SA Midday Market Update 19 Nov 2014
The JSE all-share index is trading 0.70% lower, following softer Asian markets in morning trade with resources leading the decline.
https://www.youtube.com/watch?v=nNcZWx4P9AM&feature=youtu.be
The resource index has given up 1%, the industrial index 0.5%, while the financial index is flat on the day.
In company news: Tiger Brands year-end results revealed group turnover to have increased 11%, headline earnings per share 15%, and the total dividend offering for the period by 9%. The losses in Nigerian operations have reduced and further impairments to the value of R105 million were realised on the Dangote Flour Mills.
Keaton Energy interim results showed revenue to have increased 10% , total coal sales by 7% although headline earnings per share dropped by around 29%.ArcelorMittal has announced that it has unforeseen delays relating to the recommissioning of its Newcastle plant.
In currencies news the Rand is trading at R11.01 cents to the Dollar, R13.80 to the Euro and R17.18 to the British Pound. In commodities, Gold is trading at $1,198/oz., Platinum at $1,205/oz. and Brent Crudeat $78.44/barrel.
Local Consumer Price Index data showed the annual inflation rate in October to be at 5.9%, which was in-line with consensus, as well as Septembers CPI figure. Food inflation was noted as having slowed to a seven month low at 8% in October. At 11:30 we await data relating to how the Bank of England voted on official bank rates. While in the U.S., building permit data is expected out of the U.S.