| Rand firmer, but within range
The rand is modestly firmer against the dollar in early trade after gaining ground Thursday on the back of the euro as well as news of an offer for retailer Edcon (ECO). The local unit, nevertheless, remained within its range and another quiet day was expected. At 08:36, the rand was bid at 7.1290 per dollar from an overnight close of 7.1305. It was bid at 9.2948 to the euro from a previous 9.3009 and at 14.0031 against sterling from Thursday’s 13.9549. The euro was bid at $1.3040 from $1.3036 late Thursday, while gold was quoted at US$659.38 a troy ounce from a previous $659.40/oz. "The rand is still in its 7.12 to 7.20 range and I don’t see much to take it out.
Euro Rises Late Against Dollar, Pound; Continues To Advance Against Yen
(RTTNews) - The euro saw little movement against the dollar and pound during trading on Wednesday morning, however, the euro rose in the afternoon. Meanwhile, the currency rose steadily against the yen. The euro traded as Switzerland released employment data, and Germany will release IP numbers. The euro saw little movement against the dollar in trading in early Wednesday morning. However, the currency rose to a mark of 1.3007 in the afternoon. The euro remains in a monthly range against the American dollar. Similarly, the euro pushed sideways through early trading on Wednesday. However, the currency rose to a mark of 0.6605 in the afternoon. The euro has returned gains from the beginning of the month against the sterling, moving near a weekly low. The euro rose against the yen in morning trading on Wednesday.
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MasterCard Shares Tumble on Profit-Growth Concern (Update2)
Feb. 9 (Bloomberg) -- Shares of MasterCard Inc., the second- biggest credit-card company, fell the most since last May's public offering after the company said it won't repeat a fee increase that contributed to a $40.9 million profit last quarter. The stock slid 9.7 percent after Chief Executive Officer Robert Selander declined on a conference call with analysts to forecast continued growth in profit margins. He said the Purchase, New York-based company doesn't foresee any new price increases, and hiring plans mean expenses won't fall. MasterCard on April 1 began charging card issuers for all foreign transactions using U.S.-issued cards. It used to assess a fee only if it converted the related currency to U.S. dollars. The higher fees helped the company report fourth-quarter net income of 30 cents a share, compared with a net loss of $52.9 million, or 39 cents, a year earlier.
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