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    Global economy fears send markets sliding

    Local markets

    At noon on Wednesday, the JSE All Share was down by 0.1% with losses almost across the board as investors became increasingly worried about the global economic outlook.

    Due to a lack of news, the rand was relatively unchanged, trading at R7.62 to the US dollar at midday.

    Oil cost $75 a barrel, rising 1.35% yet still approaching a negative finish for the quarter as the outlook for demand dimmed in line with growing pessimism about the health of global economic recovery.

    International markets

    On US markets yesterday, the Dow Jones closed 2.65% lower and the Nasdaq plunged 3.85% after a surge of global economic worries spurred selling.

    Japan’s Nikkei index slid 1.96% this morning, to reach its lowest level in seven months, and possibly its worst quarter since 2008.

    Hong Kong’s Hang Seng finished 0.59% lower before tomorrow’s public holiday as investors decided to sell off their riskier assets on renewed fear for the global economy.

    Britain’s FTSE 100 had lifted by 0.72% at midday, after gains in pharmaceutical shares offset the effect of persistent fears about the euro zone banking system.

    Share price news

    Top mover upwards at midday was Huge Group Limited (share code: HUG) whose shares rose 22.45% after 11 deals totaling 1 337 750 shares, and were selling for R1.20 at noon.

    Computer services company Datatec Limited (DTC) rose 0.81% to R30 a share, as investors traded 594 787 shares in 506 deals.

    After 146 deals of 104 432 shares, WBHO Limited (WBO) in the construction sector fell 4.02% to sell at R107.50 a share.

    Redefine Properties Limited (RDF) saw a busy morning’s trade as 96 deals exchanged 4 193 526 shares, sending the share price down 3.34% to R7.23 at midday.

    Permalink2010-06-30, 13:02:02, by Natalie Email , Leave a comment

    Global markets slide on renewed euro debt worries

    Local markets

    At midday, the JSE all Share had lost 1.44%, led by losses in resource shares, and following global markets down before the release of job statistics from the US.

    The rand was trading at R7.64 at noon, weakening slightly in line with euro-dollar movements.

    Oil cost $75.47 a barrel at midday, falling 1.51% as investors sold off risky assets on revived fears of euro zone debt.

    International markets

    Yesterday, the Dow Jones edged down 0.05% while the Nasdaq dropped 0.13% due to losses in energy shares, which overcame earlier gains in consumer shares.

    In Japan, the Nikkei index closed 1.27% lower this morning, after exporter shares lost ground as they reacted to a stronger yen.

    In Hong Kong, the Hang Seng tumbled 2.49% by its close after US consumer statistics showed increased spending and spurred buying in consumer goods exporter shares.

    The British FTSE 100 had fallen 2.02% by noon SA time, with bank and commodity shares losing on further worry about the euro zone debt issue.

    Share price news

    Paracon Holdings Limited (share code: PCN) in the computer services sector rose 3.13% to R1.65 after investors exchanged 460 000 shares in 45 deals.

    In the real estate sector, Capital & Counties Property PLC (CCO) climbed 1.25% after 67 deals totaling 146 528 shares, which saw the share price rise to R12.15 at midday.

    Losing 7.07% to sell at R1.84 a share, was Gold One International Limited (GDO) as investors traded 223 660 shares in 17 deals.

    Investment bank Peregrine Holdings Limited (PGR) fell 3.23% to R10.50 a share, after 286 954 shares were exchanged in 26 deals.

    Permalink2010-06-29, 12:14:56, by Natalie Email , Leave a comment

    JSE slides on profit taking

    Local markets

    Monday midday saw the JSE All Share down 0.08% as investors sought bargains after the G20 summit, and fears of a second wave of recession in developed nations.

    The rand was selling at R7.55 to the US dollar at noon, strengthening slightly but remaining within a range and awaiting further direction.

    Gold cost $1 255.90 an ounce, rising 0.96% by midday as investors sought a safe-haven asset in light of continuing concern about the sustainability of global economic recovery.

    International markets

    US markets ended higher on Friday, with the Dow Jones up 0.29% and the Nasdaq gaining 0.27% due to investor relief that a new financial regulation bill won’t curb profits as much as expected.

    Japan’s Nikkei index closed 0.45% lower this morning after a gloomy technical picture had analysts expecting the market to retreat to around six-month lows in June.

    Hong Kong’s Hang Seng inched up 0.17%, recovering after last week’s losses as the Asian bourse tracked Friday’s results on US markets.

    Britain’s FTSE 100 had risen 0.52% by 12:00 after gains in mining and oil stocks, while bank shares digested the news of fresh capital requirements after the G20 summit.

    Share price news

    Highveld Steel and Vanadium Corporation (HVL) rose 3.88% to R79.99 a share at noon on Monday, with investors trading 116 801 shares in 108 deals.

    African Rainbow Minerals (ARI) climbed 1.52% after 271 deals totaling 71 827 shares, which saw the share price rise to R170.77 a share.

    In the gold mining sector, Randgold & Exploration Company Limited (RNG) fell 57.45% to R6 a share, after 10 deals exchanged 142 533 shares.

    After investors traded 253 727 shares in 310 deals, Vodacom Group Limited (VOD) lost 3.06% to sell at R59.90 a share at midday.

    Permalink2010-06-28, 12:33:02, by Natalie Email , Leave a comment

    Global markets fall as economic recovery concerns grow

    Local markets

    At midday on Friday the JSE All Share had lost 0.51%, as resource shares fell during a small-volume yet volatile morning session.

    The rand was trading at R7.66 to the US dollar at noon, slightly weaker but remaining range bound and looking to the euro for direction.

    Brent crude oil was selling at $75.26 a barrel, recovering 0.35% after slipping on news of higher inventories and the threat of a Caribbean storm which might extend toward the Gulf of Mexico, where BP is trying to combat a devastating oil spill.

    International markets

    On US markets yesterday, the Dow Jones closed 1.41% lower, while the Nasdaq dropped 1.68% after investors sold off stocks on signs of weak consumer demand and concern over stricter financial regulation.

    Japan’s Nikkei average lost 1.92% this morning after lower consumer spending suggested a more pessimistic outlook for corporate earnings.

    China's Shanghai index finished 0.54% lower, but managed to reach its best week for the month thanks to gains earlier in the week after China promised to relax control of the yuan.

    Britain's FTSE 100 was down 0.65% at midday SA time, as bank shares rallied after signs of compromise in US regulation plans, and before the upcoming G8 and G20 summits.

    Share price news

    Speciality chemical company African Oxygen (share code: AFX) rose to R22.88 a share at 12:00, a gain of 2.83% as investors traded 408 758 shares in 20 deals.

    Dawn Limited (DAW) in the building and construction materials sector rose 1.31% to R7.75 a share, after 478 584 shares were exchanged in 22 deals.

    Computer hardware company Mustek Limited (MST) fell 11.31% to sell at R3.45 a share, after 34 deals traded 122 199 shares.

    After 15 deals totaling 119588 shares, Randgold & Exploration Company Limited (RNG) lost 4.44% as shares fell to R14 at noon.

    Permalink2010-06-25, 13:24:27, by Natalie Email , Leave a comment

    Revived concern over the sustainability of economic recovery weighs on JSE

    Local markets

    Thursday noon saw the JSE All Share down 0.47% with losses across the board, after investors renewed their concerns about the sustainability of the global economic recovery.

    The rand was trading at R7.60 to the US dollar, remaining within a range as the local currency followed movements of the euro-dollar exchange rate.

    Oil cost $75.69 a barrel, recovering by 0.92% at 12:00 after two days of losses, taking a lead from steady Asian markets.

    International markets

    Yesterday, the Dow Jones edged up 0.05% but the Nasdaq dipped 0.33% after volatile trade, as the US Federal Reserve downgraded its assessment of the economic recovery and promised that loans would remain cheap.

    Japan’s Nikkei index inched up 0.05% this morning to close flat, but held above a key support level after a volatile session.

    Hong Kong’s Hang Seng fell 0.59% on profit taking after the US Federal Reserve announced a mixed economic outlook.

    Britain's FTSE 100 had lost 0.78% by noon led by losses in commodity stocks, while waning risk appetite saw bank shares slide.

    Share price news

    1Time Holdings Limited (share code: 1TM) rose 2.80% to R1.10 a share, after 261 720 shares were traded in 13 deals.

    Invicta Holdings Limited (IVT) gained 1.81% after 12 deals totaling 26 472 shares, which sent the share price up to R31 at midday.

    MTN Group Limited (MTN) fell 2.60% to R108.85 after 3 354 023 shares were exchanged in 2 076 deals.

    After 225 deals traded 192 947 shares, Barloworld Limited (BAW) lost 1.62% to sell at R42.49 a share at noon.

    Permalink2010-06-24, 12:20:10, by Natalie Email , Leave a comment

    Losses in oil and gas shares weigh on JSE

    Local markets

    Wednesday midday saw the JSE All Share down 0.76% led by losses in oil and gas stocks. The local bourse was affected by negative sentiment as investors became more risk averse after poor US economic data.

    The rand was trading at R7.55 to the US dollar, slightly weaker as recent event risk is making investors cautious.

    Brent crude was selling at $77.10 a barrel, up 0.25% after falling overnight on news of increased US inventories and weak home sales.

    International markets

    Yesterday on US markets, the Dow Jones closed 1.43% lower and the Nasdaq gave up 1.19% in a late selloff, as investors reacted to unexpectedly poor home sales data.

    Japan’s Nikkei average fell 1.87% this morning, as concerns about the euro zone and bleak technical markers spurred selling.

    China’s Shanghai index fell 0.73% as cheer over a more flexible yuan faded and poor economic data from the US inspired losses.

    Britain’s FTSE 100 was 0.58% down at midday, as losses in commodity shares weighed, adding to recovery worries after the release of weak economic data from the US.

    Share price news

    At noon, Capital and Counties Property PLC (CCO) rose 1.97% to R11.90, after 110 deals saw the exchange of 367 083 shares.

    In the shipping and ports sector, Imperial Holdings Limited (IPL) gained 1.73% to sell at R89.01 a share, after 447 113 shares were traded in 515 deals.

    After 196 deals totaling 188 472 shares, AVI Limited (AVI) in the food processing sector fell to R22.92, a loss of 2.76%.

    Impala Platinum Holdings (IMP) dipped 2.75% to R191 a share at noon, after 220 186 shares were exchanged in 761 deals.

    Permalink2010-06-23, 12:34:35, by Natalie Email , Leave a comment

    Market confidence wanes as euro zone fears grow

    Local markets

    At midday on Tuesday, the JSE All Share had lost 0.94%, led by losses in basic materials shares following a retreat on international markets after revived concern over Europe.

    The rand was trading at R7.52 at noon, slightly weaker following euro movements, and awaiting further news from Asia.

    Gold fell 1.54% to $1 234.70 an ounce, losing ground gained from bargain hunting after China's central bank raised the yuan's mid-point.

    International markets

    Yesterday, the Dow Jones finished 0.08% lower and the Nasdaq lost 0.90% on late selling as confidence in China's decision to allow yuan flexibility dissipated as investors questioned the speed and extent of Beijing's intentions.

    Japan’s Nikkei average closed 1.22% down this morning, after investors took profits after the index rose to a one-month high the day before.

    Hong Kong’s Hang Seng dipped 0.45% after profit taking on the back of yesterday’s rally spurred by China's decision to allow the yuan more flexibility.

    Britain’s FTSE 100 had lost 1.26% by noon SA time, with losses in commodity and bank shares weighing after confidence inspired by China's yuan decision waned.

    Share price news

    Capitec (share code: CPI) in the banking sector rose 4.97% to R114 a share, after investors traded 51 455 shares in 70 deals.

    In the investment bank sector, PSG Group Limited (PSG) gained 1.93% after 25 deals totaling 63 276 shares, sending the share price up to R27 at midday.

    After 115 deals of 230 068 shares, Sentula Mining Limited (SNU) fell 2.16% to sell at R2.27 a share.

    In the same sector, BHP Billiton PLC (BIL) lost 2.38% to trade at R218.99 a share, after investors sold 2 367 402 shares in 1193 deals.

    Permalink2010-06-22, 12:28:40, by Natalie Email , Leave a comment

    China's currency strengthening boosts market confidence

    Local markets

    At noon on Monday, the JSE All Share was up 1.29%, lifted by gains in resource shares, and tracking positive movements on international markets.

    The rand was trading at R7.43 to the US dollar at midday, taking direction from the euro which remained relatively unchanged from overnight levels.

    Brent crude oil rose 1.60% to sell at $78.74 a barrel, after promises from China to make its currency more flexible, increasing demand estimates for oil.

    International markets

    On Friday on US markets, the Dow Jones rose 0.16% while the Nasdaq edged up 0.11% as investors traded lightly after signs of economic fragility and European debt worries.

    Japan's Nikkei index closed 2.43% higher this morning as investors took confidence in China’s move to make the yuan stronger.

    Hong Kong’s Hang Seng climbed 3.08% after China's plans for currency strengthening, which indicated a reasonable amount of certainty for continued economic growth.

    Britain's FTSE 100 had risen 0.97% by noon after China’s news boosted risk appetite, leading to gains in banking and mining shares.

    Share price news

    In the investment banks sector, Barnard Jacob Mellet Holdings Limited (share code: BJM) rose 13.65% to R4.33 a share after investors traded 898 053 shares in 37 deals.

    Telkom SA Limited (TKG) gained 1.08% after 1 070 deals exchanged 1 963 808 shares, which sent the share price up to R37.30 at midday.

    JD Group Limited (JDG) fell 3.12% to R43.10 a share at noon, after 300 deals traded 328 063 shares.

    Medi-clinic Corporation Limited (MDC) experienced a 1.98% drop in share price after investors exchanged 255 741 shares in 133 deals, sending shares sliding to R27.25 each.

    Permalink2010-06-21, 13:21:14, by Natalie Email , Leave a comment

    Financial, resource shares boost JSE

    Local markets

    At noon on Wednesday, the JSE All Share was up 1.08%, lifted by gains in financial and resource shares, and tracking positive movements on international markets.

    The rand was trading at R7.73 to the US dollar at midday, taking direction from the euro which remained relatively unchanged from overnight levels.

    Brent crude oil rose 1.82% to sell at $72.29 a barrel, after news of solid Chinese exports and an industry report showing a bigger drop in US oil inventories than was anticipated.

    International markets

    Yesterday on US markets, the Dow Jones rose 1.26% led by gains in material and financial shares, while the Nasdaq slid 0.15% as investors sold big-cap technology shares on fears for their European exposure.

    Japan's Nikkei index closed 1.04% down this morning as investors worried about Europe’s debt problems after Fitch Ratings remarked that the UK had a "formidable" fiscal challenge ahead.

    Hong Kong’s Hang Seng inched up 0.69% after China's securities regulator gave Agricultural Bank of China the green light to begin an initial public offering.

    Britain's FTSE 100 had fallen 0.57% by noon on losses in energy shares, offsetting gains from bargain hunting as investors bought beaten-down banking and mining shares.

    Share price news

    In the metals and minerals sector, Mvelaphanda Resources Limited (share code: MVL) rose 3.76% to R43.58 a share after investors traded 371 641 shares in 322 deals.

    Computer hardware company Mustek Limited (MST) gained 2.94% after 4 deals exchanged 375 540 shares, which sent the share price up to R3.50 at midday.

    Hulamin Limited NPL (HLMN) fell 7.69% to R1.20 a share at noon, after 47 deals traded 255 409 shares.

    In the real estate investment trusts sector, Fountainhead Property Trust Limited (FPT) experienced a 1.55% drop in share price after investors exchanged 3 462 637 shares in 17 deals, sending shares sliding to R6.35 each.

    Permalink2010-06-09, 12:15:22, by Natalie Email , Leave a comment

    Losses in resource shares lead JSE down

    Local markets

    Just before 1pm on Monday, the JSE All Share had fallen 0.5% with losses in resource shares leading the downward slide.

    The rand was trading at R7.79 at 1pm, weakening slightly in line with a falling euro.

    Oil cost $72.03, down 0.7% after last week’s disappointing economic data from the US indicated that recovery may be slowing, which has negative implications for future oil demand.

    International markets

    The Dow Jones dived 3.15% while the Nasdaq lost 3.64% on Friday, after May's poor employment statistics sent investors scurrying for cover, worsening the retreat after signs of a developing debt crisis in Hungary.

    Japan’s Nikkei average fell dropped 3.84% this morning after Hungary’s debt problems saw the euro slide to an eight-year low against the yen.

    China’s Shanghai index fell 1.64% on negative sentiment, with banks leading losses after the Agricultural Bank of China's impending initial public offering caused concern that its fundraising activity would reduce market liquidity.

    Britain's FTSE 100 had dipped 0.45% just after 1pm after weakness in banks and mining shares followed US economic data and Hungary debt worries.

    Share price news

    Top mover upwards just after 1pm was Fairvest Property Holdings Limited (FVT) whose shares rose 15.04% to R1.30, after investors traded 7 000 shares in a single deal.

    Mix Telematics Limited in the business support services sector gained 5.77% as 93 000 shares were exchanged in 5 deals, lifting the share price to R1.10.

    The largest percentage loss was experienced by Mazor Group Limited in the building and construction materials sector. Share prices fell 10.31% to R2 each after 4 deals traded 38 369 shares.

    Merafe Resources Limited slid 5.44% to R1.39 a share after 3 829 894 shares were exchanged in 159 deals this morning.

    Permalink2010-06-07, 14:29:16, by Natalie Email , Leave a comment

    JSE flat as investors await data from the US

    Local markets

    On Friday at 12:00, the JSE All Share had slipped 0.10%, though steadier after a volatile last session. Investors await economic data from the US due out later today, including non-farm payrolls, inflation pressures, and weekly measure of future US economic growth.

    The rand was selling at R7.65 to the US dollar, remaining within a range as the local currency followed movements of the euro, ahead of the release of key economic data.

    Oil cost $75.80 a barrel, up 2.85% by midday, on investor hopes that US monthly employment data will provide reassurance about the strength of economic recovery.

    International markets

    Yesterday, the Dow Jones edged up 0.06% while the Nasdaq rose 0.96% after a late rally in technology shares. Investors’ reactions were mixed after remarks from three top Federal Reserve officials, who said it may soon be time to begin raising US interest rates as economic recovery continues.

    Japan’s Nikkei average fell 0.13% this morning, despite yesterday’s strong gains after Finance Minister Naoto Kan was selected as the new prime minister.

    Hong Kong’s Hang Seng closed 0.03% lower, despite predictions that the market would trade slightly higher on hopes of positive jobs data due later from the US.

    Britain's FTSE 100 had gained 0.83% by noon, lifted by BP after the company put a containment cap on the gushing well pipe in the Gulf of Mexico, and investors anticipate a strong May jobs report from the US.

    Share price news

    Experiencing a surge of trade as 402 deals had exchanged 1 787 586 shares by midday, Sappi Limited (SAP) in the paper sector climbed 2.92% to sell at R30 a share.

    Sappi competitor Mondi PLC PRE (MNP) rose 2.22% to R46 a share, as investors traded 2 205 087 shares in 185 deals.

    In the metals and minerals sector, Merafe Resources Limited (MRF) fell 4.49% to R1.49, after 231 deals exchanged 3 206 024 shares.

    Falling 2.68% was steel major Arcelormittal SA Limited (ACL), whose share price dropped to R75.44 after 226 770 shares were traded in 410 deals.

    Permalink2010-06-04, 13:23:00, by Natalie Email , Leave a comment

    Global markets positive, JSE up 1.14% at noon

    Local markets

    At midday on Thursday, the JSE All Share was 1.14% higher, with resource shares leading the upward climb.

    The rand was trading at R7.61, strengthening slightly against the US dollar.

    Gold was selling at $1 217.90 an ounce, up 0.24% and recovering after earlier losses as solid home sales data in the US spurred selling by investors.

    International markets

    Yesterday on US markets, the Dow Jones rose 2.25% and the Nasdaq gained 2.64%. Energy shares led gains, recovering from the previous session’s losses.

    Japan’s Nikkei average closed 3.24% higher this morning to reach a two-week high, as foreign investors began to re-enter the market and technical signals looked more positive.

    Hong Kong’s Hang Seng finished up by 1.62%, rebounding in light of positive closes on US markets, and as investors clamoured to pick up bargains.

    Britain's FTSE 100 was 1.86% higher at midday, following gains on US and Asian markets, as mining and energy shares rose on the back of stronger commodity prices.

    Share price news

    Wesizwe Platinum Limited (share code: WEZ) rose 3.91% to R2.18 a share, enjoying an active morning’s trade as investors exchanged 177 440 shares in 24 deals by midday.

    Sentula Mining Limited (SNU) in the metals and minerals sector gained 3.45% after 23 deals traded 248 952 shares, lifting the share price to R2.40.

    After 45 deals totaling 157 634 shares, Highveld Steel and Vanadium Corporation (HVL) fell 0.07% to R73.30 a share.

    Software company UCS Group Limited (UCS) lost 3.06% as shares fell to R1.90 each at noon, after investors exchanged 125 348 shares in 4 deals.

    Permalink2010-06-03, 12:18:54, by Natalie Email , Leave a comment

    JSE follows global markets lower, as euro zone worries linger

    Local markets

    At 11:00, the JSE All Share had fallen 0.81%, as resource stocks weakened and the local bourse followed lower closes on international markets amid continued worry over the financial health of the euro zone.

    The rand was trading at R7.70 to the dollar, remaining steady and within a range, tracking movements of the euro.

    Gold cost $1 220 an ounce at 11:00, 0.57% down as investors consolidated their gains after yesterday’s rally.

    International markets

    The Dow Jones closed 1.11% lower while the Nasdaq lost 1.54% yesterday, as energy shares fell after US government announced a criminal investigation of the ongoing BP oil disaster in the Gulf of Mexico.

    Japan’s Nikkei average fell 1.12% this morning after heavy trade, eroding earlier gains as the yen retreated after news of Prime Minister Yukio Hatoyama's resignation.

    In China, the Shanghai index rose 0.12%, boosted by gains in auto makers Beijing promised a subsidy to buyers of battery-powered cars and plug-in hybrids in five cities.

    Britain’s FTSE 100 was 1.53% lower at 11:00, as traders became more risk averse, with losses in oil and mining shares overcoming gains in defensive shares.

    Share price news

    Hulamin Limited NPL (HLMN) rose to R2.45 a share, up 1.66% as investors traded 130 732 shares in 66 deals.

    Pick N Pay Stores Limited (PIK) climbed 1.14% to sell at R42.59 a share, after 2 467 117 shares were traded in 96 deals.

    Losing 4.35% at 11:00 was Grand Parade Investments Limited (GPL), whose shares fell to R2.20, as investors exchanged 141 616 shares in 8 deals.

    Harmony Gold Mining Company Limited (HAR) saw the trade of 120 737 shares in 195 deals, which sent the share price down 2.10% to R75.58.

    Permalink2010-06-02, 13:02:29, by Natalie Email , Leave a comment

    Signs of slowing growth in China weighs on markets

    Local markets

    At midday on Tuesday, the JSE All Share had fallen 1.42%, with losses led by oil and gas and financial shares. Sentiment was negative in line with weaker global markets.

    The rand was trading at R7.76 to the US dollar at noon, weakening as investors’ increasing risk aversion dented emerging markets.

    Oil cost $71.88 a barrel, retreating 1.53% after earlier gains as Chinese and European data raised concern over the pace of recovery of the world economy.

    International markets

    The US markets were closed yesterday for a public holiday.

    In Japan, the Nikkei index closed 0.58% lower this morning, after an erroneous transaction weighed on the market and trade volumes were thin.

    China’s Shanghai index dropped 0.92% after news that manufacturing activity grew at a slower pace in May than in April.

    Britain's FTSE 100 fell 2.15% by noon, after BP shares slumped as efforts to stem the major oil spill have failed, and Prudential shares’ gains after AIG refused its revised offer for AIA were not
    sufficient to lift the index into the black.

    Share price news

    Fortress Income Fund Limited (share code: FFB) rose 5% to R2.10, after 645 993 shares were exchanged in 1 deal.

    Mustek Limited (MST) in the computer hardware sector climbed to R3.38 a share at noon, a 2.11% increase after 178 797 shares were traded in 11 deals.

    After 116 deals traded 893 649 shares, Metorex Limited (MTX) fell 5.59% to R3.38 a share.

    Broadcasting contractors Naspers Limited (NPN) lost 3.92% after shares fell to R289.50. Investors exchanged 561 777 shares in 1 032 deals.

    Permalink2010-06-01, 12:24:38, by Natalie Email , Leave a comment