Network problem downs JSE
Technical issues have delayed the opening of the JSE on Monday.
A JSE official confirmed that technical problems were impacting the feed, which in turn was impacting the traders.
The JSE intends extending the opening auction once the issue has been resolved.
"The JSE is investigating and we are providing the market with regular updates," the official said.
A local trader said the local futures were up, which indicated a firm opening for the local bourse. At 09:30 the near dated alsi future was up 206 points, or 0.79%.
Dow Jones Newswires reports that Wall Street futures are higher on Monday but off earlier peaks, revealing some market skepticism after the US Treasury and Federal Reserve sought to shore up confidence in Fannie Mae and Freddie Mac. Their plan would place the federal government firmly behind the mortgage giants.
The plan would allow the firms to borrow directly from the Federal Reserve and have proposed giving the Treasury Department the authority to take an equity stake in the companies.
The US move also calls for a provision to give the Fed a "consultative role" in setting capital requirements and other standards for the lenders.
Shares of Fannie Mae and Freddie Mac had led stocks lower on Friday.
"This is beyond anything I’ve ever experienced," said Joseph Battipaglia, chief equity strategist for Stifel Nicolaus. "This one is bulls-eye, dead center in the heart of the American economy. It touches every man, woman and child, every business owner. Anybody who has debt or uses debt. It’s a credit card, it’s a car loan, it’s a mortgage.
"The American credit system is fouled up at the present time. To get it fixed, it takes capital, and in the meantime the economy suffers."
On Friday the Dow closed down 1.14%, the Nasdaq shed 0.83% and the S&P 500 ended 1.11% lower.
Oil prices are being supported by the Iranian missile tests, the threat of Nigerian militants resuming sabotage attacks and the International Energy Agency’s warnings of supplies staying tight.
JSE network problem – comments
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