All the talk before Monday’s Nedbank Cup draw centred on a potential final between Kaizer Chiefs and Mamelodi Sundowns — with the gnawing proviso, of course, that the Premier Soccer League glamour clubs were not pitted against each other in the last-16 round. But the improbable did occur, amid gasps of amazement and disbelief.
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%,
The long wait ended in a fairytale triumph for Walter Khumalo when Free State Stars’ veteran goalkeeper came off eight months on the bench to instigate a tense and taut Nedbank Cup penalty shoot-out victory against Platinum Stars at Goble Park in Bethlehem on Sunday afternoon.
Santos had goalkeeper Wayne Roberts to thank as they advanced through to the last 16 of the Nedbank Cup after beating Orlando Pirates 5-4 on penalties at the Athlone Stadium on Sunday afternoon. Roberts made saves three times in the shoot-out after the match had ended 2-2 after full-time.
There were mistakes all round — and it was one final error by hapless referee Thabo Nkosi that paved the way for Kaizer Chiefs to enter the last 16 of the Nedbank Cup with a tense 2-0 extra-time victory over Ajax Cape Town at King’s Park Stadium in Durban on Friday night.
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%.
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.
About 60% to 70% of the South African home finance market is now facilitated by originators, who have managed to secure interest rate concessions of 1% to 2,5% for their clients. They handle the shopping around for you, as well as the administration and insurance.
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%.
Five years after its developers announced that the construction of the Kaizer Chiefs Stadium would be complete by this year, not a brick has been laid. Construction work on the Bob van Reenen stadium precinct in Krugersdorp, earmarked by Chiefs as their home venue, was expected to begin in July 2006 and it was to be ready to use in 2008.
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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/ 29 February 2008
The worst Premier Soccer League side will, at the end of this season, have made at least R12,7-million in revenue. And if one club were to be dominant and win all the trophies on offer, it would bank at least R32-million — and that is excluding revenue from sponsors and gate takings.
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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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/ 27 February 2008
Nedbank Group, South Africa’s fourth-largest bank, said on Wednesday 2007 headline earnings per share rose 33,8% despite rising household debt, but it warned of increasing default rates. Nedbank, majority-owned by insurer Old Mutual, said 2007 headline earnings rose 33,5% to R5,921-billion as its retail and corporate units grew on higher investment in infrastructure.
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/ 26 February 2008
Premier Soccer League log leaders Ajax Cape Town and the ever-improving Santos will face Kaizer Chiefs and Orlando Pirates respectively in the last-32 round of the inaugural Nedbank Cup. The draw involving the Soweto clubs attracted loud applause from the crowd and there was also a huge roar of approval for the R6-million first prize.
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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
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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/ 20 February 2008
South Africa is sitting on gold, platinum and other minerals that are selling at record prices on world markets, yet its economy is, quite literally, underpowered. The rand, the worst performing currency this year, has lost 12% against the dollar in the past month since the country was hit with electricity shortages that kept mines from working.
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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
The goal posts for Finance Minister Trevor Manuel’s spending plans in Wednesday’s national budget were carefully placed last October when he revealed his medium-term expenditure framework. However, political change and the dramatic change in economic outlook caused by the electricity crisis have set the posts whirling.
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/ 18 February 2008
Finance Minister Trevor Manuel’s national budget speech on Wednesday is even more keenly anticipated this year in view of the electricity crisis and its anticipated negative effects on the economy, and Democratic Alliance spokesperson Kobus Marais has urged Manuel to tackle the crisis head-on.
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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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/ 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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/ 7 February 2008
The Premier Soccer League (PSL) brand is worth R200-million. This is according to research conducted by BMI Sport Info, an independent research company. PSL consultant Peter Mancer said on Thursday at a press conference in Johannesburg that the brand has grown from strength to strength over the years.
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/ 7 February 2008
Platinum-mining stocks continued to shine brightly on the JSE by midday on Thursday, but even this dose of positive news failed to keep the bourse in the black as a slow European market weighed. By noon, the broader all-share index had slipped 0,02% into the red. Banks dropped 1,07% and financials gave up 0,47%, while industrials pulled back 0,83%.
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/ 4 February 2008
The JSE had been lifted into the black by noon on Monday as firmer world markets and advances in the bank sector helped enliven the bourse after its soft opening. By noon, the broader all-share index had gained 0,92% to 29 016,26 points. Banks perked up 2%, while financials advanced 1,63% and industrials collected 1,66%.
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/ 30 January 2008
The JSE ignored CPI data that came in slightly higher than market expectations and continued to gather momentum by midday on Wednesday on news that power had been restored to the mining industry. December CPI came in at 9% year-on-year, while the market expected 8,9%, and CPIX came in at 8,6%, against the expected 8,5%.