About 800 workers face retrenchment at BHP Billiton’s Bayside aluminium smelter in Richards Bay, the National Union of Metalworkers of South Africa (Numsa) said on Tuesday. Spokesperson Mziwakhe Hlangani said company management confirmed that it will be issuing final notices to the affected workers on the weekend.
About 800 workers face retrenchment at BHP Billiton’s Bayside aluminium smelter in Richards Bay, the National Union of Metalworkers of South Africa (Numsa) said on Tuesday. Spokesperson Mziwakhe Hlangani said management had confirmed that it would be issuing final notices to the affected workers at the weekend.
The JSE remained firm by midday on Tuesday as overnight gains in the United States triggered good buying interest among global equities. By noon, the JSE’s broader all-share index was up 2,22%. Banks gained 3,1% and financials lifted 3,06%.
Heavyweight counters on the JSE’s resource and mining indices pulled back sharply on Thursday morning, as commodity prices started to lose ground, traders said. The slump in commodity prices forced the JSE’s broader all-share index to pull back 3,23% by noon.
The JSE remained in the black by noon on Wednesday, with a trader explaining that the United States Federal Reserve’s rate cut was adding buoyancy to the market. "The Fed’s rate decision, which saw rates decline from 3% to 2,25%, is still adding buoyancy to the JSE," he said.
The JSE was little changed at its softer levels by midday on Tuesday as investors took to the sidelines ahead of the United States Federal Open Market Committee’s rates decision later in the day. By noon, the JSE’s broader all-share index was down 0,86%. Resources fell 2,26%, the gold mining index dropped 1,76% and the platinum mining index shed 0,76%.
An emergency move by the United States Federal Reserve to cut its discount rate has continued to weigh on markets, sending the JSE below the 30 000-level by midday on Monday. The Fed’s move to cut its discount rate, its lending rate to financial institutions, to 3,25% from 3,5%,
A top executive at the Coega industrial zone has assured Rio Tinto its planned smelter is still viable, despite the mining company’s decision to delay the project due to an electricity crisis. Rio announced on Thursday it would delay the project at Coega, near Port Elizabeth, because of power shortages in South Africa.
The resources index kept the JSE in firmer territory by midday on Friday, enhancing the morning session’s gains. At noon, the JSE’s broader all-share index was up 1%, driven by the 1,75% advance in the resources index. The gold mining index recovered 0,06% but the platinum mining index gave up 0,23%.
World markets continued to weigh on the JSE on Thursday — pushing the bourse down 0,93% by midday. At noon, the JSE’s bank index fell 1,87%, financials gave up 1,61% and industrials were 1,4% lower. The platinum mining index declined 1,41%, resources shed 0,38% but the gold mining index advanced 1,69%.
Banks and financials helped the JSE advance further by midday on Wednesday as they cheered the move by the United States Federal Reserve to raise liquidity in financial markets. At noon, the JSE’s broader all-share index had gained 1,35%. Financials collected 1,94%, while banks were up 1,67%.
South African stocks were slightly lower at noon on Tuesday, pressured by miners on faltering metal prices, but improved sentiment in overseas markets restricted losses, traders said. At noon, the JSE’s broader all-share index had given up 0,19% at 30 056,80.
Britain’s FTSE 100 index dipped by mid-session on Monday as concerns of a looming United States recession offset gains in oil shares, HSBC and potential bid target Friend Provident. By 1201pm GMT, the FTSE 100 was down 6,6 points at 5 693,3, well off its day’s high of 5 718,8.
The JSE continued to be haunted by fears of a United States recession, which sent most heavyweight stocks on a selling spree by midday on Monday. Adding to the negative sentiment was a pull back among local resource heavyweight counters, traders said. By noon, the JSE’s broader all-share index had fallen 1,75%.
International credit woes causing losses among overseas equity markets continued to dampen the JSE by midday on Friday. The JSE’s broader all share index had shed 0,45% by noon, which was led by a 2,5% decline in the bank index. Financials were down 1,86% and industrials gave up 0,57%.
Firm resource stocks helped the JSE extend its gains by midday on Thursday, even though bank and financial counters were softer. By noon, the JSE’s broader all-share index lifted 1,17%, led by a 1,94% advance in resources. The gold mining index recovered 0,98% while the platinum mining index edged up 0,04%.
The JSE widened its losses by midday on Wednesday as profit-taking and negative sentiment continued to dampen the market. By noon, the JSE’s broader all-share index declined 1,4%, led by a 2,72% pull back in the platinum-mining index. The gold-mining index retreated 2,71% and resources dipped 1,85%.
The JSE was up 0,82% at midday on Tuesday as advances in the platinum and resource sectors added support. However, financial and bank stocks had started to weigh. By noon, the JSE’s platinum mining index advanced 2,14%, resources gained 1,75% and the gold mining index edged up 0,08%.
A weaker rand and higher commodity prices boosted mining stocks on the JSE by midday on Monday, but negative global sentiment still weighed on the bourse. By midday, the JSE’s broader all-share index was off 0,76%, dragged lower by a 4,42% dip in the bank index. Financials gave up 2,63% while industrials pulled back 1,07%.
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/ 29 February 2008
Gold-mining stocks and other commodity counters helped keep the JSE’s head above the water by midday on Friday, as metal prices kept driving higher on the back of a weaker United States dollar. By 12.01pm, the JSE’s broader all-share index was up 0,24%, led by a 1,85% climb in the gold-mining index.
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/ 28 February 2008
The gold mining index and industrials helped perk up the JSE by noon on Thursday, helping it to reverse its losses from the morning session. By noon, the JSE’s broader all share index added 0,62%. The gold mining index collected 1,86%, resources gained 0,35% but the platinum mining index pulled 0,96%.
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/ 27 February 2008
The JSE moved southwards by midday on Wednesday due to profit-taking among financials as well as worse-than-expected consumer-inflation data. It was announced that the local consumer price index excluding mortgage rate changes (CPIX) for metro and other areas was up 8,8% year-on-year (y/y) in January, from 8,6% y/y in December.
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/ 26 February 2008
South African stocks were sharply higher at midday on Tuesday following in the footsteps of European markets, but a stronger rand restricted gains. Above-forecast economic growth data added to the positive sentiment. At 11.59am, the all-share index was up 1,22% at 30 176,680, thanks to a 3,08% gain in banks.
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/ 25 February 2008
Firmer world markets helped keep the JSE in the black by midday on Monday, offsetting losses in the gold-mining index that were sparked by negative news from Gold Fields. Gold Fields’s share price weakened R2,81, or 2,43%, to R112,75 after it earlier reported that the current electricity crisis puts 6 900 Gold Fields jobs at risk.
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/ 22 February 2008
Eskom wants the country’s energy regulator to raise a 14,2% tariff hike it granted the utility last year, citing escalating coal prices as it battles a nationwide power crisis. Eskom, which generates most of its electricity from coal, said on Friday it wants tariffs hiked even more than the 18,7% it had initially requested last year but which was rejected by the regulator.
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/ 22 February 2008
Profit-taking helped the JSE catch its breath on Friday after its good rally on Thursday, which led the bourse to dip 0,82% by midday. The platinum-mining index gave up 2,09%, resources lost 1,11% and the gold-mining index eased 0,09%. Industrials weakened 0,69%, financials shed 0,17% and banks picked up 0,15%.
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/ 20 February 2008
The JSE recovered some of its earlier losses by midday on Wednesday, as gold and resource stocks started to lift the market despite the negative global sentiment. Higher oil prices overnight spurred inflation worries among world markets, after oil closed above $100, prompting a global sell off in equities.
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/ 19 February 2008
The bank and resources indices kept the JSE in positive territory on Tuesday, lifting the bourse 0,7% higher by midday. Banks advanced 2,14% and financials collected 1,14%. The gold mining index added 1,46%, resources lifted 1,11% and the platinum mining index was up 0,58%. However, industrials were down 0,12%.
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/ 18 February 2008
South African stocks were sharply higher at midday on Monday led by banks ahead of Absa’s year-end earnings, while stronger overseas markets and firm metal prices spurred broad-based gains, traders said. By noon, the broader all-share index had gained 1,27% to 28 867,61, lifted mainly by a 2,36% gain in banks.
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/ 14 February 2008
Firm world markets and stronger metal prices continued to support the JSE by noon on Thursday. At noon, the broader all-share index had risen 1,34%. Banks collected 2,33% and financials climbed 1,07%. Industrials advanced 1,44%, the platinum mining index gained 1,4%. Resources were 1,35% higher and the gold mining index added 1,16%.
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/ 13 February 2008
South African stocks were slightly lower at midday on Wednesday as heavily weighted miners continue to falter on falling metal prices, while other investors refrained from making any large moves ahead of Wall Street opening. At midday, the broader all-share index had was off 0,18% at 28 533,810.
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/ 13 February 2008
The world’s third-largest miner, Rio Tinto, said on Wednesday its full-year net profit fell almost 2% in 2007 to $7,312-billion as it again rejected a takeover bid by rival BHP Billiton. But underlying profit rose 1,4% from 2006 to $7,443-billion as the firm said it produced record amounts of iron ore, bauxite, aluminium, gold and copper.