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20 Dec 2007 11:41
The JSE continued on its upward path by midday on Thursday, unaffected by surprisingly better PPI data but encouraged by the futures market close-out.
By 1158am, the JSE’s all-share index had improved 0,83%.
The platinum mining index climbed 3%, and the gold mining index added 0,94%, while resources rose 0,43%.
The rand was bid at 6,95 to the US dollar, from 6,89 when the JSE closed on Wednesday, while gold was quoted at $801,35 a troy ounce from $800,95/oz at
the JSE’s last close.
“The JSE is looking very good. It is close-out day on the futures market and the guys are stock-picking,” said a Cape Town-based equities trader.
He added that stocks like Impala Platinum and Telkom were looking very strong.
“PPI didn’t really affect the market,” he said, adding that for Thursday, the futures close-out was the major event. Close-out starts at 12 noon and ends at
1.20pm, according to the trader.
“However, the volumes are extremely low, and after today’s close-out, as well as with the guys going away on holiday for the festive season, we can expect the JSE to be dead,” he concluded.
Among platinum mining stocks on the JSE, Anglo Platinum advanced R36,01, or 3,83%, to R976,01 and Impala Platinum lifted R6, or 2,76%, to R223. The platinum price is trading around lifetime highs.
Gold miner AngloGold Ashanti collected R7,07, or 2,51%, to R289,07 and Harmony added 55 cents to R67.
Melbourne-based resource group BHP Billiton shed 70 cents to R206 and Anglo American lost R2,50 to R402, but petrochemicals group Sasol gained R3,60, or 1,13%, to R322,10.
Among industrial stocks, building and construction group Raubex shot up R2, or 4,88%, to R43, while brewer SABMiller inched up 62 cents to R181,30.
Retailer Ellerines was five cents lower at R78,70 and African Bank Investments Limited shed 15 cents to R31,35, after the Competition Tribunal unconditionally approved Abil’s acquisition of Ellerines.
Fixed-line operator Telkom (TKG) added R2,49, or 1,79%, to R141,55 and MTN Group strengthened R4,15, or 3,45%, to R124,40.
Absa was up R1,18, or 1,09%, to R109,50 and Nedbank grew R3,01, or 2,38%, to R129,71.
Life insurance group Liberty pocketed R3,74, or 4,5%, to R86,88 and Liberty Holdings advanced R7,25, or 3,43%, to R218,88. - I-Net Bridge
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