Midday market report
The JSE all-share index is trading 0.57% lower following global market weakness as concerns mount that the Scottish may vote for independence and European Union governments meet to discuss tougher sanctions on Russia due to its participation in the Ukraine crisis.
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Today's losses are led by industrial counters, which see the index giving up 0.75%. The financial index is 0.36% lower, while the resource index is flat on the day.
In company news AngloGold Ashanti has announced its intention to restructure its international mining operations under a new UK holding, with a premium listing on the London Stock Exchange, an inward listing on the Johannesburg Stock Exchange as well as an ADR listing on the New York Stock Exchange. Separate from the restructuring, AngloGold is looking to raise capital through a rights issue of $2.1 billion to reduce current debt levels.
MMI Holdings delivered a strong set of full-year results which showed a 12% increase in core headline earnings. The company declared a 192c per share total dividend, which amounts to a 51% increase from the previous year. RMB Holdings showed normalised earnings for the year to have increased 22%, intrinsic value to have added 42% for the year and increased their dividend offering by 33%.
The rand has continued to weaken following yesterday's weak current account data and is trading at R10.99 to the Dollar, R17.72 to the British Pound and R14.23 to the Euro. Commodity prices remain soft with Goldtrading at $1,254/oz, Platinum at $1,383/oz and Brent Crude at $98.9/ Barrel.
It a quiet day on the economic front with no data scheduled locally and the inflation report hearings out of the UK at 15:45 South African time.
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