The JSE All Share Index is trading 0.85% lower in morning trade following weaker U.S. markets overnight and Asian markets this morning.
The resource index is leading todays decline, trading 2.2% lower, the Industrial Index is 0.4% lower while the Financial Index has managed to add 0.2% on the day so far.
In company news, Aveng has guided that it expects headline earnings for the interim reporting period to be at least 45% lower than the corresponding period. The company has also withdrawn the cautionary relating to the disposal of its wholly owned Electrix business through a share sales transaction. The group expects to realise a profit of R713ml after tax from the disposal.
Ellies expects headline earning per share to reflect a drop of between 139.57% and 159.77% from the comparative interim period. The company has also announced the details of the proposed rights offer in which the company is looking to raise around R115m, the details of which are available via the JSE’s stock exchange news service.
Ellies is the chart of the day. The initial reaction to the news saw the share trading as low as 122c only to reverse most of the initial days decline to trade back at the high of the day, equating to a more than 18% daily range. The extreme volatility warning of caution when dealing with the share.
Taking a look at currencies trade today the Rand is trading at R11.52 to the dollar, R14.30 to the Euro and R18.02 to the British Pound. In commodities trade, Gold is trading at $1218/oz, Platinum at $1238/oz and Brent Crude at $64.72/ Barrel.
In South Africa, motor trade sales measured at current prices increased by 4.9% year on year in October 2014. The highest annual growth rates were recorded for convenience store sales and sales of accessories. Wholesale trade sales decreased by 2.4% year on year over the same period.
In the U.S. month on month core retail and retail sales as well as weekly unemployment claims data is expected out at 3:30pm.
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