investments osteuropa

JSE鈥檚 laughing stocks

Those looking for bargains among the JSE's penny stocks might be disappointed. Few if any of the 19 shares hovering around 25c or less are worth buying. None have paid dividends and most have negative price:earnings (PE) ratios.

Integrear has been suspended by the JSE and others like Independent Financial Services could follow.

Several, including, Wooltru, m Cubed and New Corpcapital are in the process of unwinding their assets before they de-list.

Only four, m Cubed, Labat, Decillion, and Wooltru are held by at least one unit trust, according to Moneyweb's portfolio tool.

When Moneyweb asked analysts Theo Vorster, CEO of Galileo Capital and Francois du Plessis of Vega Capital which of the 19 shares they might invest in both said none.

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Magna says Russian Machines to invest in firm

NEW YORK, May 10 (Reuters) - Magna International Inc. (MGa.TO: Quote, Profile, Research said on Thursday a unit of Russia's Basic Element would invest in it to help the Canadian auto-parts maker capitalize on growth opportunities in the Russian and other automotive markets.

Basic Element unit Russian Machines would invest about $1.54 billion to indirectly buy 20 million Class A subordinate voting shares of Magna from treasury, Magna said.

Basic Element is one of the largest privately held industrial conglomerates in Russia and is beneficially held by Oleg Deripaska, Magna said.

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EMERGING MARKETS REPORT: Turkey's Stocks, Currency Tumble On ...

NEW YORK (Dow Jones) -- Turkey's stocks and currency fell sharply Monday, as the country's political crisis deepened after the military threatened to intervene in the presidential elections to protect secular values, and the Islamist government came under pressure to call early general elections. Istanbul's benchmark IMKB-100 index closed down 4%, making it the worst performer among major stock market indices around the world Monday. The index earlier tested declines of over 6%. Turkey's currency, the lira, also tumbled. It was trading down 2.3% at 1.3590 against the dollar and down 2.5% at 1.8511 against the euro. Shares of Turkey's only U.S.-listed company, telecommunications provider Turkcell Iletsim Hizmetleri (TKC) , fell 4.7% to $14.14. At the heart of political tension in Turkey is the clash between secularists and the ruling AK Party, which has Islamist roots.