The JSE Securities Exchange continued to press into uncharted waters on Monday, despite a stronger rand. Dealers said that underlying positive sentiments and higher commodity prices were propelling the local bourse.
At 12.13pm, the all share index was up 0,62% at 14Â 108,370 after earlier touching a highest ever 14Â 115,100. Industrials and financials were 0,63% and 0,6% stronger respectively, while resources rose 0,64%. The banks index was 1,03% better. The platinum mining index was flattish (-0,06%) and the gold mining index lost 0,85%.
The rand was quoted at 6,74 per dollar from 6,79 when the JSE closed on Friday, while gold was quoted at $424,40 a troy ounce from $424,10/oz at the JSE’s last close.
“The market is looking firm, despite the rand,” a dealer said. “I think there is definitely some positive sentiment underpinning it.”
He added that while world markets were not offering much direction, heavyweights Anglo American and BHP Billiton were up in London on the back of higher commodity prices, which was offsetting the rand’s effect.
Anglo shares added 89 cents to R164,69 and BHP Billiton was 76 cents better at R85,26.
However, it was petrochemicals group Sasol, which led the market’s upside, surging 2,03% or R3,45 to R173,65 on the back of a higher oil price. It earlier traded at a best ever R174,95.
On the industrial market, telecoms group Telkom was up 85 cents at R117,85 after trading at an all-time high of R119.
Before the opening, Telkom reported a 53% increase in its basic earnings per share for the year ended March 2005 to 1Â 241,8 cents from 812 cents in the previous comparative period.
Profit for the period increased to R6,807-billion from R4,592-billion in the 2004 financial year.
Telkom declared a final dividend per share of four rand and a special dividend per share of five rand.
Cellular network operator MTN Group rallied 2,59% or R1,18 to R46,70.
Mittal Steel strengthened 1,88% or 95 cents to R51,40 and pulp and paper producer Sappi firmed 2,14 or R1,50 to R71,50.
Services group Bidvest leaped 2,49% or R1,80 to R74.
Brand management group Barloworld was 1,69% or R1,50 better at R90,50 despite going ex-dividend of 130 cents per share.
Retailer Woolies jumped 1,96% or 20 cents to R10,40, Edcon climbed 1,79% or R4,80 to R272,50 and Foschini forged ahead 1,57% or 60 cents to R38,90.
On the financial front, investment trust Remgro was 1,05% or R1,10 in the black at R106,10 after trading at a best ever R107 earlier in the morning.
Nedbank surged 3,12% or R2,36 to R78, FirstRand firmed 1,85% or 25 cents to R14 and Standard Bank ticked 34 cents higher to R64,90.
Health and life insurer Discovery rocketed 6,24% or R1,35 to R23.
On the JSE’s downside, gold miner Harmony retreated 1,9% or R1,01 to R52,20 and AngloGold Ashanti shed 1,16% or R2,75 to R235.
Swiss-listed luxury goods group Richemont was 21 cents in the red at R22.
Retailer Pick ‘n Pay surrendered 1,2% or 30 cents to R24,70 and JD Group surrendered 1% or 60 cents to R59,70. JD Group and Pick ‘n Pay on Monday went ex-dividend of 185 cents and 76,7 cents per share respectively.
London-listed financial services group Old Mutual fell seven cents to R14,15 and Sanlam eased six cents to R11,16. – I-Net Bridge