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2013-03-13
Market Review


South African Market

South African markets ended in the red yesterday, following dismal current account deficit data in South Africa for 4Q12. Clover Industries retreated 3.3%, following downbeat 1H13 earnings. Truworths International and Foschini Group declined 2.9% and 1.8%, respectively, after a Bureau of Market Research survey projected a slowdown in South African retail sales for 2013. Fountainhead Property Trust dipped 2.5%, after Redefine Properties announced that it has received acceptances to acquire in excess of 175.00mn Fountainhead units. Weak 1H13 earnings led Cashbuild to fall 1.4%. However, Harmony Gold Mining, AngloGold Ashanti and Sibanye Gold rallied 1.9%, 1.7% and 1.5%, respectively. The JSE All Share Index shed 0.1% to close at 40,952.46.

UK Market Review

UK markets closed in positive territory yesterday, amid speculation that the Bank of England would soon come up with a monetary easing programme to support the struggling UK economy, following downbeat UK industrial and manufacturing production data for January. Miners, Kazakmys and Rio Tinto climbed 6.1% and 0.3%, respectively. Peer, Antofagasta gained 3.1%, after it doubled its dividend payout. International Consolidated Airlines Group jumped 4.8%, following news that it has reached a consensus with labour unions at its Spanish unit. Petrofac climbed 4.1%, amid optimism over potential deals in Kuwait and Russia. Lloyds Banking Group rose 1.2%, after it sold a $773.00mn stake in St. James’s Place. The FTSE 100 Index advanced 0.1% to close at 6,510.62.

US Market Review

US markets ended mostly lower on Tuesday. Amedisys plummeted 9.7%, following dismal 4Q12 revenue. Citigroup retreated 1.4%, amid speculation that bank debt might face scrutiny by the Basel Committee. Google dropped 0.9%, after it agreed to pay a fine of around $7.00mn to settle claims for violation of privacy rights with 38 US states. However, J. C. Penney jumped 4.0%, after it rebuffed rumours that its CEO, Ron Johnson, plans to quit. Merck gained 3.2%, after it indicated that its study on the safety and effectiveness of its cholesterol drug, Vytorin, would continue. The S&P 500 Index retreated 0.2% to settle at 1,552.48, while the DJIA Index added 2.77 points to close at 14,450.06. The NASDAQ Composite Index eased 0.3% to finish at 3,242.32.

Asia Market Review

Asian markets are trading mostly lower this morning, following dismal industrial production data from the UK and a warning from the head of Germany's central bank that the eurozone financial crisis is not over. In Japan, Canon dropped 2.0%, as the Japanese yen strengthened against its major peers. In Hong Kong, China Resources Land declined 3.3%, after the southern city of Shenzhen banned developers from raising new home prices. In Seoul, automobile sector stocks, Kia Motors and Hyundai Motor rose 0.6% and 0.2%, respectively. The Nikkei 225 Index is trading 0.5% lower at 12,251.70, while the Kospi Index is trading marginally higher at 1,993.85. The Hang Seng Index has declined 0.6% to trade at 22,699.80.

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