The JSE was roaring ahead just before noon on Thursday, taking its cue from stronger world markets. Petrochemicals group Sasol led the way as concerns about the affect of Hurricane Katrina continued to affect sentiment.
By 11.56am, the all share index added 1,47%. Industrials and financials firmed 1,38% and 1,3% respectively, while the banks index was 1,88% in the black.
Resources rallied 1,65% and the platinum mining index climbed 0,57%, but
the gold mining index was flat (-0,02%).
The rand was bid at 6,36 per dollar from 6,43 when the JSE closed on Wednesday, while gold was quoted at $435,60 a troy ounce from $433,58/oz at the JSE’s last close.
“We are having a good day. People are pushing up stocks big time,” a dealer commented.
He added that the JSE was taking its cue from world markets, which were all in positive territory.
“Sasol is very strong on the back of the oil price. I’m surprised it is up as much as it is in the face of a strong rand,” he continued.
BHP Billiton was also being boosted by oil, while Anglo American was benefiting from general strength in resources stocks.
Sasol shares surged to a lifetime high of R226 in morning trade and were last quoted at R225 — still up 4,65% or R10 on the day.
BHP Billiton jumped 1,91% or R1,83 to R97,40, while Anglo added one rand to R163.
Impala Platinum was up R3,99 at R674, having earlier traded at a best level since May 2002 of R675. AngloPlat picked up R2,50 to R313.
While Gold Fields fell 40 cents to R73,30, Harmony was 1,06% or 50 cents higher at R47,80.
Kumba climbed 80 cents to R81,80 and Mittal Steel strengthened 1,77% or 85 cents to R49.
Swiss-listed luxury goods group Richemont surged 3,13% or 76 cents to R25,06 and London-listed brewer SABMiller rose 1,83% or R2,06 to R114,60.
Cellular network operator MTN Group rang up 1,94% or 90 cents to trade at R47,30 rand and Telkom was 81 cents firmer at R128,31.
Brand management group Barloworld was 2,61% or R2,65 better at R104,20 and its subsidiary PPC perked up 1,73% or R4,50 to R264.
Construction group Murray & Roberts climbed 1,63% or 26 cents to R16,25 and Aveng added 3,09% or 40 cents to R13,35.
After the close on Wednesday, Murray & Roberts reported that for the year to June, its headline earnings declined by 10% from R503-million to R453-million, resulting in basic headline earnings per share (HEPS) reducing from 158 cents to 142 cents and diluted HEPS from 155 cents to 140 cents.
The group declared a final dividend of 30 cents per share in respect of the year ended 30 June 2005 making the total dividend 45 cents per share for the year, which was unchanged from last year’s dividend.
Furniture group Steinhoff strengthened 3,03% or 50 cents to R17.
Retailer JD Group gained 2,01% or R1,49 to R75,49 and Edcon leaped 2,99% or 95 cents to R32,75.
Edcon said on Wednesday that following an announcement this month by Australian holding company Coles Myer that it would consider “ownership options” regarding its Myer chain of stores, Edcon would be forming a team in South Africa and Australia to explore any possible opportunities for the company.
“People have construed the announcement as more positive than negative,” the dealer said.
Industrials to decline included media group Caxton, which slumped 6,25% or 75 cents to R11,25.
Naspers slipped one rand to R103.
London-listed IT group Dimension Data was 1,37% or six cents lower at R4,33.
On the financial front, London-listed Old Mutual was up 1,72% or 28 cents at R16,56. Its intraday high of R16,60 was its strongest since May 2002.
Investment company Remgro rose 1,4% or R1,48 to R107,48 and VenFin firmed 1,7% or 55 cents to R32,85.
Banking group FirstRand soared 3,29% or 50 cents to R15,70 and its major shareholder RMB Holdings jumped 2,7% or 65 cents to R24,70.
Standard Bank strengthened 1,29% or 90 cents to R70,40 and Absa was 1,95% or R1,80 in the black at R93,90. – I-Net Bridge