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    A stronger US dollar sees global commodity shares weaken

    Local markets

    The JSE had fallen 0.93% by midday on Tuesday, as losses in resources and basic materials weighed on the local bourse.

    The rand was trading at R6.99 to the US dollar, weakening fractionally but remaining range bound before Thursday’s rate announcement.

    Gold cost $1 362.54 an ounce at noon, edging up 0.18% as investors continued to keep an eye on developments in the European debt saga.

    International markets

    Yesterday on US markets, the Dow Jones clung on to a 0.08% gain while the Nasdaq fell 0.17% as investors worries that the Federal Reserve may reduce its efforts to stimulate the economy.

    Japan’s Nikkei index had lost 0.31% by its close this morning, after investors took profits on concern for the future of corporate profits and the effect of stricter credit controls in China.

    China’s Shanghai index fell 3.98% as losses in property developers came on further credit tightening, and coal and metal shares slid on concerns over price controls.

    England’s FTSE 100 had fallen 1.19% by noon SA time, as losses in banks and commodity shares came on anxiety over Ireland’s debt situation.

    Share price news

    Petmin Limited (share code: PET) in the metals and minerals sector rose 3.28% to R3.15 a share at midday, after investors exchanged 330 038 shares in 29 deals.

    In the electrical equipment sector, Delta EMD Limited (DTA) gained 2.50% after 182 044 shares were traded in 10 deals, sending the share price up to R10.25.

    After 258 936 shares were sold in 37 deals, Litha Healthcare Group Limited (LHG) fell to R2.18, a loss of 5.22% by noon.

    Metorex Limited (MTX) had fallen 3.31% to R4.67 a share, after 305 deals traded 3 366 303 shares.

    Permalink2010-11-16, 12:35:01, by Natalie Email , Leave a comment
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