Rand firmer in volatile market

(Reuters) - South Africa's rand crept up against the dollar on Monday after gyrating in a wide range as investors returned tentatively towards emerging market assets, while a firmer euro and gold price added support.

After swinging in a wide 15 cent band, the rand stood at 7.0785 versus the dollar at 1525 GMT, about 0.64 percent firmer than its New York close of 7.1250 on Friday. It weakened to 7.19/dollar earlier in the session.


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Nigerian Transcorp says IPO 36.2 pct subscribed

(Reuters) - Nigerian conglomerate Transcorp's initial public offer was 36.2 percent subscribed, the company said on Monday.

The conglomerate, set up in 2005 by a group of Nigerian business tycoons with the support of ex-President Olusegun Obasanjo, raised about 22 billion naira from the sale, which closed in February.


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EMI says first-quarter revenue down 5.1 pct

(Reuters) - The music business decline came amid tough market
conditions at a time when EMI had a light release schedule
during its restructuring, the company said.




EMI's digital revenue rose 13.2 percent with cost savings
coming through on budget.


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Oil extends drop near $74 on economy worries

(Reuters) - "The weaker macro numbers are raising the prospect of softening U.S. commodity demand in general, and energy demand in particular," MF Global analyst Edward Meir said in a report.




"Making matters worse is the parallel crisis we are seeing in the sub-prime markets, where the ripples have now broken outside the confines of this niche area."


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US STOCKS-Futures rise, nervous market looks to Fed

(Reuters) - Trading could be volatile after news of the demise of
lender American Home Mortgage Investment Corp still
fresh in investors' minds.




On Sunday the co-president of Bear Stearns Cos.
resigned two days after a rating company warned mortgage credit
problems could hurt the investment bank's profits.


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UnitedHealth raises outlook

(Reuters) - In a filing with the U.S. Securities and Exchange
Commission the company said second-quarter consolidated net
earnings were $1.228 billion, or 89 cents per share, up from
$1.197 billion, or 87 cents per share, reported in the
preliminary figures.





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ICx Technologies files for $184 mln IPO

(Reuters) - The company plans to list its shares on the Nasdaq under
the ticker symbol "ICXT."





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Kenyan shilling little changed vs dollar, trade slow

(Reuters) - The Kenyan shilling waslittle changed against the dollar in quiet trade on Monday and dealers expect the local currency to appreciate slightly in the week aided by good flows.

At 0730 GMT commercial banks traded the shilling at 66.20/30 to the dollar, compared with Friday's close of 66.25/35.


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U.S. stock futures rise, suggest respite before Fed

(Reuters) - The Fed releases its decision on Tuesday and is expected to leave interest rates unchanged at 5.25 percent. Interest rate futures <0#FF:> show traders are betting on the central bank delivering at least one rate cut by the end of this year.




By 0927 GMT September S&P futures were up 0.5 percent in Europe but still around their lowest in nearly five months.


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Nedbank First-Half Net Rose 42 Percent as It Boosted Corporate Lending

(Bloomberg) -- Nedbank Group Ltd., South Africa's
fourth-biggest bank, said first-half profit rose 42 percent,
boosted by gains in corporate lending. The company expects 2007
earnings to increase by as much as 33 percent.

Net income in the six months to June 30 advanced to
2.78 billion rand ($389 million), or 7.05 rand a share, from
1.95 billion rand, or 5.77 rand, a year earlier, the Johannesburg-
based company said in a statement today. Annual profit-per share
will rise 22 percent to 33 percent, it said.


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CORRECTED - ICI opens books after improved $16.3 bln Akzo bid

(Reuters) - ICI, the maker of Dulux paints, said the proposal at 670
pence per share in cash is subject to a number of preconditions,
including completion of due diligence.




ICI shareholders would also receive a 4.95 pence per share
interim dividend and a second interim dividend of up to 5 pence
paid on a pro rata basis from July 1 to the date of completion.


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Munich Re says subprime exposure 600 mln eur

(Reuters) - Of Munich Re's subprime investments, about 42 percent is
rated "AAA," 37 percent is rated "AA," 12 percent is rated "BBB"
and 1 percent is sub-investment grade, the company said.




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European Stocks Decline, Led by UBS, BNP, Philips, BHP Billiton, Lafarge

(Bloomberg) -- European stocks fell, following
declines in Asia and the U.S., on mounting concern that losses in
the U.S. mortgage market will erode economic growth and raise
financing costs for companies.

UBS AG and BNP Paribas SA led a drop by financial shares.
Royal Philips Electronics NV and Lafarge SA decreased as the
dollar traded near a record low against the euro. BHP Billiton
Ltd. and Rio Tinto Group slipped after copper fell in Shanghai.


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Nedbank lifts H1 headline EPS by 34 pct

(Reuters) - South African banking firm Nedbank Group increased first-half headline earnings per share by 34 percent as loans and advances increased, but it said on Monday bad loans were rising.

Nedbank, majority-owned by insurer Old Mutual, said headline EPS were 700 cents, while headline earnings for the six months to end-June increased to 2.775 billion rand.


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