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.
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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.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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