towards industrial stocks. By noon, a share cost R1.40, a 6.67% decrease.

    Permalink2009-05-25, 12:38:19, by Grant Leyland Email , 1 comment
    Trackback address for this post: http://blog.sharenet.co.za/htsrv/trackback.php/1292

    Comments, Trackbacks:

    Comment from: Sello Sesinye [Visitor] Email · http://I'm Interested in the MTN Shares

    I'm interested in the MTN shares, how do I buy. Please advice. Where can I get the information, eg. in post office, in order to read more about this shares.



    PermalinkPermalink 2009-05-25 @ 13:49

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