IG Markets: Midday market update, 27 March

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By Shaun Murison g+

The JSE all-share index is trading 0.07% higher in morning trade ahead of U.S. economic growth data scheduled for this afternoon. New Year resolutions

Gains are being led by the industrial index, which has added 0.5% while the resource index is 1.15% lower and the financial index is 0.2% lower.

In company news, shares Nedbank, AECI andAVI Ltd are ex-dividend today.

The Purple Group Ltd released interim results in which client funds increased by 47.3% to R791.6m, revenue increased by 28% to R62.6m and earnings per share grew by 94% over the period.

Basil Read Holdings in their FY results revealed a R820.9m loss after tax and a headline loss per share of 362.08c. The company’s order book now amounts to R10.5bn. The company also renewed a cautionary in which it is at the early stage discussions for the potential disposal of certain other non-core assets are still ongoing and if successfully concluded may have a material effect on the price of the company’s securities.

For the year ended 28 February 2015 Afrimat’s has advised that basic earnings per share  is expected to be between 124.5 and 135.4 cents per share reflecting an increase of between 15% and 25% on the previous year.

The Rand is trading at R12.01 to the Dollar, R12.99 to the Euro and R17.80 to the British Pound. In commodities, Gold is currently trading at $1,200/oz., Platinum at $1143/oz. and Brent Crude at $58/barrel.

On the economic front, In the U.S. final GDP data for the fourth quarter is scheduled for release at 2:30pm where the expectation is for q/q growth of 2.4%.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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