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JSE trims gains, oil prices weigh

Feb 24 2012 13:46 I-Net Bridge

Company Data

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 gave back some of its earlier gains in midday trade on Friday, with elevated oil prices keeping the bourse in check while banking stocks maintained their strong run.

At 12:05 local time, the JSE All Share [JSE:J203] index was up 0.16% to 34 162.44 points, with banks up 0.79%; financials lifted 0.65%, while industrials added 0.12%.

Platinum miners were up 0.22%, resources slipped 0.11% and gold shares shed 0.58%.

The rand was at 7.60 to the US dollar, from 7.69 at the JSE's close on Thursday. Gold was quoted at $1 780.74 a troy ounce from $1 776.92/oz at the JSE's previous close, while platinum was at $1 719.50/oz, from $1 722/oz.

"There are growing fears that higher oil prices will accelerate global inflation, which could potentially derail the recovery of the global economy," said Drikus Combrinck, portfolio manager at PSG Konsult. "I'm not surprised that the general miners are on the back foot."

European stocks posted mild gains on Friday, Dow Jones Newswires reports. Concerns about Greece have receded somewhat after it managed to negotiate its second bailout deal, and investors are now looking ahead to the second longer-term refinancing operation from the European Central Bank.

In addition, Greece's parliament on Thursday approved the private sector involvement programme which includes collective action clauses.

London's FTSE 100 was flat at 5 942.11 at noon local time.

Asian stock markets finished mostly higher, with Hong Kong's Hang Seng Index up 0.12% and China's Shanghai Composite Index up 1.2%.

 
 
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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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