Results diary
Stocks on the move Real-time Equity News
1705GMT 02July2010
Morocco's stocks up, ADI gains
Moroccan stocks snap five sessions of declines, with the all-share index up in thin volume as investors look ahead to next week's likely announcement of the result of ONA's
up 1.6 percent and oil refiner Samir up 0.9 percent.
Owners of ONA and parent company SNI are buying out minority shareholders and delisting under a shake-up of the royal family-controlled group that dominates Morocco's economy.
The move is likely to inject new liquidity into the bourse as institutions and small investors sell their ONA and SNI stock and churn the money raised back into the market.
SNI shareholders tendered 3.6 billion dirhams ($407 million) of stock during the May 24 to June 15 offer, traders say.
'It seems the result of the ONA offering may come next week ... and that should comfort people in their estimates,' says a trader at CFG Group. 'We see about 5 billion on ONA, so that make 1931501939
The benchmark index closes down 2 percent on the week, when heavyweight Maroc Telecom slipped 5 percent.
Traders say investors sold its stock hoping to buy it back at a discount when the Moroccan state sells an 8 percent stake in the Vivendi affiliate in the final quarter of 2010.
(Reporting by Tom Pfeiffer)
1510GMT 02July2010
Nigeria index up, Dangote Sugar rallies
Shares in Dangote Sugar climb almost five percent, buoyed by a dividend announcement this week, outperforming Nigeria's all-share index, which rises 0.35 percent to 25,223.70 points.
Other advancers include Oceanic Bank up 4.97 percent, Sterling Bank up 4.69 percent and Bank PHB up 4.48 percent.
(Reuters Messaging: oludare.mayowa@thomsonreuters.com)
($1 = 150 naira)
1139GMT 02July2010
Barloworld up on sale of Scandinavian units
Shares of South Africa's Barloworld rise over 1 percent after the industrial group says it plans to see its Scandinavian car rental units for 222 million rand ($28.71 million) to reduce its debt and focus on high-margin businesses.
The company, which leases and sells automobiles and earth-moving equipment, gains 1.55 percent to 41.25 rand after announcing it will sell its interest in Avis and Budget car rental operations in Denmark, Norway and Sweden to a group of investors from the Norwegian investment group PETT and the chief executive of Scandinavian Car Rental Operations.
Barloworld says it will book an accounting loss of 180 million related to the sale of the business.
((diana.neille@thomsonreuters.com))
1102GMT 02Jul2010
Miners gain on Aussie tax compromise
Shares of miners BHP Billiton plc and Anglo American Plc gain after Australian Prime Minister Julia Gillard waters down the proposed supertax on mining that sparked a battle with the resources sector.
Gillard replaced the 40 percent resources super profits tax with a 30 percent minerals resource rent tax for iron ore and coal.
Shares of BHP Billiton rise 1.55 percent to 202.30 rand, while Anglo American ticks up 1 percent to 269.65.
'Mining companies won the battle,' says David Shapiro a trader at Sasfin Holdings.
'It's been watered down quite a lot to a satisfactory level and they're prepared to go on from now. There's a lot more certainty and comfort about what's happened and a lot more happiness in the market, but I don't think it's going to be a big subject going forward.'
(Reporting by Diana Neille, diana.neille@thomsonreuters.com)
0940GMT 02Jul2010 - SAfrica stocks flat, Top
40 at 'death cross'
South African stocks are little changed on Friday, with the Top-40 index down 0.11 percent and the broader All-Share index down 0.04 percent. The Top-40 fell 9.8 percent during April-June, its worst quarterly performance since the end of 2008.
Charts show a negative outlook. The Top-40's 50-day moving average has now fallen below its 200-day moving average, creating a 'death cross' formation, usually seen as a signal for further selling.
The All-Share index is fighting to stay above the psychologically important 26,000 level. Traders have said a sustained fall below 26,000 could trigger more selling. Keywords: MARKETS AFRICA STOCKSNEWS (Reuters messaging: david.dolan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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