SA Company News:
The JSE All Share index closed 0.17% lower at 65 988 tracking negative global sentiment by signs of troubles at property developer China Evergrande. Murray & Roberts will pay R425 million for JJ White, a US engineering firm. Altron expects headline earnings per share to be between 0 cents and 13 cents, compared to headline earnings per share of 67 cents in the previous six months. Old Mutual plans to boost market share by making acquisitions in Ghana and Nigeria.
Mining production rose by 2% well below market expectations of a 6 percent growth and manufacturing production increased 7.6%. The International Monetary Fund (IMF) has raised its forecast for GDP growth in 2021 from 4% to 5%.
India’s drug regulator approved the Bharat Biotech’s Covaxin for emergency use in children aged 2 to 18 years, making it the first COVID-19 vaccine in the country to get the go-ahead for use in kids below 12 years. Britain’s economy grew 0.4% in August. The IMF has lowered global growth from 6% to 5.9%.
Global Company News:
Financial markets in Hong Kong were closed because of severe weather conditions while the Shanghai composite was trading 0.5% higher at 3 563. US shares closed lower as investors remain concerned over slowing growth and rising inflation.
Oil prices rose further, with Brent crude at $84 a barrel.
Gold is little changed at $1762.
Iron ore rose to a one-month high of $129 per metric ton tracking a global rally in commodity and energy prices. Aluminum prices rose to their highest level since 2008 to $3 060 a metric ton.
The Rand was stronger against the dollar trading at $14.92. The US$ gained against the Euro as investors continue to bet that the Fed will announce tapering to begin next month. EUR/$ 1.154.
|Commodities $||Cross Currencies ($)||Major Indices|