The JSE was roaring ahead in noon trade on Thursday after Wednesday’s benign inflation data out of the United States set Wall Street alight. Gains were most pronounced on the Top 40 index on which 90% of shares were stronger.
By 11.59am, the all-share and all-share industrial indices added 1,5% and 1,42% respectively. Resources rallied 1,76% and the platinum-mining index perked up 1,85%, while the gold-mining index inched 0,07% higher. Financials firmed 1,27% and the banks index was 1,37% in the black.
The rand was bid at 6,75 per dollar from 6,76 when the JSE closed on Wednesday, while gold was quoted at $630,35 a troy ounce from $628,50/oz at the JSE’s last close.
“Yesterday’s [Wednesday] inflation data out in the US placed a rocket under JSE. The market has screamed ahead as a result of the Dow’s very strong move yesterday,” Cortex’s Lavan Gopual said.
He continued that strong demand had come in for a number of big companies and almost every share on the Top 40 index was up.
Gopual noted that the bourse’s heaviest-weighted stock, Anglo American, had traded at a record high of R315,50. It was last quoted at R313 — still up 2,64% or R8,05 on the day.
BHP Billiton was 2,22% or R2,95 better at R135,80.
AngloPlat leaped 3,45% or R27 to R809 after earlier touching a lifetime high of R815. Impala improved R7,50 to R1Â 271,50.
AngloGold Ashanti climbed R1,70 to R344,01 and Harmony was 41c higher at R96,21. Gold Fields, however, fell 73c to R137,12.
Among industrials, Swiss-listed luxury goods group Richemont (RCH) rallied 1,99% or 61c to R31,26.
Services group Bidvest surged 3,74% or R3,80 to R105,30 after trading as high as R106,50.
Bidvest said in a trading statement earlier that it expected both headline earnings per share and basic earnings per share for the year ended June 2006 to be between 20% to 25% higher than those of the prior year.
Brand management group Barloworld was bolstered 2,05% or R2,50 to R124,50 and transport and logistics group Imperial gained 1,82% or R2,40 to R134,40.
Pulp and paper producer Sappi strengthened 3,43% or R3 to R90,50.
Cellular network operator MTN Group jumped 3,15% or R1,73 to R56,61.
“The Middle East ceasefire has seen MTN scream ahead. A number of traders were knocking it because of its involvement in Iran and with the ceasefire they have come back in. It is also up on the back of expectations that it will release good results next week,” Gopaul commented.
MTN said after the close on Wednesday that it expected basic headline earnings per share to be between 283c and 293c and adjusted headline earnings per share to be between 273c and 283c for the six-month period ended June 30 2006.
Hospital group Netcare soared 5,92% or 63c to R11,27 after trading at a highest-ever R11,50. It announced on Monday that it been awarded preferred bidder status for three five-year National Health Service contracts in the United Kingdom. The contracts are valued at 3,5-billion sterling over five years.
Retailer JD Group rallied 3,51% or R2,26 to R66,70 and Mr Price rocketed 8,45% or R1,55 to R19,90.
On the downside, London-listed brewer SABMiller slipped R1,31 to R136,12 after a broker downgrade.
Insurers put in a strong showing on the financial front, with Old Mutual firming 2,02% or 41c to R20,70. Sanlam was 2,07% or 31c to R15,31 and Liberty Group gained 2,39% or R1,65 to R70,75.
Banking group FirstRand rallied 2,22% or 36c to R16,60 and Nedbank notched up 1,36% or R1,40 to R104,40. Standard Bank strengthened 50c to R75 and Absa added 60c to R98,60.
RMB Holdings jumped 2,04% or 30c to R25. — I-Net Bridge