IG Markets: Midday market update, 20 March

In broad-based weakness the Resource index is 1.1% lower, the Financial index 0.8% lower and the Industrial Index 0.16% lower.

In Company news, Sun International announced the conclusion of the 100% acquisition of the Peermont Group for R9.425m. The Peermont Group operates a portfolio of gaming and hospitality businesses in South Africa and Botswana, owning 9 casino resorts including its flagship Emporeres Palace casino resort.

The ELB Group’s interim results showed sales to have increased by 14% and headline earnings per share 13%, reflecting a higher activity across the range of products and services offered by ELB’s engineering and equipment African operations.

It is the last day to trade for dividends in shares:

– Argent

– Cashbuild

– FirsRand

– Growthpoint

– Imperial Holdings

– MMI Holdings

– Merafe

– RMB Holdings

– RMI Holdings

– Sabvest

– Santam

– Sun International

The rand is trading at R12.29 against the US dollar, R18.12 to the British Pound and R13.13 to the Euro.

In commodities, Gold is trading at $1171/oz, Platinum at $1123/oz and Brent Crude at $54/barrel.

On the economic front we are expecting FOMC members Lockhart and Evans to speak at 4:20pm and 5:30pm respectively in the U.S.

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