IG Markets: Midday market update, 16 March

In company news, African Rainbow Minerals interim results revealed Headline Earnings Per Share (HEPS) to have fallen 56% over the period. While six of the company's divisions saw earnings contract, ARM coal was the one division, which managed, improve headline earnings by 71% albeit still in loss making territory.

Famous Brands has announced an acquisition of a majority (75%) stake in Cater Chain Food Services which has been approved by the competition commission and the transaction is effective the 1st of April 2015.

The following shares are ex-dividend today: Anglo American Plc, British American Tobacco, Comair, Capitec Bank, Discovery Ltd, Grindrod Ltd, Hulamin, Massmart, The Foschini Group, Shoprite Holdings and Sibanye Gold Ltd.

The Rand is trading at R12.43 to the Dollar, R13.08 to the Euro and R18.37 to the British Pound. In commodities, Gold is trading at $1,157/oz., Platinum at $1,116/oz. and Brent Crude at $54.40/barrel.

On the economic front, In the U.S. we are expecting m/m industrial production data at 3:15pm and in Europe, ECB President Mario Draghi set to talk at 8:45pm.

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