SENS at a glance

IG Markets: Midday market update, 9 April

The JSE all-share index has experienced a volatile morning as initially weak commodity prices, following last night’s FOMC meeting minute in the U.S., caused resource counters to weigh on our local bourse while industrial counters led by Naspers have helped offset the index's initial losses.
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Shaun Murison g+

The JSE all-share index has experienced a volatile morning as initially weak commodity prices, following last night's FOMC meeting minute in the U.S., caused resource counters to weigh on our local bourse while industrial counters led by Naspers have helped offset the index's initial losses. 

Upbeat mining production figures did however equate to resource counters trading well off the lows of the day and in turn, the all-share index has added 0.4% on the day thus far.

The resource index is 1.91% lower, while the industrial index has added 1.04% and the financial index 0.16%.

In company news, Consolidated Infrastructure Group Ltd released a trading statement guiding that the company expects interim results to reflect an earnings and headline earnings per share increase of between 20% and 28%.

Stellar Capital has advised that it has acquired a 16.45% interest in Cadiz from various shareholders for a total cash consideration of R45, 283,142.00. The final share purchases were implemented on 7 April 2015.

The Rand is trading at R11.82 to the Dollar, R12.70 to the Euro and R17.49 to the British Pound. In commodities, Gold is trading at $1,195/oz., Platinum at $1,159/oz. and Brent Crude at $56.8/oz.

On the economic front, local gross gold and foreign exchange reserves were recorded at $46.44bn, while the net figure for the aforementioned was reported to be $41.28bn. Mining production in South Africa increased by 7.5% year-on-year in February 2015. The highest positive growth rates were recorded for PGMs (26.7%), iron ore (22.6%) and manganese ore (16.8%).

Manufacturing production and sales data for South Africa in February 2015 expected at 1:00pm. In the U.K., we await the announcements on the official bank rate and asset purchase facility at 1:00pm. In the U.S., weekly unemployment claims data expected at 2:30pm.

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.
Naspers
JSE all-share index
IG Markets
Shaun Murison

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