The JSE all-share index is trading 0.14% lower in morning trade, following news that Japan has officially entered into a recession after Japanese GDP shrank 1.6% missing previous estimates of a 2.2% gain.
In company news: Petmin Ltd goes ex-div today, along with interim results for the 6 months ended 30 September from Telkom. Telkom’s headline earnings per share up 14.9% to 261.7 cents per share, net revenue up 1.6% to R13.3 billion and operating expenses down 2.4% to R9.2 billion.
Barloworld, which in its year end results for the 12 months to the 30th of September, indicated revenue was up by 4% to R62.1 billion, operating profit is up by 16% to R3.83 billion, basic earnings per share increased by 33% to 1012 cents, and headline earnings per share from continuing operations up 10% to 857 cents with the total dividend per share increasing 10% to 320 cents per share.
In currencies news the Rand is trading at R11.10 cents to the Dollar, R13.90 to the Euro and R17.39 to the British Pound. In commodities, Gold is trading at $1,188/oz., Platinum at $1,206/oz. and Brent Crudeat $78.15/barrel.
In economic news we are expecting month-on-month industrial output from the USA at 2:15pm and Mario Draghi gives his quarterly testimony in Brussels at 4pm, South African time.
Chart of the day
Our chart of the day is Barloworld. It is interesting to note the move off what technical traders would consider an inverse head and shoulders pattern on the share price, indicating a reversal in the trend and move upward towards previous resistance, having moved 2.43% already in today’s trade.
Barloworld Ltd
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