/ 28 November 2002

JSE moves higher in early trade

The JSE Securities Exchange South Africa (JSE)

opened firmer on Thursday morning, although gold counters were under pressure at the start.

At 0914 the all share was 1,04% firmer, the industrial index added 1,22%, the financial index was 0.81% higher, the resources index jumped 1,18%, the platinum index was flat (+0.17%) and the information technology index had picked up 1,52%. The gold

index, however, was 1,43% weaker.

The rand was trading at 9,28 to the dollar from 9,2088 when the JSE closed on Wednesday, while gold was quoted at $316,85 an ounce from $317,95/oz at the JSE’s previous close.

“The market is relatively strong at the moment, supported by the slightly weaker rand and the positive close in US markets overnight. However, volumes are exceptionally light so far,” a dealer said.

He added that while the bourse was likely to retain a positive tone, no fireworks were expected and trade would remain quiet, with the US market closed for trade today and half day tomorrow for Thanksgiving celebrations.

Rand-hedge counters, which have been under pressure in the last week as the rand rallied, were firmer on the back of the steadier rand.

The rand reached its best level this year at 9,0585 rand per dollar on Tuesday, but profit taking and a stronger dollar on the back of upbeat American economic data saw the rand end at 9,2680 in New York on Wednesday.

Resources heavyweight Anglo American (AGL) added 2,02% or R2,51 to R126,50, BHP Billiton (BIL) gained 2,89% or R1,30 to R46,30 and Sasol (SOL) moved 1,67%

or R1,70 firmer to R103,30.

Industrial counters were stronger, with Richemont (RCH) jumping 2,27% or 40 cents to R18,00, Remgro (REM) gained 1,64% or R1,10 rand to R68,00 while SABMiller (SAB) was 1,25% or 80 cents firmer at R64,75.

The major gold counters were weaker, with Gold Fields (GFI) surrendering 1,89% or R1,90 to R98,60, AngloGold (ANG) lost 1,59% or R8,00 to R495,00 and

Harmony (HAR) declined 1,23% or R1,45 to R116,50.

Among financial stocks Standard Bank (SBK) was 1,25% or 40 cents firmer at R32,50, Old Mutual (OML) gained 1,53% or 20 cents to R13,25 while Liberty

International (LBT) was 1,81% or R1,50 firmer at R84,60.

IT counters took cheer from the strong close on the tech-heavy Nasdaq overnight, with Didata (DDT) soaring 2,86% or 10 cents to R3,60 and Datatec (DTC) adding 1,22% or 10 cents to R8,30.

Dow Jones Newswires reports that Wall Street barreled higher on Wednesday, while prices of Treasuries tumbled. The rally brought the market’s major equity indexes back to levels not seen since the summer.

The Dow Jones industrials leapt 255,26 points or 2,94% to 8,931.68, more than recouping the losses of a sell-off on Tuesday.

The broad Standard and Poor’s 500 added 25,56 points or 2,80% to 938,87 while the tech-heavy Nasdaq composite shot up 43,50 points or 3,01% to 1,487.93.

The Nikkei ended up 3,4% at 9,176.78, the highest close since September. 30, as the overnight rally in US stocks prompts broad buying, especially of technology and exporter blue chips. – I-Net Bridge