/ 15 July 2005

JSE down slightly from all time high

The JSE was still down slightly in midday trade on Friday after slipping off Thursday’s all-time high. The JSE started lower on early profit taking as well as the stronger rand against the United States dollar, equity brokers said.

On Thursday the all share reached an all-time high of 14,832.18.

However, dealers said the strength of the market seen over the past week is still coming through in the banks and financials sector, although “the rand’s strength in comparison with yesterday [Thursday] is coming through in the resources

sector,” a trader said.

At 12.04pm, the all share index was down 0,20% and financials firmed 0,27%, with both Standard Bank and Absa reaching record highs in morning trade. Industrials rose 0,48%, while resources slipped 1,23%. While the platinum mining index picked up 0,23%, the gold mining index lost 1,84%.

Bid at 6,5851 per dollar, the rand was unchanged from when the JSE closed on Thursday, while gold was offered at $419,70 a troy ounce from $423,65/oz at the JSE’s last close.

The market is “still displaying a strong undertone especially in the industrials,” a Johannesburg-based dealer said.

MTN added 67 cents or 1,35% to R50,27, while diversified industrial group Imperial was up 3,60% or R3,91 to R112,50.

Swiss-listed luxury goods group Richemont was down 0,22% or five cents to R23,05 and investment company Remgro gained 2,14%, or R2,31 to R110,01. Pulp and paper producer Sappi was 50 cents higher to R70.

On the resources index, London-listed Anglo American lost 1,21%, or R1,90, to R155,05 and BHP Billiton was 1,91% lower, or R1,70, to R87,10. Mittal Steel was 20 cents lower at R49,80.

Retailer Edcon was up 1,73%, or R5,44, to R319, while Foschini was up 1,10%, or 46 cents, to R42,26 after touching an all-time high of R42,50. However, Truworths eased 10 cents to R18,70.

Standard Bank (SBK), was down 10 cents to R70,40 after earlier touching an all-time high of R71,15 per share.

Absa was up nine cents to R87,70. Absa, in which UK banking group Barclays is paying R82,50 per share for a controlling stake, spiked to an all time high of R88,20 per share — a 59 cents gain on Thursday’s close.

A Johannesburg-based dealer put the increase down to momentum, saying “these stocks are playing catch-up and it isn’t altogether surprising. The afternoon may see some selling, but it’s a tough call.”

London-listed financial services group Old Mutual lost 10 cents to R14,85.

Banking group FirstRand was up 1,68%, or 26 cents, to R15,72 and its major shareholder RMB Holdings was 20 cents higher at R24,90.

On the market’s downside, petrochemicals group Sasol slipped 110 cents to R201.

Among gold counters, Harmony was off 2,65%, or 150 cents to R55, Gold Fields fell 2,31%, or 175 cents, to R74,49 and AngloGold Ashanti shed 230 cents to R241. – I-Net Bridge