Midday market report

The JSE all-share index opened weaker this morning, trading 0.45% lower. 

Source: Bloomberg

All the other South African indices are weaker with banks down 0.7%, industrials 0.4% lower and resources giving 0.53% back.

In company news, Sibanye Gold released operating and financial results for the six months ended 30 June 2014. The main features included an interim dividend of 50cents per share was declared, operating profit increased by 4% to R3.5 billion, gold production increased by 8% to 22,143kg and operating cost declined by 10% to R815/ton.

An interim management statement for the three month period ending 30 June 2014 was released by Investec. Total operating income (excluding depreciation on operating leased assets) is 1% ahead of the prior year, impairment losses on loans and advances decreased by 17%, operating costs increased by 1% compared to the prior year and recurring income as a percentage of total operating income amounted to approximately 78%, better than the 76% in 2013.This was supported by higher average funds under management.

The rand is trading at R10.71 to the Dollar, R14.34 to the Euro and R18.07 to the British Pound. Looking at commodities, Gold is trading at $1294 per ounce, Platinum at $1470 per ounce and Brent Crude is at $105.79 per barrel.

The annual percentage change in the South African Producer Price Index for final manufactured goods was 8.1% in June 2014. From May 2014 to June 2014 the PPI for final manufactured goods increased by 0.3%. American initial jobless claim figures will be published at 2:30pm.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.