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JSE higher on Greek hopes

Jun 21 2011 10:00 I-Net Bridge

Company Data

Sab [JSE : SAB]

Last traded R312.75
Change R0.02
% Change 0.01%
Cumulative volume 812,216
Market cap R520.53bn

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 opened firmer on Tuesday, encouraged by easing concerns over Greece.

A higher Wall Street yesterday, as well as buoyant Asian markets today, added to the improving mood, a local trader said, adding that commodity prices had picked up and the euro had stabilised against the dollar.

SABMiller [JSE:SAB] stock dropped in price this morning after the group's bid for Australian brewer Foster's, the local trader said.

By 09:22 local time, the JSE All Share [JSE:J203] index was up 0.50%, with resources rising 0.92% and platinum miners gaining 0.99%. Gold miners and industrials, however, were both flat. Elsewhere, banks picked up 0.89% and financials were 0.62% higher.

The rand was last bid at R6.73 to the dollar from R6.77 at the JSE's close on Monday. Gold was quoted at $1 543.23 a troy ounce from $1 538.61/oz at the JSE's previous close, while platinum was at $1 747.00/oz, from $1 729.50/oz previously.

The local trader said investors were of the opinion that the Greek debt crisis might come closer to resolution.

Dow Jones Newswires reported that Asian stock markets were mostly higher in choppy trade on Tuesday as concerns over Greece's debt crisis eased somewhat, with Foster's Group surging in Sydney after rejecting a multibillion-dollar takeover bid from London-based SABMiller.

Investors were encouraged by European officials' resolve to prevent a Greek debt default. But traders remained cautious as they focused on the outcomes of a no-confidence vote against the Greek government later in the day and the US Federal Reserve rate-setting meeting on Wednesday.

"What's positive is that the Dow Jones (Industrial Average) rose for three consecutive days as the US market builds up some tolerance to the ongoing Greece risk, but weak global economic data in the second quarter is leading to downward revisions in earnings forecasts for certain sectors," said Hyundai Securities analyst Bae Sung-young in South Korea.

Japan's Nikkei Stock Average rose 1.13%, South Korea's Kospi Composite added 1.4%, Hong Kong's Hang Seng Index was up 0.0%, and China's Shanghai Composite rose 0.7%. 

 
 
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It pays to know the cost and what you’re getting in return
May 28 2012 09:33

Investors may not have a clue what they’re paying their money managers or they type of service they’re getting, or, whether they can actually negotiate lower fees. (Reuters)

Sasha

"In the short term this is true, Greece will dominate the headlines on a day to day basis, until their next elections when there would be some clarity to answer the question, "What next for Greece?" Amazingly everyone except the politicians seem to be lining themselves up for worst case scenario, b... Read their blog...

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