SENS at a glance

IG Markets: Midday market update, 30 March

In a shortened trading week, the JSE all-share index is trading up 1.1% in morning trade following stronger Asian markets this morning.
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By Leigh Riley, Johannesburg

In a shortened trading week, the JSE all-share index is trading up 1.1% in morning trade following stronger Asian markets this morning.

Top movers are in the financial sector, which is up 1.35% with resources still lagging being up only 0.4%.

There is little to no company news today with the main focus on economic data out of the UK and US in the week with CPI data tomorrow and PMI data on Wednesday and the US non-farm payrolls on Friday.

In the forex market, the Rand has weakened against the majors, with the Rand trading at R12.09 to the Dollar. R13.12 to the Euro, and R17.95 to the British Pound.

With resource stocks floundering again you would have guessed that commodity prices have weakened, Gold has dropped by over a percent and is trading at $1,187.5 per ounce, Platinum at $1,128.80 an ounce and finally Brent Crude off over 1 and a half percent at $55.55 per barrel.

Chart of the day

Our chart of the day today is on Telkom SA following the breakout of the consolidation in the share price in line with the preceding trend. Traders favouring the bias to the upside will be targeting R84.55 as their target with those who missed the initial opportunity to buy on the breakout looking for a pullback to what will constitute new support at R79.20 as a renewed buying opportunity.

            Telkom SA Ltd

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.
JSE
Telkom
USD
JSE all-share index
IG Markets Limited.
Leigh Riley

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