Daily Wrap : 2 June 2008 – Telkom dominates

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Monday, 2nd June 2008 at 8:00 pm by Rander

Daily Wrap : 2 June 2008 – Telkom dominates

The JSE closed in the red today after posting earlier gains. The all share index closed 0.36% down. Dominating the JSE today were Telkom shares after reports suggesting the local telecoms giant was in talks with UK’s Vodafone over a potential buyout. The Telkom shares ended 8% higher today, closing at R148.49. During the day, Telkom shares had risen by as much as 15%. There have also been suggestions that Mvelaphanda Group may also make a bid for Telkom.

On the currency front, at 17:00 the rand was bid at R7.72/$ from a previous close of R7.5975. It was bid at R11.98/€ from a previous R11.8416 and at R15.1500/£ from R15.0128 before.

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