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    Debt worries, lower commodity prices see global markets fall

    Local markets

    At 1pm on Friday, losses in resource and gold mining shares had left the JSE All Share down by 0.27%, in line with weaker global markets.

    The rand was trading at R6.93 to the US dollar, weaker as the rand tracked euro movement and was affected by lower commodity prices.

    Oil cost $86.98 a barrel, falling 1.16% from the previous session’s high as investor risk aversion increased on concern over Ireland’s debt.

    International markets

    Yesterday on US markets, a poor outlook from Cisco saw Wall Street take a hit, with the Dow Jones closing 0.65% lower and the Nasdaq finishing down 0.90%.

    In Japan, the Nikkei average lost 1.39% by its close this morning, as investors continued to take profits as commodity prices tumbled.

    China's Shanghai index dived 5.16%, its greatest percentage loss since May, after losses in financial and resource shares on the possibility of further monetary tightening.

    Britain's FTSE 100 had fallen 0.24% just before 1pm, after Ireland's debt worries as well as concerns that China's economy may be overheated. Losses were led by financial and commodity shares.

    Share price news

    In the clothing and footwear sector, Compagnie Fin Richemont (share code: CFR) rose 4.10% to sell at R38.05 a share at 1pm, after 58 020 759 shares were traded in 1 123 deals.

    Sacoil Holdings Limited (SCL) rose 4.28% to R1.95 a share, after investors exchanged 2 077 911 shares in 96 deals.

    After 135 deals of 2 104 087 shares, Metorex Limited (MTX) in the metals and minerals sector slid 2.61% to trade at R4.85 a share.

    Pan African Resources PLC (PAN) tumbled 1.60% to R1.23 a share, after 82 deals saw the sale of 996 031 shares this morning.

    Permalink2010-11-12, 13:07:27, by Natalie Email , Leave a comment
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