Keeneland September Yearling SaleKeeneland September Yearling SaleThe Keeneland September Yearling Sale (the world’s biggest racehorse auction) continues to show remarkable strength after eight days, which is just past the midpoint of the 15 day sale. The best indicator of the overall health of any sale is undoubtedly the median (figure that half the horses in the sale exceeded in price) and this has risen a very respectable 11.1% to $100,000 after 1983 yearlings have been sold.

The gross and average are both down slightly but this difference can be entirely explained by the lack of a mere handful of yearlings priced between $3million and up on the opening two days. Even so the median for the first two days barely moved from last year indicating the depth and strength of the market. Gross is just over $340 million ($365plus last year, down 6.9%) while the average is $171,488, down 5% from $180,460 last year.

Please note the statistics below are for the FIRST SEVEN DAYS ONLY

Keeneland first seven days in $US

year

no sold

gr.

       avg.    

       med.

2001

1610

234,127,500

       145,421

       62,000

2002

1710

188,801,100

       110,410

       60,000

2003

1690

247,770,500

       146,610

       75,000

2004

1712

285,729,700

       166,898

       90,000

2005

1775

339,659,000

       191,357

       95,000

2006

1729

349,955,500

       202,403

     100,000

2007

1697

324,091,200

       190,979

     120,000

Considering the recent jitters on Wall Street caused by the subprime crisis, Keeneland September cannot be viewed as anything other than a resounding success. Worldwide bloodstock markets do tend to strongly follow trends in the stock market, and the bigger than expected cut in rates just announced by the US Federal Reserve should help to shore up confidence on Wall Street.

Laurie DippenaarLaurie DippenaarThe new confidence in financial markets following this move by the Fed in the USA, spilled over to the JSE yesterday (which was up by 3% plus,) and the Rand showed renewed strength to be selling at R7,14 to the Dollar this morning. First National Bank’s Chairman, Laurie Dippenaar (a Summerhill customer since the gate’s first opened) announced arguably the best set of results in the Bank’s recent history, the surest reflection of the rude health of the local economy.

Extract by Andrew Reichard Daily Stallion Bulletin 20th September 2007

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