Midday market update

The index has given up around half a percent in the day's trade in what has been broad-based weakness with resources down 0.3%, financials off 0.33% and industrials 0.52% lower.

https://www.youtube.com/watch?v=B2wM89Cy5qY&feature=youtu.be

In company news, Pan African Resources released a trading statement in which it expects Headline Earnings Per Share (HEPS) in rand terms, adjusted from exceptional items, to be 16% to 21% lower than the previous years' comparative. Rand Merchant Insurance Holdings expects a 28% to 34% increase in its headline earnings scheduled to be released on 11 September 2014.

While an Aspen trading statement released expects HEPS to have grown 26% to 32% for the 12 months ending June 2014. Further to yesterday's results release, Woolworths has confirmed that it will look to raise around R10 billion through a renounceable rights offer.

The rand is trading weaker in the risk adverse climate due to geo-political tensions at R10.61 to the Dollar, R14.00 to the Euro and R17.61 to the British Pound. In commodities Gold is trading at $1,285/oz, Platinum at $1,422/oz and Brent Crude at $102.73 a barrel.

In Europe, German economic data has continued its recent run of disappointment as month-on-month retail sales contracted by 1.4%. In the US Chicago PMI data is expected at 15:45 local time.

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