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After initial gains we now trade more than a full percent lower. In broad-based market weakness resource index is down 1.18%, industrials 1.22% and financials 1%.
In company news; Pik n Pay posted strong interim results with turnover increasing 6.8%, trading profit 21.8% and Headline Earnings Per Share 32.3%.
A Mondi third quarter management statement showed operating profit for the company to have decreased by 10% from the previous quarter negatively affected in part by global currency fluctuations, although like for like sales volumes were broadly in line with the prior year comparative.
In currencies the Rand is softer today trading at R11.14 to the Dollar, R14.24 to the Euro and R17.81 to the British Pound. In commodities, Gold is trading at $1,238/oz, Platinum at $1,249/oz and Brent Crude at $83.36/barrel.
Statssa reported wholesale trade sales, measured in real terms, to have decreased by 2.2% year-on-year in August 2014. The figure does however show a 3.4% increase in August from July 2014. In Europe, consumer price Index data showed inflation to be at 0.3% in line with consensus estimates. In the U.S, we are expecting weekly unemployment claims data at 14:30 and Philly Fed Manufacturing Index Data at 16:00.