Jacqueline Mackenzie

South Africa has improved its score on the Heritage Foundation’s 2006 Index of Economic Freedom from 2,83 to 2,74, although globally its position has slipped slightly from 48th in 2005 to 50th. For the sub-Saharan African region, Botswana has the freest economy, with a score of 2,29 and an overall global ranking of 30.

In what is being hailed as a groundbreaking black economic empowerment (BEE) to BEE deal, South Africa’s Mvela Group is to sell its 22,9% stake in Mvela Resources to unlisted resources empowerment company Incwala Resources for R763-million — or R20 per share.

The JSE got off to a strong start on Friday, but came off the boil during the course of the morning session. While still well in the black by midday, the strong rand — which had moved below the R6,40 per dollar level — was keeping a lid on gains, traders said. Strong commodities prices were also giving the JSE cheer.

The JSE was weaker at midday on Wednesday, with resources and mining counters under pressure from lower commodities prices. Gold and platinum prices touched respective highs of $500 an ounce and $1 000/oz on Tuesday, but have since retreated.

The JSE remained in the red at midday on Tuesday, but was off its worst levels as the relatively strong rand and soft world markets weighed on the local bourse. Traders said the market showed no reaction to gross domestic product data, released at 11.30am local time, which came in much as expected.

After opening firmer on Monday morning, the JSE was in negative territory by midday in a quiet, order driven market. The JSE’s all share index was up over a hundred points at one stage, but had given up these gains and more by midday. By noon, the all share index was down 0,30% with the banks index off 0,81%, financials 0,42% softer and the industrial index 0,33% lower.

The JSE was softer in quiet trade at midday on Friday, with stocks just drifting weaker as the JSE ran out of steam in the absence of any fresh direction. The United States was closed on Thursday for the Thanksgiving holiday, and with markets open half-day on Friday, many US players would be absent, having taken a long weekend.

South African food group Astral Foods on Friday reported a 48% increase in diluted headline earnings per share to 893 cents for the year ended September 30, from 605 cents a year earlier. Headline earnings per share were up 45% to 918 cents from 631 cents previously.

South African convenience food company Famous Brands has concluded a transaction with listed King Consolidated Holdings to acquire its complement of 38 Bimbo’s franchise agreements linked specifically to Engen Petroleum Company forecourt sites. The intention is to convert these sites to Steers restaurants.

South African industrial brands group Barloworld on Wednesday reported a 5% increase in headline earnings per share to 893,6 cents for the year ended September 30, from 853,2 cents a year ago. On a fully diluted basis, headline earnings per share were 873,6 cents from 833 cents previously.

The JSE remained in the red at midday on Friday after opening weaker in line with global markets, with no major corporate news to give the market direction. By 12.18pm, the all-share index was down 0,65% and industrial index was down 0,66%. The financial index shed 0,23%, while the banks index was off 0,47%.

After firming earlier in the session on Thursday, the JSE was lower at midday, with global resources giant Anglo American continuing to dominate trade. Trade in Anglo — 2,6-million shares valued at R522,8-million in 68 deals — made up a quarter of the JSE’s total volume.

The JSE remained strong at midday on Wednesday as the market continued to be buoyed by news that global resources group Anglo American (Anglo) plans to reduce its shareholding in gold miner AngloGold Ashanti, and make other major changes. By noon, the all-share index had added 1,46%.

The JSE was higher across the board in noon trade on Monday, as most sectors experienced short covering after last week’s losses. By noon, the all-share index was up 1,40%, led by a 2,39% jump in the gold-mining index, a 2,64% climb in the platinum-mining index and a 1,81% firmer resources index.

The JSE remained firm at lunchtime on Tuesday after trading was halted for more than an hour following a technical hitch at the JSE. The JSE stopped trading at 11am and the equity market moved to an opening auction at 12.10pm for 20 minutes and then to continuous trading at 12.30pm.

The JSE was firm with the all share index at a fresh all-time high at midday on Monday in extremely quiet trade, with little fresh news to move the market. After posting early losses, the gold mining index came off its worst levels despite the major gold mining strike which got under way in South Africa on Sunday.

The JSE Securities Exchange (JSE) continued its rally into uncharted territory on Thursday fuelled by stronger world markets and continued demand for equities. It was the 16th day since July 5 that the all-share index broke new ground. At 12.03pm, the all-share index was up 0,49% at 15 194,09.

The JSE Securities Exchange (JSE) remained firm at midday on Thursday as the weak rand boosted resources and mining stocks. Traders said the market was waiting for the announcement on interest rates following the conclusion of the Reserve Bank monetary policy committee’s two-day meeting.

After starting on a softer note, the JSE Securities Exchange moved into positive territory on Wednesday morning as the rand weakened from its intraday best levels. Traders said in the absence of any major corporate news, the equity market was eyeing the Monetary Policy Committee’s decision on interest rates, to be announced on Thursday afternoon.

The JSE Securities Exchange moved to an all-time high on Thursday despite the steady rand, which has moved off its worst levels in a year. Resources remained the star performers. The all share index rose to a fresh high of 13,965.10 shortly after midday.

The South African rand was weaker in afternoon trade on Friday after the United States non-farm payrolls came in better than expected, giving the dollar a boost. At 2.45pm, the rand was quoted at R6,0576 per dollar from R6,0151 just prior to the release of the data. The dollar firmed against the euro.

The JSE Securities Exchange (JSE) was up almost 1% at midday on Tuesday, boosted by a strong close on Wall Street overnight and a slightly weaker rand. However, gold counters were under pressure from the weaker bullion price. By noon, the all-share index was up 0,95% and the all-share industrial index added 0,72%.

After starting slightly firmer, the JSE Securities Exchange (JSE) turned around during the course of Tuesday’s morning session as the main indicators pointed to a lower opening on Wall Street later. However, there were pockets of strength on the JSE, notably in banking stocks and telecoms stocks, a trader said.

The JSE Securities Exchange (JSE) remained in the black at midday on Wednesday, led by resources — particularly BHP Billiton — and banking and financial counters.
The firmness came despite the strong rand, which moved below the R6 per dollar level overnight. By noon, the all-share index was up 0,49%,

After a flat start, the JSE Securities Exchange (JSE) was firmer at midday on Tuesday as the weaker currency gave dual-listed stocks a boost. By noon, the all-share index was up 0,43% and the all-share industrial index was up 0,52%. Resources added 0,50% and the platinum-mining index collected 1,99%.

After opening weaker on Thursday, the JSE Securities Exchange (JSE) was off its lows at midday, with some interest in gold miners, which were up more than 1%. By noon, the all-share index had shed 0,15%, while industrials were off 0,46%. Resources were flat, while the gold-mining index advanced 1,28% and the platinum-mining index was off 0,16%.

Global brewing giant SABMiller posted a strong performance across the group in the six months ended September 30, growing market share in each of its business segments. And CE Graham Mackay believes the group’s businesses are benefiting from strengthening market positions and improving mix.

After setting fresh highs on Friday morning, the JSE Securities Exchange (JSE) has pulled back, with some profit-taking emerging amid a slightly firmer rand. The JSE started on a slightly stronger note, with most of the major indices posting small gains at the opening.