South African-based miner Metorex posted a 284% surge in first-half headline earnings per share on Monday on higher output and strong metals prices, in line with its forecast.
Metorex said headline EPS for the six months to December 31 rose to 51.44 cents from 13.41 cents in the same period the previous year.
The firm said earlier this month in a trading update that headline EPS were expected to rise to 48-52c.
Read more at FIN24.co.za
Sunday, February 18, 2007
Gold drops about $1/oz as holiday, dollar take toll
Gold eased slightly on Monday, awaiting movements in currency markets for direction after ending last week flat on the day ahead of holidays in Asia and the United States.
Lunar New Year holiday breaks would likely leave gold markets subdued across much of Asia, while the U.S. President's Day holiday would dampen interest in North America, dealers said.
Spot gold was quoted at $668.10/$668.80 an ounce at 0004 GMT versus $669.00/9.70 an ounce late Friday and the last London fix of $665.10.
Read more at Reuters South Africa
Lunar New Year holiday breaks would likely leave gold markets subdued across much of Asia, while the U.S. President's Day holiday would dampen interest in North America, dealers said.
Spot gold was quoted at $668.10/$668.80 an ounce at 0004 GMT versus $669.00/9.70 an ounce late Friday and the last London fix of $665.10.
Read more at Reuters South Africa
Rand firmer, seen rangebound pre-budget
South Africa's rand started the week on a strong note on Monday and should hold largely around current levels as the market looked ahead to Wednesday's national budget announcement and the latest inflation data.
At 0705 GMT the rand was trading at 7.12115 per greenback compared to late Friday levels of around 7.20 and 0.5 percent firmer than New York's close of 7.1550.
Read more at Reuters South Africa
At 0705 GMT the rand was trading at 7.12115 per greenback compared to late Friday levels of around 7.20 and 0.5 percent firmer than New York's close of 7.1550.
Read more at Reuters South Africa
Tongaat-Hulett profit up 51%
South African sugar and aluminium producer Tongaat-Hulett Group Ltd posted a 51% rise in headline earnings on Monday, in line with its own forecast, and said it expects profits to increase in the year ahead.
The firm, majority owned by mining group Anglo American plc, said headline earnings rose to R703m during the year to December 31 from R466m the previous year.
Read more at FIN24.co.za
The firm, majority owned by mining group Anglo American plc, said headline earnings rose to R703m during the year to December 31 from R466m the previous year.
Read more at FIN24.co.za
See how they bounce
Here's a list of 51 "rubber stocks" - those that have bounced by more than 100% from their one-year lows.
These performances are stellar but they are hardly isolated. Most the counters on the JSE have risen more than 50% off their one-year lows.
Now many of those that bounced are funny little things like Square One up 540% to 128c and Quyn up 309% to 90c - but a number of the bouncers are heavyweights, such as Angloplat (market cap R210bn) and Lonmin (R63bn).
Share %gain
Square One 540
Command 445
Lon Africa 445
Simmers 404
Village 334
Quyn 309
Af Dawn 271
Beige 271
Blue 250
ADC Corp 249
Basil Read 238
Simeka 228
Wearne 219
Bell 215
Sallies 212
Aquarius 206
Metmar 191
Cape Emp174
Esor 171
JSE 170
Datapro 164
Thabex 162
Metorex 160
SABVest N152
SXR Uranium One 150
Don Group 150
Read more at Moneyweb.co.za
These performances are stellar but they are hardly isolated. Most the counters on the JSE have risen more than 50% off their one-year lows.
Now many of those that bounced are funny little things like Square One up 540% to 128c and Quyn up 309% to 90c - but a number of the bouncers are heavyweights, such as Angloplat (market cap R210bn) and Lonmin (R63bn).
Share %gain
Square One 540
Command 445
Lon Africa 445
Simmers 404
Village 334
Quyn 309
Af Dawn 271
Beige 271
Blue 250
ADC Corp 249
Basil Read 238
Simeka 228
Wearne 219
Bell 215
Sallies 212
Aquarius 206
Metmar 191
Cape Emp174
Esor 171
JSE 170
Datapro 164
Thabex 162
Metorex 160
SABVest N152
SXR Uranium One 150
Don Group 150
Read more at Moneyweb.co.za
Another cut in transfer duties?
What experts expect from next week’s Budget speech
Transfer duties on property sales are expected to be reduced slightly in next week's Budget but the move will be nowhere near the significant reduction announced last year.
This is the view of many property players on what Finance Minister Trevor Manuel will state in the 11th annual Budget on February 21 2007.
Last year, Manuel increased the transfer duty threshold from R190 000 to R500 000.
Read more at MoneyWeb.co.za
Transfer duties on property sales are expected to be reduced slightly in next week's Budget but the move will be nowhere near the significant reduction announced last year.
This is the view of many property players on what Finance Minister Trevor Manuel will state in the 11th annual Budget on February 21 2007.
Last year, Manuel increased the transfer duty threshold from R190 000 to R500 000.
Read more at MoneyWeb.co.za
How to get a lower rate on your home loan
Nine points to consider when negotiating with the bank
You can save more than R220 000 if your rate is dropped from prime less 1% to prime less 2%, on a R500 000 loan, over 20 years. Here's how:
Home loan. If you have a good track record and ensure your monthly payments are on time and up to date, the bank is more likely to lower your rate. In addition, if you plan to move your mortgage bond to another bank, you will not be allowed to if you have missed a payment in the last six months.
Extra money. Any additional funds (such as a bonus or unexpected windfall), which you can deposit in to your bond, will make a difference when the bank is evaluating your rate.
Other accounts. When the bank is considering offering you a lower rate, it will check the payment profile of your other accounts, such as car finance, store cards and overdrafts. Make sure there are no amounts outstanding on your accounts, as this will affect your credit rating and your chances of the bank revising your rate.
Financial circumstances. Your rate is set on the bank's perceived risk of your financial situation and when your circumstances change, you can negotiate with the bank to adjust your rate. A change in your credit rating or a higher salary will mean the bank is more likely to lower your rate.
Property values. One of the factors used to determine your bond rate is the size of the loan compared to the value of the house. As property values rise, it will become easier to negotiate with the bank for a lower rate.
Timing. Some banks advise you to approach the bank about three or four years into your bond. By this time, most initial costs have been redeemed and the bank is in a better position to adjust your rate.
Find the rest at Moneyweb.co.za
You can save more than R220 000 if your rate is dropped from prime less 1% to prime less 2%, on a R500 000 loan, over 20 years. Here's how:
Home loan. If you have a good track record and ensure your monthly payments are on time and up to date, the bank is more likely to lower your rate. In addition, if you plan to move your mortgage bond to another bank, you will not be allowed to if you have missed a payment in the last six months.
Extra money. Any additional funds (such as a bonus or unexpected windfall), which you can deposit in to your bond, will make a difference when the bank is evaluating your rate.
Other accounts. When the bank is considering offering you a lower rate, it will check the payment profile of your other accounts, such as car finance, store cards and overdrafts. Make sure there are no amounts outstanding on your accounts, as this will affect your credit rating and your chances of the bank revising your rate.
Financial circumstances. Your rate is set on the bank's perceived risk of your financial situation and when your circumstances change, you can negotiate with the bank to adjust your rate. A change in your credit rating or a higher salary will mean the bank is more likely to lower your rate.
Property values. One of the factors used to determine your bond rate is the size of the loan compared to the value of the house. As property values rise, it will become easier to negotiate with the bank for a lower rate.
Timing. Some banks advise you to approach the bank about three or four years into your bond. By this time, most initial costs have been redeemed and the bank is in a better position to adjust your rate.
Find the rest at Moneyweb.co.za
Shake up for the property market
All estate agents will have to pass new exams
Estate agents will soon have to go through a laborious, time-consuming assessment process.
Critics worry that many will refuse to subject themselves to new measures to professionalise the business - and that could undermine competition among realtors.
The new exam, called the FET Certificate: Real Estate, is to be completed over 12 months, and the Estate Agency Affairs Board (EAAB) hopes to introduce it by July 2007.
Read more at Moneyweb.co.za
Estate agents will soon have to go through a laborious, time-consuming assessment process.
Critics worry that many will refuse to subject themselves to new measures to professionalise the business - and that could undermine competition among realtors.
The new exam, called the FET Certificate: Real Estate, is to be completed over 12 months, and the Estate Agency Affairs Board (EAAB) hopes to introduce it by July 2007.
Read more at Moneyweb.co.za
Pinpoint Takeovers First
Spotting companies that are ripe for a takeover can be a highly profitable way of investing. But to make significant returns, investors need to be invested in the takeover target before there is even a hint of a buyer. In this article, we'll show you seven ways of spotting potential takeover targets before the rest of the market.
Read the full article at investopedia.com
Read the full article at investopedia.com
Takeovers seen smashing record
The rumours about a potential takeover of aluminum producer Alcoa Inc these last few days created an enthusiastic buzz on Wall Street that acquisitions this year will smash the $4trillion record set in 2006.
Seven weeks into 2007, the amount of money for takeovers brokered by investment banks and private equity firms is trending above last year.
In the US, market researcher Dealogic said volume has soared 86% to $228.6bn from last year, while global volume rose 36% to $477.4bn.
Read more at FIN24.co.za
Seven weeks into 2007, the amount of money for takeovers brokered by investment banks and private equity firms is trending above last year.
In the US, market researcher Dealogic said volume has soared 86% to $228.6bn from last year, while global volume rose 36% to $477.4bn.
Read more at FIN24.co.za
'Sex addict' sues IBM for $5m
A man who was fired by IBM for visiting an adult chat room during the workday is suing the computer company for $5m, claiming he is an internet addict who deserves treatment and sympathy rather than dismissal.
James Pacenza, 58, says he visits chat rooms as treatment for traumatic stress incurred in 1969 when he saw his best friend killed during an Army patrol in the Vietnam War.
Read more at FIN24.co.za
James Pacenza, 58, says he visits chat rooms as treatment for traumatic stress incurred in 1969 when he saw his best friend killed during an Army patrol in the Vietnam War.
Read more at FIN24.co.za
Strike while president parties
Zimbabwe's 180 000 civil servants look set to go on strike this week after they turned down a more than 250% pay rise offered by president Robert Mugabe's government, reports said on Sunday.
Civil servants, represented by the Apex Council had given the government until Friday to meet their demands for a minimum wage of Zim$450 000.
Read more at FIN24.co.za
Civil servants, represented by the Apex Council had given the government until Friday to meet their demands for a minimum wage of Zim$450 000.
Read more at FIN24.co.za
Iran: no further OPEC cut if oil keeps rising
Iranian Oil Minister Kazem Vaziri-Hamaneh said on Saturday he did not expect another OPEC output cut if crude prices continued to rise, although he said that picture might change if prices dipped.
Several OPEC ministers have said there will be no need for more output cuts to add to pledged reductions of 1.7 million barrels per day. The latest cut was implemented in February. OPEC ministers are due to meet on March 15 in Vienna.
Read more at Reuters South Africa
Several OPEC ministers have said there will be no need for more output cuts to add to pledged reductions of 1.7 million barrels per day. The latest cut was implemented in February. OPEC ministers are due to meet on March 15 in Vienna.
Read more at Reuters South Africa
GM in early talks to buy Chrysler
General Motors Corp. is in preliminary talks to buy Chrysler, the struggling U.S. arm of DaimlerChrysler AG, or to strike a strategic alliance with the rival automaker, sources familiar with the situation said on Friday.
There was deep skepticism on Wall Street about whether such a merger made sense for GM and whether it could ever happen.
An outright takeover of the Chrysler Group by GM would risk complicating the turnaround efforts of both companies, analysts said, even as it created an industry giant with a nearly 40 percent share of the U.S. market.
Read more at Reuters South Africa
There was deep skepticism on Wall Street about whether such a merger made sense for GM and whether it could ever happen.
An outright takeover of the Chrysler Group by GM would risk complicating the turnaround efforts of both companies, analysts said, even as it created an industry giant with a nearly 40 percent share of the U.S. market.
Read more at Reuters South Africa
Africa expects higher coffee output
Producers of African specialty coffee said on Saturday they expect coffee output by countries in the east and south of the continent to jump by at least 30 to 40 percent in the next five years.
After declining due to weak prices and civil strife, coffee production is rising in Africa on higher prices and growing political stability in the region, officials said.
Read more at Reuters South Africa
After declining due to weak prices and civil strife, coffee production is rising in Africa on higher prices and growing political stability in the region, officials said.
Read more at Reuters South Africa
Citigroup to list on Tokyo Stock Exchange
Citigroup Inc., the largest U.S. bank, plans to list on the Tokyo Stock Exchange later this year, a move that could make it easier to buy Japanese firms through stock swaps, the Nihon Keizai (Nikkei) business daily reported on Sunday.
Quoting an unnamed Citigroup executive in New York, Nikkei said the U.S. lender had already started preparations for the listing it saw as indispensable for carrying out its expansion plans in Japan.
Read more at Reuters South Africa
Quoting an unnamed Citigroup executive in New York, Nikkei said the U.S. lender had already started preparations for the listing it saw as indispensable for carrying out its expansion plans in Japan.
Read more at Reuters South Africa
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