Business news headlines: Gugulethu Mfuphi - Moneyweb
GEOFF CANDY: Hello, good evening and welcome to the SAfm Market Update with Moneyweb on Tuesday February 7th. My name is Geoff Candy, and we are broadcasting live from the Investing in Africa Mining Indaba 2012 conference in Cape Town.
Coming up on the show this evening we chat to Peter Major of Cadiz about Glencore’s offer for Xstrata and whether or not South African investors should be paying attention to it.
We'll also hear from Paul Walker of GFMS about why fundamentals aren't that important in the short term for the gold market, and we hear from ArcelorMittal South Africa’s CEO Nku Nyembezi-Heita about her company’s annual results.
First, here’s Moneyweb’s Gugulethu Mfuphi with the business news headlines.
GUGULETHU MFUPHI: Thank you, Geoff. Good evening.
South Africa’s official unemployment rate eased to 23% of the labour force in the fourth quarter of 2011, from 25% in the third quarter. Statistics South Africa says the total number of unemployed people currently stands at 4.2m.
Blue Label Telecom says it expects its headline earnings per share for the last six months’ trade to be up to 48% higher compared with the previous corresponding period.
And Arcelor Mittal reported a full-year headline loss today, hit by higher raw material costs and weaker sales. The company however still remains optimistic, saying it expects a better first-quarter performance.
Taking a look at the markets, the JSE all-share index ended down 0.6%, closing at 33 974 points.
The rand is trading at R7.57/dollar, R11.96/pound and R10 exactly against the euro.
Gold is trading at $1 734/oz, and a barrel of crude costs $118.
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It’s not just about a feasible business plan.