Justin Brown

The JSE on Friday climbed to a fresh all-time high on positive sentiment from the previous day’s trade as well as higher metals prices and international equity markets. By 12.15pm, the all-share index added 0,89% and the all-share industrial gained 0,75%. Financials climbed 0,59% and resources climbed 1,21%.

The JSE was heading for its fifth consecutive weaker close on Wednesday, with the bourse dragged to a three-week low by profit-taking and sharply lower international markets, equity traders said. By 11.46am, the all-share index was down 1,28% and the all-share industrial lost 1,51%.

The spot price of platinum on Monday equalled its all-time high of $1 047 an ounce set in March 1980, on Tokyo Commodity Exchange buying of the metal as well as the strong rand, which broke below R6 to the dollar, analysts said. At 12.55pm, platinum was quoted at $1 042/oz, up $6,50/oz from its previous close.

World number-four gold miner Gold Fields on Thursday received sufficient backing from the security holders of Toronto-listed Bolivar Gold to take control of the company, Gold Fields spokesperson Willie Jacobsz said. Bolivar shareholders holding 76% of the company’s shares voted in favour of Gold Fields’ offer.

The gold bull trend experienced last year is expected to remain intact throughout 2006, with the metal forecast to average $544 a troy ounce and to trade in a range between $490/oz and $620/oz in 2006, Switzerland-based MKS Finance senior vice-president Frederic Panizzutti said on Friday.

The spot price of gold was quoted marginally lower on Tuesday, after breaking above $550 a troy ounce for the first time since January 1981 on Monday evening. Fund buying on Tuesday morning took the spot price of platinum to $1 018 an ounce, which was the metal’s highest level since March 1980.

The spot price of gold was softer on Monday afternoon after the metal traded to $545,46 a troy ounce, the highest level in almost half a century, on fund buying as well as momentum from Friday’s sharp rally, traders said. At 12.55pm, gold was quoted at $540,92/oz, up $1,67/oz from its previous close.

The JSE moved higher on Friday due to steady international equity markets and improved commodity as well as metal prices, brokers said. By 11.56am, the all-share index added 0,17%, the all-share industrial index climbed 0,46%, the financials index rose 1,19% and the banks index surged 2,74%.

The JSE moved into the red on Thursday on profit taking on lower metal prices after the first two days of the year saw the bourse move to fresh all-time highs, brokers said. By 12.05pm, the all share index lost 0,27%, the industrial index climbed 0,12%, the financials index fell 0,48% and the banks index declined 0,73%.

The JSE continued to post fresh all-time highs on Wednesday, due to a firmer resources sector driven by higher metals and commodity prices as well as higher world markets, brokers said. By 12.26pm, the all-share index had added 0,29% and the all-share industrial index was up 0,3%.

The JSE moved close to an all-time best on Tuesday — the first trading day of 2006 — due to a post New Year rally that saw a firmer resources sector and a higher gold price, brokers said. By 12.29pm, the all share index had added 0,95%, the platinum and precious metals index was up 0,23%, the oil and gas index added 1,32%, the financials index climbed 0,62% and the banks index climbed 1,38%.

The spot price of gold on Tuesday climbed to a three-week high of $521,03 a troy ounce on buying interest in very thin holiday trade, traders said. "The market for gold is very thin and gold is higher on a bit of buying. Gold could test $518/oz or maybe $525/oz today," a European gold trader said.

The spot price of gold is expected to target new highs during January 2006, technical analysts for JP Morgan wrote on Wednesday. "The price action over the last few days has been encouraging with the yellow metal pushing back through $510/oz, but again this has been in thin trade and we need to really see some substance behind it," JP Morgan analysts wrote.

The price of gold is expected to climb to fresh long-term highs during 2006, mainly on the back of investor demand for the metal, analysts and traders said. Other factors expected to boost gold in 2006 are increased central-bank buying of gold for reserve holdings as well as inflationary concerns.

Construction and engineering company Aveng on Tuesday said it had ceased contractor mining operations at Aquarius Platinum’s Marikana platinum mine and would claim more than R200-million in payments from Aquarius. Earlier on Tuesday, Aquarius Platinum South Africa announced it had rescinded the Marikana mining contract with Moolman Mining.

Construction group Aveng will be consulting its legal representatives and respond later on Tuesday to platinum miner Aquarius Platinum’s move to sue the group for R1-billion in damages, Aveng CEO Carl Grim said on Tuesday morning. Aveng will issue a statement on the JSE’s Stock Exchange News Service, Grim added.

Spot gold on Monday burst through the $540-a-troy-ounce mark for the first time since March 1981 on fund-buying of the metal. At 9.45am, gold was quoted at $541,10/oz. The spot price of platinum on Monday climbed to $1 017,50 an ounce — its highest level since March 1980.

The JSE was higher at midday on Friday on the back of resources stocks, especially gold shares, as well as the weaker rand, equity brokers said. By 11.51am, the all share index had added 0,24%. Industrials declined 0,31% and financials fell 0,68% while the banks index was 1,25% in the red.

Spot platinum on Monday touched $1 000 an ounce for the first time since March 1980 on renewed fund-buying of the metal. A break through the $1 000/oz level for platinum should open up a move to $1 040/oz followed by $1 090/oz, technical analysts for JP Morgan wrote.

Global resources group BHP Billiton was looking at expanding the capacity of the Mozal aluminium smelter near Maputo by 250 000 tonnes per annum, BHP Billiton president for aluminium Alex Vanselow said during a conference call on Monday.

South African food and pharmaceutical group Tiger Brands on Thursday reported a 32% increase in its diluted headline earnings per share for the year to September 2005 to 975,4 cents from 737,3 cents previously. The group also declared a total dividend per share for the 2005 financial year of 500 cents.

The majority of the expansion in world number two platinum miner Impala Platinum’s platinum output from about 1,8-million ounces to 2,3-million ounces by 2010 would come from South Africa, Implats investor relations representative Bob Gilmour said on Tuesday.

South Africa’s second-largest gold-mining group, Gold Fields, on Monday announced that it will acquire Canadian-listed Bolivar Gold for $330-million (R2,2-billion) and merge the company with its international assets in Ghana and Australia. The board of directors of each company has resolved to approve the transaction.

Spot platinum on Wednesday afternoon surged to a fresh 25-and-a-half-year high of $990 a troy ounce on continued forceful fund-buying of the metal by the funds as well as Tuesday’s bullishly construed platinum group-metal review released by Johnson Matthey.

South Africa’s third-largest gold miner, Harmony Gold, on Wednesday announced that it has sold its remaining 26,5-million Gold Fields shares, constituting 5,4% of Gold Fields’ issued shares, at an average price of R93,228 per share. The company garnered R2,46-billion from the Gold Fields sale.

Spot platinum on Friday touched a fresh 25-year high of $961,50 a troy ounce on continued fund buying of the metal as well as strength in the rest of the commodity complex, traders said. At 1.30pm, platinum was quoted at $959/oz, down $1/oz from its previous close.

Trade union Solidarity on Thursday said it supports the International Labour Organisation’s argument that South African should have one definition of unemployment, since the existing two definitions have caused considerable confusion in the past.

Agricultural group Afgri on Monday announced that it has acquired Daybreak Farms for R110-million, subject to Competition Commission approval. The acquisition marks Afgri’s return to the broiler industry after it exited Early Bird Farm in 2004, citing shareholder agreement restrictions and conflict of interest with its partner Astral Foods.

South Africa’s Chamber of Mines on Tuesday announced that the CEO of Anglo American’s South African operations, Lazarus Zim, will succeed Kumba Resources CEO Dr Con Fauconnier as president of the chamber. Zim will be the first black South African to serve as the chamber’s president in its 115 years of existence.