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Stocks on the move Real-time Equity News
0846GMT 02Oct2009
MTN rises, market see stock undervalued
Shares in mobile operator MTN rise more than two percent, outpacing a weaker market, as investors buy back the stock after a potential tie-up with India's Bharti Airtel fell through.
Blue-chip stock MTN is up 1.31 percent to 130.69 rand, ignoring a bruised equities market hit by concerns that a quick economic recovery may not be in sight.
'I think it's (MTN) still very very undervalued and even moving up quite strongly. Its value is coming back now as the Bharti deal has not gone ahead,' says a Johannesburg-based trader.
((Reuters Messaging: phakamisa.ndzamela.reuters.com@reuters.net))
0735GMT 02Oct2009 - S.Africa's Top
40 drop on global economy worries
South African blue chips shed as much as 1.6 percent in morning trade, tracking falls in global equities as concerns an economic recovery may not be as quick as expected hits sentiment.
The JSE Top-40 index of blue chips is 1.47 percent lower at 22,009.65 points by 0735 GMT, with property firm Liberty International the biggest loser, down 4.72 percent at 55.48 rand. The broader All-share index is down 1.34 percent at 24,632.53 points.
'I think we've taken our cue from the big fall that we saw on U.S. markets overnight, with the Dow down over 200 points. Asian markets were all dramatically weaker,' says Andrew Todd, a derivatives trader at Imara SP Reid.
'Also, everyone was expecting sort of a weak September, because seasonally that should have been a weak month. That didn't occur, so I think it's maybe progressed onto being October. Generally markets do get pretty jittery in October and I think we're basically seeing buyers just sitting on the sidelines to gather their thoughts and see where we go from here.' Keywords: MARKETS AFRICA STOCKSNEWS (Reuters Messaging: serena.chaudhry.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. 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.
Stocks on the move Real-time Equity News
0846GMT 02Oct2009
MTN rises, market see stock undervalued
Shares in mobile operator MTN rise more than two percent, outpacing a weaker market, as investors buy back the stock after a potential tie-up with India's Bharti Airtel fell through.
Blue-chip stock MTN is up 1.31 percent to 130.69 rand, ignoring a bruised equities market hit by concerns that a quick economic recovery may not be in sight.
'I think it's (MTN) still very very undervalued and even moving up quite strongly. Its value is coming back now as the Bharti deal has not gone ahead,' says a Johannesburg-based trader.
((Reuters Messaging: phakamisa.ndzamela.reuters.com@reuters.net))
0735GMT 02Oct2009 - S.Africa's Top
40 drop on global economy worries
South African blue chips shed as much as 1.6 percent in morning trade, tracking falls in global equities as concerns an economic recovery may not be as quick as expected hits sentiment.
The JSE Top-40 index of blue chips is 1.47 percent lower at 22,009.65 points by 0735 GMT, with property firm Liberty International the biggest loser, down 4.72 percent at 55.48 rand. The broader All-share index is down 1.34 percent at 24,632.53 points.
'I think we've taken our cue from the big fall that we saw on U.S. markets overnight, with the Dow down over 200 points. Asian markets were all dramatically weaker,' says Andrew Todd, a derivatives trader at Imara SP Reid.
'Also, everyone was expecting sort of a weak September, because seasonally that should have been a weak month. That didn't occur, so I think it's maybe progressed onto being October. Generally markets do get pretty jittery in October and I think we're basically seeing buyers just sitting on the sidelines to gather their thoughts and see where we go from here.' Keywords: MARKETS AFRICA STOCKSNEWS (Reuters Messaging: serena.chaudhry.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. 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.
© 2009 AFX News
