Another record

The market was mainly supported by strong resources while the strikes at the gold mines are having a detrimental impact on these stocks.

The Efficient Group reports that Harmony (-3.17%), Gold Fields (-2.70%) and AngloGold Ashanti (-1.30%) were the lead decliners. These losses were more than counteracted by Anglo American (1.29%) and BHP Billiton (2.34%) and FirstRand (2.47%).

The currency surrendered a few cents to the majors, but nothing to cry about. The gold price slipped slightly while platinum and oil continued to move upwards. The Dow Jones moved higher yesterday as better than expected earnings are expected from Cisco Systems.

Trading in Europe was dominated by the news that France’s Suez (7.00%), an international industrial and services group, offered to buy out the minorities of Belgium’s Electrabel (6.70%). Markets in the Far East this morning is supported by positive news about Japanese economic growth.

As holiday makers make their way back to their offices, we expect the trading volumes to increase while the upward momentum seems to remain dominant.

Business Day:

Solidarity joins NUM in long-haul gold strike

Mugabe, MDC in war of words on loan conditions

Sake-Beeld:

Olie se pryslopie is nog vol stoom

Rentekoerse gaan dieselfde bly, meen ekonome

Business Report:

Gold Fields project coming up roses

Altech, Econet lock horns over doing business with Vodacom

Moneyweb:

Gold Reef out of Tsogo loop

Harmony almost fixed