The JSE Securities Exchange (JSE) was roaring ahead at midday on Monday, fuelled by a weaker rand and — to a lesser extent — a relatively high gold price. This saw the all-share index top the 11 000 mark for the first time since April 13 and at its best level since March 5.
By 12.09pm, the all-share index was up 1,61%. Resources rallied 2,19%, the gold-mining index soared 2,79% and the platinum-mining index climbed 1,01%.
Industrials and financials firmed 1,21% and 1,31% respectively, while the banks index was 1,07% in the black.
The rand was quoted at R6,67 per dollar from R6,56 when the JSE closed on Friday, while gold was quoted at $409,80 an ounce from $413,43/oz at the JSE’s last close. Gold was trading at about $405/oz at noon on Friday.
“The market is looking very strong on the gold price and the rand, but mainly the rand. All the resources stocks are firmer,” a dealer said.
He noted that the gains came on good volumes.
On the resources index, London-listed diversified miner Anglo American added 2,52% or R3,80 to R154,50 and BHP Billiton was 2,21% or R1,41 better at R65,20.
AngloGold Ashanti soared 4,29% or R10,36 to R252,10, Gold Fields gained 2,33% or R1,95 to R85,50 and Harmony climbed 2,65% or R2,22 to R86,01.
Impala Platinum leaped 2,18% or R12 to R562, but AngloPlat eased one rand to R292.
Oil and chemicals group Sasol strengthened 1,64% or R1,90 to R117,90.
Swiss-listed luxury goods group Richemont led industrials higher, rising 2,1% or 35 cents to R16,99 after being upgraded to “buy” from “hold” by Deutsche Bank.
London-listed brewer SABMiller jumped 1,74% or R1,40 to R82 and brand management group Barloworld was up 1,05% or 75 cents to R71,85.
Food group Tiger Brands, which was upgraded from “hold” to “buy” by Investec Securities, firmed 85 cents to R89,25.
Services group Bidvest surged 2,01% or R1,15 to R58,25. It earlier traded at R58,60 — its best level since February 2000.
Before the opening, Bidvest reported an 18% increased in headline earnings per share to 546,7 cents for the year to June 2004, up from 464,5 cents for the year to June 2003.
The I-Net Bridge consensus of nine analysts had Bidvest reporting headline earnings per share of 530 cents.
The group also declared a final distribution per share of 136,8 cents, bringing the total distribution per share for the year to 250,2 cents, up 14% from 220 cents in the previous comparative period.
The I-Net Bridge consensus of nine analysts had Bidvest reporting a dividend per share of 280,8 cents.
Telecoms group Telkom bounced 2,42% or R1,87 to R79,22 and cellular network operator MTN Group rallied 1,64% or 45 cents to R27,85.
Media group Naspers notched up 1,21% or 55 cents to R46,05.
The dealer said that Naspers had been helped by the news that its subsidiary M-Web’s R320-million rand bid to buy internet service provider Tiscali South Africa had been successful, despite a rival R400-million bid from Telkom.
On the financial front, London-listed Old Mutual firmed 2,09% or 25 cents to R12,20 and Sanlam jumped 2,37% or 20 cents to R8,65.
Real estate company Liberty International plc picked up 1,81% or R1,74 to R98 — its highest since September 2002.
Standard Bank was 1,56% or 66 cents stronger at R43,05, FirstRand was 1,21% or 12 cents firmer at R10,02 and Absa added 1,46% or 75 cents to R52,25.
However, Nedcor dipped 10 cents to R54,15.
Life insurance and financial services group Sage slumped 3,66% or six cents to R1,58. — I-Net Bridge