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    Global markets up after Ireland applies for bailout

    Local markets

    At midday on Monday, gains in resource shares led the JSE All Share up by 0.59%, after markets responded positively to Ireland’s request for bailout money, and the US dollar weakened.

    The rand was trading at R6.97 to the US dollar as currency markets took into account news of Ireland’s bailout application.

    Brent crude oil had risen 2.01% to $84.67 a barrel at noon, as the dollar weakened after Ireland’s bailout news.

    International markets

    On US markets on Friday, the Dow Jones closed 0.20% higher and the Nasdaq gained 0.15% after solid results from Marvell Technologies buoyed tech shares.

    In Japan, the Nikkei average climbed 0.93% to reach its highest close in five months this morning, as investor anxiety over the yen's strength faded, encouraging foreign buying of Japanese shares.

    China's Shanghai index fell 0.15% after losses in banking shares that came on monetary tightening concerns outweighed gains in sectors such as IT.

    Britain’s FTSE 100 was 0.31% higher at midday, thanks to gains in bank and commodity shares after news of Ireland’s bailout deal.

    Share price news

    Erbacon Investment Holdings Limited (share code: ERB) rose to R1.55 a share, a gain of 24% after 185 253 shares were traded in 6 deals.

    After 546 deals exchanged 780 573 shares, Telkom SA Limited (TKG) rose 2.73% to sell at R36.89 a share at midday.

    In the computer services sector, Paracon Holdings Limited (PCN) fell 2.29% to R1.71 a share, after investors sold 2 258 900 shares in 5 deals.

    African Bank Investments Limited (ABL) fell to R36.52 a share at noon, as investors exchanged 591 137 shares in 507 deals, resulting in a share price loss of 1.93%.

    Permalink2010-11-22, 12:26:41, by Natalie Email , Leave a comment
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