Sasol surges to record high
South African oil and chemicals group Sasol on Thursday surged to an all-time high on continued investor interest in the stock due to the extremely high oil price, analysts said.
At 11.15am, on the JSE Securities Exchange, Sasol’s stock was quoted at an all-time high of R161,90, up 2,6% or R4,15 from its previous close.
Sasol’s previous all-time high of R158,25 was achieved on Tuesday.
“Sasol’s share price is increasing on the high oil price, with investors buying the stock on its strong upward momentum. The oil price is being driven by supply-side fears, and with investors battling to call the top for the oil price, investors are getting into Sasol,” an analyst said.
Brent crude oil ended on Wednesday at $56,20 a barrel.
“Investors fear that after missing $40 a barrel and $50 a barrel, they don’t want to miss $100 a barrel,” the analyst added.—I-Net Bridge.