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2013-03-26
Financial Market Review


South Africa Market Review

South African markets ended lower yesterday, weighed down by losses in gold mining sector stocks. Harmony Gold Mining, Gold Fields and AngloGold Ashanti retreated 3.6%, 3.5% and 1.5%, respectively, tracking lower gold prices. Adcorp Holdings slipped 0.6%, after it stated that it would introduce a new 10-year black-empowerment deal worth R521.50mn as the previous one failed to produce value. However, Murray & Roberts Holdings gained 1.3%, after it announced that its Clough unit in Australia sold its 36.0% stake in Forge Group Limited. Exxaro Resources advanced 1.2%, after it indicated that its employees agreed to return to work following more than two weeks of unauthorised strike at its facilities. The JSE All Share Index shed 0.1% to close at 40,008.70.

UK Market Review

UK markets closed lower yesterday, as risk appetite was dented after the euro area President, Jeroen Dijsselbloem, stated that the bailout package for Cyprus might end up being a rescue programme for other banks. Eurasian Natural Resources Corporation retreated 6.0%, amid concerns that Kazakhmys, in its FY12 results, might write-down the value of its stake. Peers, Rio Tinto, Anglo American and BHP Billiton dropped 1.3%, 0.7% and 0.6%, respectively. On the flipside, Vodafone Group gained 2.0%, amid news that the company is eyeing to sell its stakes in its US joint-venture, Verizon Wireless. SABMiller climbed 0.6%, after it stated that it is planning to expand its volumes in Latin America over the coming years. The FTSE 100 Index shed 0.2% to close at 6,378.38.

US Market Review

Markets in the US ended lower on Monday, following downbeat comment made by the Eurogroup Head, Jeroen Dijsselbloem, that the Cypriot bailout should be viewed as a template for handling other European banking crisis. Vanguard Health Systems slumped 6.4%, amid reports that the company surprisingly lost a contract for covering Medicaid patients in Arizona. United Therapeutics shed 2.2%, after the US FDA rejected its treatment for pulmonary arterial hypertension again. However, Dell rose 2.6%, after it confirmed that it received two competing buyout offers from Blackstone Group LP and Carl Icahn. The S&P 500 Index declined 0.3% to settle at 1,551.69, while the DJIA Index lost 0.4% to close at 14,447.75. The NASDAQ Composite Index eased 0.3% to finish at 3,235.30.

Asia Market Review

Asian markets are trading mostly in the red this morning, amid fears that the Cyprus bailout could serve as a template for restructuring the eurozone banking sector. In Japan, Konica Minolta Holdings, with exposure to Europe, slumped 5.2%. Realtors, Tokyu Land and Heiwa Real Estate declined 2.4% and 1.0%, respectively. In Hong Kong, Belle International Holdings slid 1.5%, as it posted a slow profit growth in FY12. In Seoul, exporters, Hyundai Motor and Kia Motors gained 2.3% and 1.1%, respectively, tracking a weak Korean won. The Nikkei 225 Index is trading 0.2% lower at 12,516.92, while the Kospi Index is trading 0.5% higher at 1,988.40. The Hang Seng Index has dropped 0.6% to trade at 22,112.88.

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