Midday market update

The JSE all-share index is continuing its recent decline trading 1% lower in morning trade, following global market weakness after weak U.S. company earnings were reported last night and mixed Eurozone economic data was released this morning.

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The resource index is leading today's decline once again trading 2% lower, while industrials are 1.23% lower and financials have given up 0.4%.

In company news; Anglo American Plc's Q3 update showed production increases of 37% for iron ore, 13% for Nickel 6% for diamonds and 4% for export metallurgical coal. While lower production was realised in copper (-15%), platinum (-14%) and export thermal coal (-4%).

Kumba Iron Ore Q3 production increase of 37% was curtailed by a 4% decrease in export sales and a 14% decrease in local sales volumes. Anglo American Platinum saw total equivalent refined platinum production 14% lower in the third quarter.

Clicks reported a strong set of full-year results. Group turnover was up 9.2% diluted headline earnings per share 12.9%, with the total dividend for the year increasing by 13.1% and ROE now up to 57%.

In currencies the Rand is slightly firmer today trading at R10.94 to the Dollar, R13.85 to the Euro and R17.51 to the British Pound. In commodities, Gold is trading at $1,239/oz, Platinum at $1,252/oz and Brent Crude at $84.73/barrel.

HSBC Flash Manufacturing PMI data out of China was more or less in-line with consensus alluding to marginal industry expansion. German flash manufacturing PMI data beat expectation, while the services PMI data was a slight miss on expectation.

French Flash Manufacturing and Services PMI data both fell short of consensus estimates. Month-on-month retail sales out of the UK showed a 0.3% contraction. We are expecting weekly unemployment claims data out of the U.S at 2:30pm, South African time.

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Midday market update

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