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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 - The JSE was on the back foot in
midday action on Monday, marginally off its opening levels in thin trade
as markets continued to react to the confirmed death of Northern Korean
leader Kim Jong Il.
At 12:01 local time, the all share index was 0.80% lower. The
resources index lost 1.05 and gold stocks slid 0.45% with the platinum
index losing 1.30%.
Financials were 0.74% down, while industrials lost 0.60% and banks lowered 1.40%.
A local dealer noted that banks led the downside momentum,
while resource stocks also declined, but trade was thin, as to be
expected in the run up week to Christmas.
He said that some of Monday's negative action was as a result of catch-up due to the public holiday on Friday.
The rand was bid at 8.36 to the dollar, from 8.38 at the JSE's
close on Thursday. Gold traded at US$1,595.55 a troy ounce from
US$1,602.92/oz at the JSE's previous close, while platinum was quoted at
US$1,417.50/oz, from US$1,418/oz at the previous close.
Dow Jones Newswires reported that US stocks were expected to
open marginally higher on Monday, as European markets recover from
opening lows. Traders would attempt to shrug off credit-rating fears
after Fitch Ratings put six eurozone countries on review for a possible
downgrade late last Friday. Traders noted that Fitch affirmed France's
triple-A rating on Friday, despite lowering its long-term outlook on the
country, which has offered some comfort. Still, caution would persist
amid low volumes, with participants refraining from building exposure to
equities in the run-up to the Christmas break.
Asian stock markets also dropped on Monday, with South Korea's
stock market and the won tumbling to multi-week lows on news of North
Korean leader Kim Jong Il's death.
South Korea's Kospi Composite briefly fell 4.4% to its lowest
level since mid-October. "What I can say now is that the shock on the
market will be inevitable in the short term," said Hyundai Securities
analyst Bae Sung-young. The US dollar, considered a safe-haven, rose
broadly after North Korean state television said Kim died from fatigue
during a train ride on Saturday.
Japan's Nikkei Stock Average fell 1.3%. Taiwan's Taiex index
slipped 2.2%, while Hong Kong's Hang Seng Index fell 1.2% and China
Shanghai Composite slipped 0.3%.