The JSE Securities Exchange advanced into positive territory at the opening on Monday, following the trend on world markets. As tends to be the case, early volumes were light.
By 9.13am, the all share and all share industrial indices added 0,57% and 0,52% respectively. Financials firmed 0,77% and the banks index jumped 1,25%.
Resources rose 0,46%, the gold mining index gained 0,65% and the platinum mining index climbed 0,22%.
The rand was quoted at 5,95 per dollar from 5,94 when the JSE closed on Friday, while gold was quoted at $423,75 a troy ounce from $426,03/oz at the JSE’s last close.
“We have had a pretty strong opening across all sectors. The market is looking rather buoyant — Sasol is off a bit, but the rest of the market is firmer,” a dealer said.
She noted that US futures and Asian markets were looking strong and sentiment towards equities was bullish at the moment.
On the JSE’s upside, Gold Fields was 1,04% or 69 cents stronger at R67 and Harmony jumped 1,14% or 56 cents to R49,50, although only 10 Harmony shares had traded.
Before the opening, Gold Fields reported headline earnings per share of nine cents for the December quarter of 2004, from 21 cents in the September 2004 quarter.
Analysts had expected the group to report headline earnings per share of 27 cents, with forecasts ranging from 25 cents to 31 cents.
Gold Fields reported net earnings per share, excluding gains and losses on financial instruments and foreign debt net of cash and exceptional items, of 20 cents for the December quarter from a loss of one cent in the September quarter.
Analysts had expected net earnings per share of 29 cents, with forecasts from 25 cents to 33 cents.
For the half-year ended December 2004, Gold Fields declared an interim dividend per share of 30 cents from 40 cents a year ago.
Impala Platinum perked up 1,01% or R5 to R500.
Swiss-listed luxury goods group Richemont climbed 14 cents to R18,55 and London-listed brewer SABMiller was 1,04% or 95 cents stronger at R91,95.
Pulp and paper producer Sappi strengthened 1,04% or 80 cents to R78. It had just reported headline earnings per share of 6 US cents for the quarter ended December 31, down from 26 cents in the September quarter, but up from a loss of 11 cents in the December quarter of 2003.
Steel producer Ispat Iscor surged 2,27% or R1,30 to R58,50.
Standard Bank leaped 1,41% or 90 cents to R64,90, FirstRand rallied 1,12% or 15 cents to R13,60 and Nedcor was 1,23% or 90 cents in the black at R74. Absa added 49 cents to trade at R76,65.
On the JSE’s downside, petrochemicals group Sasol was 75 cents softer at R120,85.
Kumba weakened 50 cents to R52,50.
Telecoms group Telkom was one rand lower at R106.
AFX reports that US stocks ended lower but off their worst levels for the session Friday, allowing the market to post its first weekly gain for the year as investors took comfort from a pick up in merger activity.
Procter & Gamble’s $57-billion acquisition of Gillette and talk of SBC Communications buying AT&T offset persistent concern about lacklustre earnings outlooks and caution ahead of this weekend’s Iraq elections.
The Dow Jones Industrial Average ended down 40,20 points at 10Â 427,20, putting in a modest 0,3% gain for the week.
The Nasdaq Composite Index fell 11,32 points, to 2Â 035,83, ending the week with just under a 0,1% gain.
The S&P 500 fell 3,19 points, to 1Â 171,36, with the broad gauge seeing a 0,3% rise on the week. – I-Net Bridge