September 29, 2009 in Uncategorized
Jozi, Jozi. As US markets opened the drill sergeant barked about turn. Too afraid to disagree, we turned and marched in the direction with the bulls nearby. And it was just about the time when the storm that had been brewing for the afternoon decided that a serious downpour was in order and we were ready for the first real highveld storm. Marvellous stuff I tell you.
Anyhow, the scoreboard at the end of the day did not clearly reveal what the day had actually been like, the last hour and fifteen minutes going against the trend of the day. The Jozi all share index closed at 24994, up 49 points.
Righto, CNBC-TV18 in India are reporting that an extension of the Bharti slash MTN deal is unlikely. Their sources tell them that the deal structure is in place, handshakes all around. SingTel are key you see, Bharti and themselves are undergoing a separate set of talks. Take a listen to the CNBC-TV18 Indian feed. Can India make the semi finals after yesterdays washout?
Nigeria. And oil. And guess what, now China. Well, that is also a pet hate, China is a country, not a company with endless resources. Much of the company ownership is with the state, but the companies I dare say operate at arms length, with the state issues (as a shareholder) top of the agenda.
CNOOC will look to acquire six billion barrels of reserves from the Nigerian government, in what could turn out to be a deal worth 30 billion Dollars. Ah, that should help. But the report goes back to the FT, which is being questioned by many a party. CNOOC has said no comment. Nigerian sources say that the size of the deal might not be that size, but reiterated the need keep your friends close.
Who cares whether or not Gordon Brown is on pain killers and/or anti depressants. I don’t. Should I? Whether I worry or not about it matters not. Alistair Darling, oh he of bushy eyebrow fame, defended the PM and said something along the lines that history would show that the PM managed to steer the UK out of a great depression.
Good, enough about the PM and his health issues. By the middle of next year we will know whether labour have done enough to be re-elected. Many say not. Well, many being the Conservative folks, who have been waiting for this opportunity for a while.
ECB president Jean Claude Trichet said hey guys, now is not the time to exit our stimulus packages. Not now, sorry guys. And as ever, no insight into what we can expect rates to do in Europe.
What is that about British Airways launching a brand new business class service only between London and New York. A premier service that takes off at a steep click from London City airport (close to the city of course) and will refuel at Shannon airport in Ireland, processing passengers through US immigration and of course saving time in New York. I think it will work.
No distractions, only business class passengers, internet, use your mobile as much as you want, Blackberry away. Do what you must chaps. One question, if you have a cabin full of chattering suits, how can you keep focused? Clearly if you are working on something sensitive, you would have to just be texting, emailing. But then again, you have enough time across the Atlantic.
OK I am officially mad with COSATU. I heard an interview with Alisha Seckham of CNBCAfrica at lunchtime with Sdumo Dlamini. CNBCAfrica called Dlamini in Durban. Now Sdumo speaks well, but it seems to me that he has his little red book at hand at all times.
Two comments struck me between the eyes, firstly the one where comrade Dlamini said that the Chinese could be used as an example where extreme socialism had worked well. If I had the chance, right there I would have pointed out that labour in China asks and expects no quarter given. Period.
And then comrade Dlamini’s passing shot was that communism was the end goal here. And don’t try pointing out that communism had failed elsewhere, don’t even try that line, because the comeback will be, well we need a South African version. And state enterprise run badly, no worries, our plan is a much better one.
I have an idea. Send comrade Dlamini to North Korea, immediately at once. He will find that he has the only cell phone in North Korea. Yes, this is not meant to be kind, extreme socialism and communism does not work, go and see for yourself. When you get a chance, read the Times online interview that Chris Barron did with comrade Sdumo Dlamini.
Oh yes and whilst you are at it Sdumo, I mean comrade Dlamini, have a look at the wonderful results that SAA just released it. I cant quite figure out how they managed to dupe anyone that they made a profit, take this out, that out, and there you go. I actually want to see the financial statements. Anyone got a copy there? Send it onwards. We can post it.
New York, New York. What a ripper. A big heads up for Cisco, up nearly five percent, Barclays gave the Cisco disco an upgrade. Dance floor and disco ball time, flared pants and bad glasses, here we come. Xerox not so lucky, announcing a deal, and as the acquirer the stock plunged 16 percent. Right, tells you what those folks thought of the deal. Deals, deals and more deals starting to emerge, that is a good sign folks.
Session end the Dow Jones Industrial Average closed 124 points to the good at 9789, the nerds of NASDAQ added nearly forty points to 2130, whilst the broader market S&P 500 at the bell had added 18 and a bit points to 1062.
The oil price is better at 66.97 Dollars per barrel. The copper price is lower after a better session last night, 2.71 Dollars per pound. The Gold price is flat at 993 Dollars per fine ounce. The platinum price is also flat at 1275 Dollars per fine ounce. Flat and steady. And the Rand, where do I see that going? No idea. But last trading at 7.38 to the US Dollar, 11.72 to the Pound Sterling and 10.78 to the Euro.
The currency is strong, that could hold us back, but the momentum is back with the bulls. And maybe, even the ones from north of the Jukskei.
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