SARAH BULLEN and Reuters, Cape Town | Wednesday 5.00pm
SHARES on the Johannesburg Stock Exchange ended the day largely firmer on Wednesday as players filtered back into the market after a public holiday.
Giving an early boost to the market was news that market bellwether Anglo American Plc’s annual results showed a 13% rise in profit. Anglo stock ended 2,63% higher at R312 as the market warmly welcomed better-than-expected year results, its first since moving its primary listing to London. The all gold index closed 1,01% higher on the day, but off morning peaks as price of the precious metal weakened below session high of $290 an ounce.
The financial index gained 2,27% to 10157, helping to lift benchmark all share index 0,82%.
The much talked about “switch” from old economy resource stock to new economy tech stock continued to dog the industrial index, which shed 0,12% on the day. Surging on the day was Old Mutual’s Johannesburg-listed shares which rose 6,37% to R16,70. Dealers say Old Mutual also recovering from recently oversold position.
The rand firmed smartly against the dollar in afternoon trade on Wednesday with dealers pointing to an offshore order for the rand, which then triggered stops, to justify the move. The rand was last bid at R6,44 to the dollar and R10,09 to the pound. Bonds hanged firm on the back of better than expected producer inflation (PPI) data. Benchmark six-year R150 bond was last bid at 13,33%, from 13,38 earlier. Dealers said the Johannesburg market will be closely watching Wall Street overnight for direction on Thursday.