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JSE beats global trend higher

Jan 16 2012 10:27 I-Net Bridge

Company Data

Richemont [JSE : CFR]

Last traded R48.80
Change R0.46
% Change 0.95%
Cumulative volume 3.23m
Market cap R254.74bn

Last Updated: 28/05/2012 at 17:43. Prices are delayed by 15 minutes. Source: McGregor BFA

 

All Share [JSE : J203]

Last traded R33,104.06
Change R111.81
% Change 0.34%
Cumulative volume 0
Market cap R0.00

Last Updated: 28/05/2012 at 17:43. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - The JSE edged down in early trade on Monday morning before creeping into the black within the first half hour of opening.

At the open, a local trader said: "We're slightly weaker this morning as expected after weaker overall world markets and the rating downgrades in Europe."

However, trade soon moved into the black, which the trader attributed to a strong performance by Richemont [JSE:CFR]  and a weaker rand.

Not much in the way of volume was expected as the US market was closed for a public holiday.

At 09:29 local time, the JSE All Share [JSE:J203] index had lifted 0.15%. Gold miners generated 0.31%, resources gathered 0.15% while platinums were flat (0.08%).

Industrials collected 0.28%, financials rose 0.11%, while banks were static at 0.06%.

The rand was bid at R8.14 to the dollar from R8.03 at the JSE's close on Friday. Gold traded at $1 642.81 a troy ounce from $1 634.12 at the JSE's previous close, while platinum was quoted at $1 495/oz, from $1 475.50/oz at the previous close.

Dow Jones Newswires reported that Asian stock markets are falling as market sentiment has weakened significantly after Standard & Poor's lowered its ratings on nine eurozone nations late on Friday, while the euro has hit a fresh 11-year low against the Japanese yen.

Standard & Poor's late on Friday lowered its ratings on nine eurozone nations including triple-A rated France and Austria, citing insufficient policy initiatives by European leaders to address ongoing systemic stresses in the eurozone. While the downgrades didn't come as much of a surprise they served as a sharp reminder that Europe's ongoing sovereign-debt crisis is far from being resolved and could raise questions over the triple-A status of the European Financial Stability Facility.

Germany retained its triple-A rating, but Italy, Spain, Portugal and Cyprus all saw their ratings cut two notches. Malta, Slovakia and Slovenia were all cut by one notch.

France's rating - widely considered vital to the European Financial Stability Facility keeping its own triple-A rating - was cut to double-A-plus, one notch below the coveted top level. S&P will conclude a review on the EFSF's rating in the coming week.

European stocks are seen lower, bunds and gilts seen higher, the euro weaker, sterling stronger, oil and gold higher.

 

 
 
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