Local Markets Battered! | The Rand Today

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Monday, 29th September 2008 at 7:00 pm by Rander

Local Markets Battered!

As we await the decision on the $700bn bailout in the US, the local markets were hit hard as many players are awaiting on news from the US. The all-share index was 5.76% lower, with resources sinking 8.22%; platinum miners were 4.04% down and gold stocks were in the red 4.42%. Industrials shed 3.60%, financials slumped 4.45% and banks lost 3.66%. Old Mutual caught the eye today as it lost close to 10%. A lot of attention has been focused on Old Mutual in recent weeks, with the company coming under fire following write-downs in its US life operations and exposure to failed US financial services firms such as AIG, US mortgage lenders Freddie Mac and Fannie Mae and Lehman Brothers. We have to wait and see what decision is reached in the US later on tonight and see how that will affect the local markets.

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