The JSE roared to a record high in early trade on Wednesday as the buying that started on Tuesday continued. Dealers said that futures-related activity ahead of next Thursday’s closeout, firmer world markets and generally positive sentiment
were acting in concert to boost the local bourse.
By 9.23am, the all share index was up 0,35% at 15 900,09 after touching a best ever 15 925,02 a few minutes earlier. Industrials and financials firmed 0,55% and 0,46% respectively, while the banks index was 0,41% in the black. The platinum mining index jumped 1,03%. Resources rose 0,08% and the gold mining index was flat.
The rand was bid at 6,25 per dollar from 6,32 when the JSE closed on Tuesday, while gold was quoted at $445,63 a troy ounce from $444,25/oz at the JSE’s last close.
”We’re having a very strong day — there is continuing momentum from yesterday [Tuesday],” a dealer said.
She added that the JSE was being driven higher by stronger world markets and
that global sentiment was generally positive.
Buying ahead of next week’s futures closeout was also being seen, she said.
On the JSE’s upside, BHP Billiton was 37 cents better at R95,37.
Impala Platinum jumped 1,02% or R7 to R692 and AngloPlat advanced 1,19% or R3,84 to R327,35. Impala earlier traded at a best level since May 2002.
Mittal Steel strengthened 50 cents to R51,50 and Kumba climbed 52 cents to R82,05.
Swiss-listed luxury goods group Richemont rose 16 cents to R25,51.
It earlier traded as high as R25,60 — its strongest since April 2002.
Cellular network operator MTN Group was up 1,46% or 71 cents at R49,30 and Telkom climbed 70 cents to R128,20.
Hospital group Netcare bounced 2,41% or 15 cents to R6,37.
Cement producer PPC rallied 2,02% or R5,50 to R277,50 and furniture group Steinhoff was 2,23% or 40 cents firmer at R18,30 after earlier trading at an all-time high of R19.
Food group AVI added 10 cents to R14,50 after it reported a 26% increase in headline earnings per share to 108,2 cents for the year ended June 2005, up from the previous 85,9 cents for the previous comparative year.
A final dividend of 37 cents per share for the year ended 30 June 2005 has been declared. At the interim stage a special distribution of 64 cents per share was paid, which was inclusive of an interim dividend of 31 cents per share.
The I-Net Bridge consensus forecast was for full year HEPS of 108 cents and a dividend of 45 cents.
Investment bank Investec, which earlier traded at a best level since July 2001 of R239,50, was 1,7% or R3,99 in the black at R239.
Financial services group Sanlam added 1,49% or 20 cents to R13,65.
Investment company Remgro rallied 2,02% or R2,22 to R111,92 and VenFin surged 2,65% or 86 cents to R33,30.
After the close on Tuesday, VenFin reported a 25,4% increase in headline earnings for the year ended June to 189,8 cents from 151,4 cents previously.
A dividend of 50 cents per share was declared compared with 32,5 cents previously.
On the JSE’s downside, Anglo American eased 42 cents to R167,58.
Petrochemicals group Sasol dipped R1,25 to R217,25.
London-listed brewer SABMiller weakened 70 cents to R117,30 and financial services group Old Mutual was 1,2% or 20 cents in the red at R16,45.
AFX reports that US stocks ended at multi-week highs on Tuesday, with the
Dow Jones Industrial Average posting its first triple-digit gain in nearly two months, on a sharp pullback in oil prices and an economic report showing the nation’s services sector in robust health.
The Dow industrials ended up 141,87 points, or 1,4% at 10 589,24, offering
the benchmark index its best one-day performance since July 8 when it shot up
147 points. The Dow closed out at its best level in more than two weeks.
The Nasdaq Composite rose 25,79 points, or 1,2% to 2 166,86, with the tech-
rich index also putting in its best one-day gain since July 8.
The S&P 500 climbed 15,38 points, or 1,3% to 1 233,30, the best one-day rise for the broad gauge since April 21. – I-Net Bridge