The JSE Securities Exchange (JSE) entered new territory for the 20th day in the past month on Thursday, led by gold-miner Gold Fields, which reported strong results before the opening.
London-listed diversified resources group Anglo American led the downside after its interims disappointed the market.
By 12.01pm, the all-share index was up 0,2% at 15 461,35, having earlier reached a record 15 472,44. The gold-mining index leaped 3,53% and the platinum-mining index picked up 0,52%. The all-share industrial and financial indices firmed 0,41% and 0,26% respectively. Resources dipped 0,06% and the banks index was 0,28% in the red.
The rand was bid at R6,45 per dollar from R6,43 when the JSE closed on Wednesday, while gold was quoted at $436,10 a troy ounce from $435,51/oz at the JSE’s last close.
A dealer said it had been a results-driven morning.
“Gold Fields are up 5%. There results were good, although going forward they seem to be a bit on the negative side,” he added.
“Gold shares were strong in the [United] States last night and they seem to be following the dollar gold price as opposed to the rand gold price.”
He added that when it came to gold shares, there seemed to be some short covering coming into the market. Local institutions might also be adding these shares to their portfolios.
The dealer noted that these stocks still needed to get back to their levels where they were before Harmony launched its hostile bid for Gold Fields late last year.
Gold Fields shares soared as high as R74,25 on Thursday morning and were last quoted at R73,80 — still up 4,96% or R3,49 from Wednesday’s close. Harmony was 4,28% or R2,16 higher at R52,65.
AngloGold Ashanti added 1,37% or R3,10 to R229,10.
Before the opening, Gold Fields reported net earnings per share of 47 cents for the June quarter, up from 26 cents in the March quarter.
For the year ended June, net earnings per share amounted to 92 cents from 121 cents for the year to the end of June 2004.
The group declared a final dividend per share of 40 cents, for a total dividend per share for the group’s 2005 financial year of 70 cents.
Anglo American — the JSE’s heaviest-weighted stock — was down R1,40 at R167,10.
“Anglo’s results were a bit disappointing. After Rio’s results yesterday, Anglo was pushed up. But its results were nowhere close to Rio’s so it is taking strain,” the dealer commented.
Anglo reported record interim results, with a 43% increase in headline earnings to $1,784-billion for the six months ended June 30 from $1,248-billion a year ago.
This translated into headline earnings per share of $1,24 per share, up 43% over the first half of 2004 — also a record interim level.
Operating profit was $2,975-million, up 28% from $2,325-billion before, with strong contributions from base metals and ferrous metals, Anglo said.
The interim dividend was rebased to 28 US cents per share — an increase of 47%.
Rio Tinto on Wednesday announced a 35% increase in its interim earnings per share to 157,6 US cents from 116,8 US cents in the 2004 interim period.
Other features on the resources index on Thursday included petrochemicals group Sasol, which slipped 1,68% or R3,45 to R201,85 due to an easing in the oil price.
Iron-ore miner Kumba jumped 2,28% or R1,71 to R76,70 after earlier trading at a record R78,40.
Kumba on Wednesday announced a 258% increase in basic attributable earnings per share to 315 cents from 88 cents for the six months ended June 30.
The group declared an interim dividend of 160 cents per share from 60 cents previously, and declared a special dividend of 220 cents per share.
Impala Platinum climbed five rand to R624.
On the all-share industrial index, Swiss-listed luxury-goods group Richemont rose 1,11% or 26 cents to R23,61.
Cellular network operator MTN Group gained 1,05% or 51 cents to R49 and services group Bidvest was 1,07% or 90 cents better at R85.
Retailer Shoprite rallied to a lifetime high of R16,84 and was last quoted 1,82% or 30 cents in the black at R16,80. Foschini firmed 1,48% or 67 cents to an all-time high of R46.
Transport and logistics group Imperial, however, retreated 94 cents to R117,01.
Hospital group Netcare weakened four cents to R6,31 and construction and engineering group Aveng shed 1,14% or 15 cents to R13,05.
Food group Tiger Brands was trading R1,21 higher at R125,01 after roaring to a record best of R129,05.
Investment company Remgro bolstered the financial index, firming 1,78% or R2,10 to a record high of R120.
Investment bank Investec plc was 1,71% or R3,81 in the black at R226 after earlier trading at a highest level since July 2001 of R227.
Investec Limited was up 1,49% or R3,25 at R222, just 50 cents off its intraday high, which was also its strongest since mid-2001.
Absa added 80 cents to R94,50.
Life-assurer Sanlam climbed 11 cents to R12,70 and Liberty Group gained 54 cents to R64,94.
Decliners included Standard Bank, which was 50 cents lower at R74,40.
Nedbank was 50 cents in the red at R85,50. It traded as high as R87,50 after it reported a 44,5% rise in its headline earnings per share for the six months to the end of June to 354 cents from 245 cents a year earlier.
The group declared an interim dividend of 105 cents per share, representing a 139% increase on the 44 cents declared at the halfway stage in 2004. — I-Net Bridge