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The JSE all-share index is trading 1 third of a percent firmer in morning trade led by stronger industrial counters which have added 0.45%, followed by the financial sector which has added 0.37%, the resource sector is trading 0.16% lower as a stronger rand and flat commodity prices affect the index.
In company news, Glencore Xstrata released a half-year production report highlighting own sourced copper production to be up 13%, ferrochrome up 16% oil E&P production up 41% and coal up 5%, while, zinc and nickel production declined 11% and 8% respectively.
Mpact Limited interim results showed revenue to have increased 13.2%, while underlying profit added 14.5% from the previous interim comparative. Basic underlying EPS increased 19.2%.
Chinese tech giant Tencent Holdings reported quarterly earnings in which net income rose 59% while revenue added 37%. Locally listed Naspers, which owns more than 30% of Tencent Holdings, has gained more than 3% on the news.
The rand is trading at R10.63 to the dollar, R14.19 to the euro and R17.85 to the British pound. Looking at commodities, gold is trading at $1,310 per ounce, platinum at $1,470 per ounce and brent crude oil is at $102.6 per barrel.
In China, year-on-year industrial production figures increased by 9% in line with consensus estimates. In the UK, 33 600 less people claimed unemployment benefits last month, although the average earnings index showed a 0.2% decline in pay. In the US month-on-month core retail and retail sales figures are expected at 14:30 SA time. While locally, Statssa is set to report retail trade sales for June 2014 at 13:00.
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