Friday, 22 February 2013 21:35
Posted by Muhammad Iqbal
JOHANNESBURG: South African stocks were steady on Friday, a day after booking their biggest one-day fall in nearly a year, as shares of mining firms recovered while some retailers tumbled. Shares of Exxaro fell 1.1 percent to 172.10 rand after the diversified miner said it expected full-year earnings to drop by as much as 41 percent, worse than market expectations. "We started a bit firmer after the big sell-off yesterday, the market was following the European markets firmer," said Malcolm Moller, an equities trader at Vunani Securities. "But the guys are selling off the retailers and some of the banks are coming off again." The benchmark Top-40 index was largely steady at 35,249.89. The index on Thursday booked its biggest one-day fall since early April 2012 after falling more than 2 percent. The broader All-share index closed at 39,657.82. Shares of platinum and gold companies recovered after being hammered the ...
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JOHANNESBURG: South African stocks were steady on Friday, a day after booking their biggest one-day fall in nearly a year, as shares of mining firms recovered while some retailers tumbled. Shares of Exxaro fell 1.1 percent to 172.10 rand after the diversified miner said it expected full-year earnings to drop by as much as 41 percent, worse than market expectations. "We started a bit firmer after the big sell-off yesterday, the market was following the European markets firmer," said Malcolm Moller, an equities trader at Vunani Securities. "But the guys are selling off the retailers and some of the banks are coming off again." The benchmark Top-40 index was largely steady at 35,249.89. The index on Thursday booked its biggest one-day fall since early April 2012 after falling more than 2 percent. The broader All-share index closed at 39,657.82. Shares of platinum and gold companies recovered after being hammered the ...
JOHANNESBURG: South African stocks edged back from record highs on Monday, with shares of platinum mining companies hit after Impala Platinum warned of lower earnings.
Shares of Sibanye Gold made their debut on the Johannesburg Stock Exchange, ending the day at 13.57 rand.
This was at the lower end of analyst estimates and valued the mining company at around 10 billion rand ($1.1 billion).
"The resources did get hit a bit today. Amplats has moved down as well, ...
JOHANNESBURG: South African stocks ended barely changed on Monday as investors juggled better-than-expected earnings results by a major gold miner with valuation worries after two straight sessions of gains that pushed the market to record highs.
Construction firms also featured on the loser board after the City Press newspaper said police were involved in a competition watchdog price-fixing probe.
But gold mining shares restricted the downside the broader index after Harmony Gold beat forecasts with quarterly profit.
The ...
CAIRO: Egyptian cellphone operator Mobinil would prefer to list more shares on Cairo's stock exchange to meet new ownership rules than sell a bigger stake to a local company, its CEO said on Monday.
France Telecom owns 94 percent of Mobinil, Orascom Telecom Media and Technology Holding owns 5 percent, and only the remaining 1 percent is listed on the exchange, Mobinil's website said.
"We seek to raise our shares in Egypt to 15 percent and we ...
DUBAI: Dubai's heavyweight banking and property stocks lifted the emirate's index to a fresh 33-month high above a long-term resistance level on Sunday, while other regional markets were mixed.
Dubai's index rose 1.5 percent to 1,819 points, its highest finish since April 2010. Emaar Properties climbed 3.6 percent and top lender Emirates NBD rose 1.5 percent.
Dubai Financial Market, the Gulf's only listed bourse, added 2.4 percent, accounting for nearly a quarter of all shares traded on ...
DOHA: Commercial Bank of Qatar (CBQ), which is eyeing a majority stake in Turkey's Alternatifbank, posted a 19 percent jump in fourth-quarter net profit on Sunday on increased lending, but still trailed analysts' forecasts.
The bank earned 447 million riyals ($122.8 million) for the fourth quarter, compared with 376 million riyals a year earlier, a company statement said.
Analysts had forecast an average quarterly profit of 452.4 million riyals, according to a Reuters poll.
CBQ earned a full-year ...
DUBAI: Dubai's bourse rose to a 32-month closing high in heavy trade on Sunday as it tested, but failed to break, long-term technical resistance. Most regional markets also gained.
The Dubai index, buoyed by a budding recovery in the real estate market and the belief that the emirate has largely put its 2009-2010 corporate debt crisis behind it, climbed as high as 1,803 points before it finished up 1.0 percent at 1,792 points, its highest close ...
