IG Markets: Midday market update, 16 April

The resource index is 0.87% higher, the industrial index has added 0.69% and the financial index 0.11%.

In company news, SABMiller released a trading update in which the company has guided that the group's net producer revenue grew by 4%, with total beverage volume growing by 1% in the twelve months ending March 2015.

Brait, through its wholly owned subsidiary Brait Mauritius, has entered into a conditional agreement to acquire an 80% interest in Virgin Active (the international health club operator) for £682m. Brait will fund the acquisition with cash on hand.

Business Connexion reported that in the six months ending February 2015 it increased revenue by 16%. On a normalised basis, excluding primarily the profit on the sale of Q-Link and the impact of the amortisation of intangibles, diluted headline EPS were 25.9 cents (2014: 20.7 cents). Astrapak full-year results saw the company reduce its continuing headline loss per share figure by 78.4%.

In currencies, the Rand is trading at R12.06 to the Dollar, R17.88 to the British Pound and R12.85 to the Euro. In commodities, Gold is trading at $1,205/oz., Platinum at $1,165/oz. and Brent Crude is at $62.5/barrel.

On the economic front, wholesale trade sales measured in real terms decreased by 0.4% y/y in February 2015 in South Africa, while motor trade sales increased by 0.6% over the same period with positive annual growth rates recorded for used vehicle sales of accessories, convenience store sales  and new vehicle sales (1.8%). In the U.S., we are expecting building permits and weekly unemployment claims data out at 2:30pm.