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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
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May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - The JSE opened stronger on Wednesday, gathering upward
momentum on the back of stronger global equities, despite uncertainty about US economic
weakness.
By
09:16 local time the JSE all share index had risen 0.57%, as resources gained 0.88%, platinum
miners climbed 0.42%, and gold miners added 1.20%. Banks picked up 0.44%, financials
profited 0.52% and industrials firmed 0.34%.
The
rand was bid at R7.31 to the dollar unchanged from the level at the JSE's close on Tuesday. Gold was
quoted at $1 163.78 a troy ounce from $1 159.64/oz at the JSE's previous close,
while platinum was at $1 540.50/oz from $1 536.00/oz before.
A trader
said the local market was tracking its global counterparts, with US stocks closing
stronger and Asian and European shares also looking firmer.
The trader said she did not expect the technical glitch yesterday to have any effect on the market.
Trading on Tuesday was delayed for about six hours, and the local market traded
for an additional hour to make up for some of the time lost due to
the technical glitch,
eventually closing at 18:00.
Dow Jones Newswires reported that Asian shares were mostly higher on Wednesday,
with the Tokyo market
charging ahead on solid corporate earnings from Canon, which put some extra gloss on the
already better outlook for Japanese exporters.
Japan's Nikkei Stock Average closed up 2.7% and Hong Kong's Hang Seng Index was
last up 0.81%.
Overnight, the Dow Jones Industrial Average eked out a gain of 12.26 points, or 0.12%, to
10 537.69, its highest close since May 17.
European stock markets opened stronger on Wednesday, with US economic weakness adding some downside
pressure to Wall Street overnight, but relatively strong earnings news offering a
degree of confidence.
There was a stark reminder of the weakness in the US economic outlook on
Tuesday, as the July consumer
confidence figures fell short of expectations, said Ben Potter, a research analyst at
IG Markets.
However, "with this standing against yet more surprisingly strong earnings
news, there's still a
reasonable amount of positive sentiment out there for stocks."
In
London the FTSE100 was up 21.5 points.
- I-Net Bridge