The JSE all share index is marginally off this morning by 0.12% after a fairly subdued start with the US celebrating a holiday today.
In Company news Merafe expects its Headline Earnings Per share to be between 19% and 26% lower for the year ending in December of 2014. HEPS are expected to be between 8 and 8.8 cents as opposed to 10.8 cents in 2013. This has largely been attributable to the scrapping of certain assets, thedepreciation of Project Lion II and associated increase in borrowing costs.
The chart of the day is on Firstrand Ltd and the highlight of what appears to be another strong area of  consolidation in a flat topped or ascending triangle pattern. Traders favouring the upside will be looking for a break above the 52 rand 50 level with the projected target at 55 Rand 25. An increase in volume will be what long traders are looking for as a queue to the next leg up. Failure of the price to break resistance at these levels may see it retest previous support at fifty rand.
A look at Currencies today the Rand gained some ground trading at R11.62 to the dollar, R13.27 to the Euro and R17.86 to the British Pound. In commodities trade Metals are firmer with Gold trading at $1233/oz, Platinum at $1213/oz and Brent Crude is up 0.22% at $61.63/ Barrel.
IG Insights
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.
