Next two weeks will be pivotal in signaling whether this is a bull with steady legs or an upside correction that will leave us swaying between 3-3,500. Next Friday should see fund managers exit to close books for half year. From there, it will increasingly become clear which shares are being ramped up and which are strong fundamentally. In addition to two of the above shares, I expect Equity to see some forward momentum in early part fo the week.
News, announcements and rumours:
Safcom continues to tidy up its broadband offering with jv/alliance with Jamii which will in effect save Safcom from having to cable up the city.
Rumours abound about the state of shambolic Olympic (once its was a furniture distributor with regional aspirations; next it became an investment firm; forever raising cash; etc) may be under some stress. Apparently,a single sourced SK-rumour suggests that Plush and Natwood, its businesses in SA have closed shop. Last time I got access to Olympia's website, Plush accounted for 50% of its turnover. I believe its full year results will have to be announced by close of play in June.
CMA rules announced over a year ago will now hopefully become law as they've been included in the recent budget.
Some yo-yoing though at last data is out there showing we are over the absymmal era and now just in the bad. Banking stocks are not being helped by rating agencies being behind the curve as usual and issuing negative credit watch for a whole swathe of sector. Remains all-good though.