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2013-03-25
Market Review


South Africa Market Review

South African markets ended in the red on Friday, as uncertainty about the outcome of the Cypriot bailout negotiations weighed on market sentiment. MTN Group and Imperial Holdings tumbled 7.4% and 0.9%, respectively, as the stocks traded ex-dividend. Retailers, Cie Financiere Richemont, Truworths International and Woolworths Holdings retreated 3.2%, 1.9% and 1.6%, respectively. Banking sector stocks, ABSA Group and Nedbank Group dropped 2.3% and 0.7%, respectively, as risk appetite declined amongst investors. On the other hand, Adcock Ingram Holdings surged 9.3%, after Bidvest Group offered to pay about R6.20bn to acquire a 60.0% stake in the company. The JSE All Share Index fell 0.6% to close at 40,063.38.

UK Market Review

UK markets ended higher on Friday, amid optimism that the Cypriot government might reach a new deal for the bailout. AstraZeneca climbed 3.3%, extending gains on the recent announcement that it would cut 2,300 jobs. BP advanced 1.9%, after it announced a share buyback plan of $8.00bn in order to return its 2003 investment in the joint-venture, TNK-BP to shareholders. On the flipside, Burberry Group dropped 4.1%, after its peer, Mulberry, provided downbeat FY13 sales and profit forecast. Miners, Eurasian Natural Resources, BHP Billiton and Rio Tinto declined 3.1%, 1.3% and 1.1%, respectively. Banks, Royal Bank of Scotland Group, Barclays and Lloyds Banking Group retreated 2.4%, 0.9% and 0.8%, respectively. The FTSE 100 Index advanced 0.1% to close at 6,392.76.

US Market Review

US markets ended firmer on Friday, amid hopes that Cyprus would pass a plan to qualify for a bailout. NIKE soared 11.1%, following a sharp increase in its 3Q13 earnings. Micron Technology surged 10.7%, after it reported better-than-expected 2Q13 sales. Wausau Paper Corporation jumped 5.1%, as the company planned to sell its specialty-paper business to KPS Capital Partners. Mondelez International and PepsiCo advanced 4.1% and 3.3%, respectively, amid reports of a consolidation in the food industry. Tiffany added 1.9%, on the back of better-than-expected 4Q13 profit. The S&P 500 Index rose 0.7% to settle at 1,556.89, while the DJIA Index advanced 0.6% to close at 14,512.03. The NASDAQ Composite Index edged 0.7% higher to finish at 3,245.00.

Asia Market Review

Asian markets are trading in positive territory this morning, after Cyprus and its international creditors agreed on a deal to resolve the nation’s financial crisis. In Japan, Furukawa jumped 14.8%, after the company raised its FY13 dividend forecast. In Hong Kong, Greentown China Holdings surged 11.3%, following a sharp rise in its FY12 net profit. In Seoul, Hyundai Heavy Industries and Samsung Heavy Industries climbed 2.4% and 2.0%, respectively, on reports that the firms would provide six LNG carrier ships to Nigeria's Liquefied Natural Gas Company. The Nikkei 225 Index is trading 1.5% higher at 12,517.49, while the Kospi Index is trading 1.3% up at 1,974.08. The Hang Seng Index has gained 0.8% to trade at 22,308.88.

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