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May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - South African stocks remained in the red by noon on Friday with resources and precious metal stocks leading
the downside amid continued profit taking.
At 12:00 the JSE all share index had given 0.80%, with resources losing 1.55%, gold miners lost 1.98% and platinums shed 2.39%.
Banks were flat, down 0.07, financials eased 0.19% and industrials weakened 0.33%.
The rand was bid at R7.37 to the dollar from R7.34 just before the JSE closed on Thursday. Gold was quoted at $1&nbs;047.90 a troy ounce from $1 049.10/oz just before the JSE's last close, and platinum was at $1 339/oz, from $1 342/oz at its previous close.
"There is nothing else other than profit taking," a trader said.
"We had a good week and today is the last day and people are now taking money off the table. There are more earnings due out next week. It's probably just the market getting jittery ahead of those and people choosing to sit on the sideline.
"Commodities and resources led the market up and now they are pulling us back," he said.
"For the rest of the day, I see European markets have also turned negative, Dow futures are still holding up well. I don't see any big movements, we will probably remain about 150-250- points for the day, we will probably end negatively," he added.
- I-Net Bridge