IG Markets: Midday market update, 23 April

The Jse All-Share index is trading 0.2% higher in morning trade following stronger U.S. markets overnight.

The Resource index is 0.2% lower , while the Industrial index has added 0.25% and the financial index 0.3%.

The industrial and financial indices are both trading 0.3% lower while the resource index is a releative outperformer having added 0.9% on the day.

In company news, Anglo American Plc’s Q1 production report showed the following production changes Iron Ore +7% Export Met Coal -17% Export Therm Coal +11% Copper -15% Nickel -27% Platinum +50% Diamonds +2%.

Kumba Iron Ore Q1 2015 total production in iron ore increased by +7% vs Q1 2014 while declining 2% vs Q4 2014.

Anglo American Platinum increased Q1 Group refined Platinum production by 50% in Q1 2015 (Q1 2014 comparative affected by strike).

Clicks interim results revealed group turnover to have increased 14.1%,while Diluted HEPS grew 12.8%. The interim dividend was increased by 22.4% and the company’s ROE was 53.6%.

DRDGOLD results for the 9 months to March 2015 saw gold production up 11%, while all-in sustaining costs were reduced by 3% to $1112/oz. EBITDA  grew by 111% and Operating Profit increased by 36% over the period.

In Currencies, the rand is trading at R12.26 to the dollar, R18.38 to the British pound and R13.16 to the Euro.

In Commodities Gold is trading at $1188/oz, Platinum at $1131/oz and $62.48/barrel.

On the economic front in China, HSBC Flash Manufacturing PMI data highlighted further industry contraction with an index reading of 49.2. In Europe, Flash manufacturing PMI data at 51.9 and Flash Services PMI data at 54.4 saw both index readings fall short of consensus estimates. In the U.K. retail sales saw a 0.5% m/m contraction in March 2015. In the U.S. weekly unemployment claims are scheduled for 2:30pm

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