SENS at a glance
IG Markets: Midday market update, 20 April
The JSE All Share Index is up 0.14% after a mixed morning of trading that has gradually seen the index weaken over the course of the morning.
The JSE All Share Index is up 0.14% after a mixed morning of trading that has gradually seen the index weaken over the course of the morning.
Financials are the weakest with them being 0.43% lower in morning trade with resources surging 1.39% after a stronger push in commodities prices.
Companies going ex-div today are Mondi and Standard Bank with operating updates coming from some resource counters later in the week. In other news Brian Molefe from local parastatal transnet was named as the new interim CEO for Eskom in an effort to turn around the ailing power provider.
Firstrand has named James Formby as head of investment banking unit RMB to replace Alan Pullinger. Mr Pullinger is set to become Firstrands deputy CEO with Johan Burger stepping into the leadership role following Sizwe Nxasana stepping down in October.
Our chart of the day is on Sasol which has been in a broad-based consolidation since late November after the initial gap down which now is seen as gap resistance for an moves up to R485. Long traders will be looking for a break above the R485 level or alternatively an apportunity to buy off weakness at interim support at R450. The price pullback after the recent breakout is in line with the overbought status of the RSI and traders should be cautious of any moves in the Rand and Brent Crude.
Source: ProRealTime charts, as of 20/04/2015
Taking a look at commodities and Gold is trading at $1203.6/oz, Platinum is at $1167.8/oz and Brent Crude is trading $63.86 per barrel.
In the Forex market the rand is trading at; R12.04 to the Dollar, R17.98 to the British Pound and
R12.94 to the Euro.
In economic News; China cut its reserve requirement to 18.5% in an effort to stimulate growth.