World number two Impala Platinum on Monday climbed to an all-time high ahead of the group’s latest interim results due in mid-February, the weaker rand and the platinum price, which is close to its all-time high, equities traders said.
At 12.15pm, Implats was quoted on the JSE at R1 053, up 0,8% or eight rand from the stock’s previous close. In earlier trade, Implats climbed to an all-time high of R1 075.
“Impala is higher ahead of expected good results due in February, gains in other platinum stocks and the higher platinum price, coupled with the weaker rand,” Afrifocus Securities portfolio manager Ferdi Heyneke said.
Earlier in January, Implats advised that its headline earnings per share for the half year ended December 31 2005 were expected to be between 55% and 75% higher than those for the half-year ended December 31 2004, largely due to stronger US dollar metal prices received.
Basic earnings per share for the half year ended on December 31 2005 are expected to be between 30% and 50% lower than those for the previous comparable period in 2004, which included the profit from the sale of the Lonplats shareholding.
Implats is set to release its interim results on February 18.
Analysts also expect the group to declare a special dividend per share at the time of the release of its results.
Implats has said that the group would consider the matter of a special dividend at the company’s board meeting before the release of its interim results.
The platinum price was last at $1 067 an ounce, up $3/oz from the metal’s close on Friday.
On Friday, platinum climbed to an all-time high of $1 067,75 an ounce on
fund buying of the metal, analysts said.
Platinum is mainly used to make jewellery and autocatalysts. – I-Net Bridge