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/ 24 December 2007
China has sanctioned state-owned companies to examine three possible strategies to block BHP Billiton’s proposed takeover of mining giant Rio Tinto, a report said Monday. Strategies include forming a domestic consortium to bid for Rio Tinto, a joint bid by domestic and foreign firms, or purchasing Rio shares on the open market.
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/ 21 December 2007
The JSE extended its gains by midday on Friday as firmer world markets continued to direct it higher. By 12.02pm, the JSE’s all-share index had collected 1,95%, led by a 2,95% advance in the platinum mining index. Resources added 2,73% and the gold mining index rose 1,83%.
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/ 20 December 2007
The JSE continued on its upward path by midday on Thursday, unaffected by surprisingly better PPI data but encouraged by the futures market close-out. By 1158am, the JSE’s all-share index had improved 0,83%. The platinum mining index climbed 3%, and the gold mining index added 0,94%,
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/ 14 December 2007
A weaker bank sector forced a positive JSE to pull back into the red by midday on Friday, leaving the all-share index 0,14% lower at noon. The JSE’s bank index was down 1,38% at midday as local and international traders questioned whether the move by the central banks to inject liquidity into financial markets was enough to settle global credit concerns.
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/ 7 December 2007
Platinum-mining stocks were propping up the JSE in noon trade on Friday, enhancing gains driven by Wall Street in the morning session. By 11.58am, the JSE all-share index lifted 0,7%, supported by a 3,24% advance in the platinum-mining index. Resources collected 0,94% but the gold-mining index dipped 0,87%.
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/ 7 December 2007
China’s largest steel company BaoSteel called on Friday on the Australian government to intervene to prevent BHP Billiton from taking over rival miner Rio Tinto. Rio Tinto has rejected an unsolicited three-for-one scrip offer from the world’s biggest miner, saying it significantly undervalues its assets.
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/ 6 December 2007
An overstretched judiciary is hampering attempts to prosecute those responsible for mining accidents, South Africa’s minerals and energy minister said on Thursday. Mining companies in South Africa, the world’s top source of platinum and gold, are under pressure to improve safety at mines, where about 200 workers have been killed this year.
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/ 6 December 2007
The JSE posted strong gains in early trade on Thursday ahead of the Monetary Policy Committee’s interest rate decision expected later in the afternoon, with higher world markets adding some incentive for buying interest. At 9.21am, the all-share index was up 0,73% as the platinum mining index gained 1,19%.
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/ 5 December 2007
The JSE remained firm at noon on Wednesday in line with overseas markets, while ongoing mergers and acquisitions talk and higher commodity prices boosted miners. But investors remained jittery ahead of the local central bank’s interest rate decision on Thursday afternoon.
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/ 4 December 2007
The National Union of Mineworkers (NUM) launched a one-day strike on Tuesday to protest against deaths in the country’s mines, disrupting operations across the world’s top producer of platinum and gold. Almost a quarter of a million union members were set to down tools in the first industry-wide strike on safety, as the death toll mounted to about 200.
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/ 4 December 2007
Resource heavyweights Anglo American and BHP Billiton continued to weigh on the JSE in midday trade on Tuesday, with the all-share pulling back almost half a percent from its earlier levels. By midday, the JSE all-share index dropped 0,69% as resources gave up 0,96%. The gold-mining index shed 0,12% but the platinum-mining index improved 0,42%. Industrials lost 0,53%.
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/ 4 December 2007
The National Union of Mineworkers (NUM) launched a one-day national strike on Tuesday to protest against deaths in the country’s mines, disrupting operations across the world’s top producer of platinum and gold. Almost a quarter of a million NUM members are expected to down tools in the first industry-wide strike on safety.
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/ 30 November 2007
The JSE was sharply higher by noon on Friday as gains among mining and resource stocks added some cheer. At noon, the JSE’s all-share index rose 1,12% as the gold mining index advanced 2,59%. Resources collected 2,52% and the platinum mining index recovered 1,5%.
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/ 29 November 2007
After being sharply firmer earlier in Thursday, weaker local producer price index (PPI) data forced the JSE to pull back at midday, even though world markets were firm. The JSE had been up as much as 533 points during the day, but by midday, it was only 337 points in the black.
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/ 28 November 2007
The JSE was down sharply by midday on Wednesday, led by an intense pull back by mining stocks on the JSE. Mining stocks retreated, along with resources, as a fall in commodity prices burdened stocks. At noon, the JSE’s all-share index lost 1,48%. The platinum mining index dropped 3,32%, and the gold mining index fell 2,57%.
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/ 28 November 2007
Resources giant BHP Billiton said on Wednesday it still hoped rival Rio Tinto would warm to its uninvited takeover bid, despite opposition from customers who fear it will lead to a stranglehold on prices. BHP chief executive Marius Kloppers said that its executives had been arguing the "irresistible logic" of the tie-up with customers and investors around the world for two weeks.
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/ 28 November 2007
Oil fell below a barrel on Wednesday, pinching some of Asia’s top resource stocks, while nagging fears that a credit market squeeze will sap global growth weighed on the dollar and the region’s exporters. News that top United States bank, Citigroup, got a ,5-billion capital injection from Abu Dhabi’s investment arm on Tuesday buoyed US stocks.
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/ 27 November 2007
A weaker rand offset the JSE’s earlier losses on Tuesday and the bourse was flat by midday. The JSE initially opened weaker following an overnight drop on Wall Street. At noon, the JSE’s all-share index was barely changed (+0,02%). The gold mining index climbed 0,62%, and resources lifted 0,24%.
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/ 27 November 2007
Equity markets in the emerging world have weathered the subprime credit crunch in developed markets more easily than any previous market turmoil, and are expected to remain a sought-after investment destination — if not a safe haven — for many years to come, according to the head of equity research at Old Mutual Investment Group South Africa.
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/ 26 November 2007
The JSE was forced to give up some of its earlier gains but the gold mining index was keeping it in the black at midday on Monday. Shortly after its open, the JSE was up over 1%, but by midday, the all-share index had given up almost half of its gains as bank and financial stocks weighed.
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/ 23 November 2007
World markets injected some life into the JSE at midday on Friday as the all-share index lifted 0,90%, led by a 1,78% gain in resources. By noon the gold mining index collected 0,35%, but the platinum mining index was up a slight 0,06%. Financials advanced 0,51% and banks inched up 0,28%. Industrials were 0,09% in the black.
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/ 21 November 2007
Miserable world markets dragged the JSE deeper into the red by noon on Wednesday. At noon, the all-share index dropped 1,23% and banks retreated 1,98%. Financials retreated 1,57% and industrials were off 1,81%. The platinum-mining index was down 1,36% and the gold-mining index pulled back 0,56%, while resources gave up 0,52%.
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/ 20 November 2007
Volatility in resource stocks, as well as in the mining indices, buried the JSE in the red at midday on Tuesday. At noon, the all-share index gave up 0,69%, led by a 1,69% pull back in the gold-mining index. Resources dipped 1,59% and the platinum-mining index was off 0,42%. Financials eased 0,27% and banks were unchanged (+0,01%), but industrials inched up 0,15%.
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/ 20 November 2007
The chief of the world’s biggest mining group, BHP Billiton, pushed his case for a mega-merger with rival Rio Tinto on Tuesday in the face of growing opposition from big Asian customers. Rio Tinto, meanwhile, was considering offering joint ventures with BHP as an alternative to its bigger rival’s takeover offer.
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/ 19 November 2007
The JSE was weaker at midday on Monday, erasing earlier gains following a similar trend in European markets on early indications that Wall Street was likely to open lower. At noon, the all-share index was down 0,69%. Resources fell 1,75% while the gold- and platinum-mining indices gave up 0,46% and 1,81% respectively.
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/ 18 November 2007
Five people have died in a helicopter crash in Angola, BHP Billiton announced on Saturday. The crash occurred late on Friday, about 80km from the Alto Cuilo Camp diamond exploration facility in north eastern Angola, the company said in a statement.
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/ 16 November 2007
The JSE was slightly firmer at midday on Friday than it was during the morning session but it remained negative, as commodity stocks continued to be paralysed on the local bourse. By noon, the JSE’s all-share index declined 0,72%, led by a 2,25% drop in the platinum mining index.
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/ 16 November 2007
Rio Tinto is reportedly considering a counter-bid for BHP Billiton as a defence against a Aus-billion takeover proposal from its bigger mining rival, but analysts said such a move was unlikely. The Wall Street Journal, citing unnamed sources, reported Rio was considering a broad array of potential options to fight off BHP.
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/ 15 November 2007
A powerful earthquake hit mineral-rich northern Chile on Wednesday, killing at least two people, injuring more than 100 and halting output at some of the world’s largest copper mines. Two people were confirmed dead and 117 were injured in the magnitude 7,7 quake, which raised massive dust clouds in Chile’s mountainous north
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/ 15 November 2007
The JSE continued to follow the downward trend in international markets at midday on Thursday, remaining firmly in the red. By 11.58am, the JSE’s all-share index lost 0,7%. The gold mining index gave up 0,8% and resources fell 0,7%, but the platinum mining index added 0,57%.
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/ 14 November 2007
The JSE was higher at midday on Wednesday as positive local results extended its gains from the morning session. In the morning, the JSE had opened stronger on Wall Street’s overnight rally, which created positive sentiment for overseas markets. By noon, the JSE’s all-share index had climbed 1,09%.
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/ 13 November 2007
After starting slightly higher on Tuesday, the JSE took a sharp turn as negative sentiment started to flow in from overseas markets. One trader explained that the JSE was weaker as there was continued concern about the supprime market globally.