Markets WRAP: Rand ends the day's session at R14.42/$ | Fin24
 
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Markets WRAP: Rand ends the day's session at R14.42/$

2019-04-25 08:53

The local unit came full circle to close at R14.42/$ on Thursday.

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Last Updated at 04:48
25 Apr 17:10

Rand closes at R14.42/$

The local unit which opened at R14.42/$, traded within a range of R14.39 and R14.55/$ on Thursday. It came full circle by the end of the session to close at R14.42/$.


25 Apr 16:12

Sibanye increases offer to Lonmin shareholders

Sibanye-Stillwater and Lonmin have reached an agreement on an increased all-share offer.

On December 14, 2017 the boards of both mining companies agreed to an all share offer  by which each Lonmin shareholder would receive 0.967 new Stibanye-Stillwater shares for each Lonmin share held.

There will now be an increase of 0.033 new Sibanye-Stillwater shares per Lonmin share held. This is essentially an increase of 3.4%, based on the revised exchange ratio for the closing price of R14.33 per Sibanye-Stillwater share on April 23, 2019, a notice from Lonmin read.

"The terms of the Increased Offer represent a value of approximately 77.4 pence per Lonmin Share and £226 million for the entire issued and to be issued ordinary share capital of Lonmin," the notice read.

"Following Completion, Lonmin Shareholders will hold approximately 10.9 per cent. of the Enlarged Sibanye-Stillwater Group and Sibanye-Stillwater Shareholders will hold approximately 89.1 per cent. of the Enlarged Sibanye-Stillwater Group."

The increase in the offer reflects the recent recovery in the platinum group metals pricing environment, balanced against the fact that Lonmin continues to be financiially constrained, and unable to fund significant investment required to sustain its business and associated employment.

The increased offer is subject to approval by Lonmin shareholders and Sibanye-Stillwater shareholders, the requisite approvals of the relevant South African Competition Authorities and the approval of the Scheme by the UK Court.


25 Apr 12:53

The rand was trading 0.7% weaker against the dollar in the early hours of Thursday afternoon, compounding its losses from Wednesday. 

After opening the day at R14.43/$, the local currency was changing hands at 14.53 to the greenback at 12:47. 

The JSE All Share index was down 0.4% at 58 865.80 points, while the Top 40 was 0.47% lower at 52 536.68 points. 


25 Apr 10:42

Global stocks mixed as earnings roll in

Cormac Mullen and Eddie van der Walt, Bloomberg

European shares slipped and US equity benchmarks treaded water as investors parsed a slew of earnings against a backdrop of global growth concerns. A dollar gauge steadied after reaching a four-month high and Treasuries were little changed alongside European bonds.

Miners and technology companies led a decline in the Stoxx Europe 600 Index, with banks falling after a string of headlines from Barclays, RBS, Deutsche Bank and a rebound at Swiss lender UBS.

Futures on the Nasdaq and S&P 500 were little changed after a mixed reaction to corporate earnings from Tesla and Facebook, among others. Asian shares were also mixed, with declines in Shanghai and Seoul and firmer prices in Tokyo.

The euro fluctuated near its lowest since 2017 against the dollar. South Korea’s won slumped after the country’s economy unexpectedly contracted in the first quarter.

The yen rose even after the Bank of Japan cut its economic growth forecasts and committed to keeping rates low. The pound was steady as leading members of the Conservative party demanded a timetable for Prime Minister Theresa May’s departure.

Though about 80% of S&P 500 companies reporting results so far have exceeded estimates, questions are growing as to whether the rally has legs.

Positive earnings surprises in Europe have gone some way toward mitigating concerns about the region’s economic outlook, while investors in Asia are pondering further stimulus in China.

Still ahead is US first-quarter gross domestic product data due on Friday.

“Overall, we’ve seen somewhat better-than-expected earnings coming in,” said Bill Merz, the head of fixed-income research at US Bank Wealth Management. “But we do see softness in economic data across the globe, and while there are some signs of potential bottoming outside the US, we do see enough signs of slowing growth.”

Elsewhere, Brent crude traded above $75 for the first time since October and gold was steady. Emerging-market currencies and shares edged lower.


25 Apr 08:53

Asia stocks mixed, dollar reaches four-month high

Cormac Mullen, Bloomberg

Asian shares traded mixed on Thursday, after continuing signs of weak economies across the globe.

The dollar steadied after reaching a four-month high. Stocks fell in Shanghai and Seoul, fluctuated in Hong Kong, and climbed in Tokyo. Australia is closed for a holiday.

South Korea’s won slumped after the country’s economy unexpectedly contracted in the first quarter.

The yen pared overnight losses but was little changed after the Bank of Japan cut its economic growth forecasts and committed to keeping rates low.

The S&P 500 Index slid after mixed reaction to corporate earnings, while Treasuries steadied after two days of gains.

Though 80 percent of S&P 500 companies reporting results so far have exceeded estimates, some are starting to question whether the rally has legs. Positive earnings surprises in Europe have done little to erase lingering concerns about the region’s economic outlook, while investors in Asia are questioning the likelihood of further stimulus in China.

Still ahead is US first-quarter gross domestic product data due on Friday.

“Overall, we’ve seen somewhat better-than-expected earnings coming in,” said Bill Merz, the head of fixed-income research at US Bank Wealth Management. “But we do see softness in economic data across the globe, and while there are some signs of potential bottoming outside the US, we do see enough signs of slowing growth.”

Elsewhere, oil fell after a surprisingly big jump in American crude inventories suggested global supplies may be less constrained than previously thought.

The euro fluctuated near its lowest in almost two years after key gauges of confidence in the EU’s two largest economies deteriorated Wednesday.


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