Justin Brown

The JSE was higher on Tuesday afternoon on positive global markets as well as bargain hunting in oversold sectors, especially industrials and banks, stockbrokers said. By 12.25pm, the all-share index was up 0,39%, the industrial index was up 0,31%, financials were 0,29% firmer and resources climbed 0,54%.

Spot platinum on Wednesday moved to a 25-and-a-half-year high of $944,50 a troy ounce on fund-buying of the metal. Also on Wednesday, the spot price of gold moved above $480 a troy ounce for the first time in almost 18 years on fund-buying of the metal.

The improvement in mine health and safety in the years since the advent of democracy in 1994 is welcome, but the rate of improvement regarding fatalities and injuries in the mining sector is too slow, Deputy Minister of Minerals and Energy Lulu Xingwana said in a speech on Wednesday.

The JSE was marginally higher on Tuesday on the weaker rand and the higher gold price, with the bourse in consolidation phase, equity brokers said. By 12.03pm, the all-share index had added 0,18%, industrials climbed 0,18%, financials soared 0,34% and resources were 0,8% higher.

Marketing company Proudly South African on Friday announced the appointment of Manana Moroka as its new CEO with effect from November 1. First launched in 2001, the campaign made progress by achieving a national awareness rate of 80% and is now recognised as one of the country’s top 50 brands, the company said.

World number-one diamond miner De Beers is "very close" to completing its black economic empowerment (BEE) deal at its South African diamond-mining operations, De Beers group MD Gary Ralfe said on Thursday as part of a presentation to investors.

The JSE declined on Wednesday due to the stronger rand as well as the decline in gold and resources stocks, brokers said. By 11.40am, the all share index was down 0,23%, industrials lost 0,07%, financials added 0,03%, resources fell 0,56%, the gold mining index declined 0,12%, the platinum mining index climbed 0,4% and the banks index fell 0,17%.

After moving to an all-time high in early trade, the JSE declined on Tuesday due to the stronger rand, the firm oil price and jitters about the next direction in the market, brokers said. By 12.35pm, the all-share index was down 0,1% at 16 457,16, having reached a record 16 472,83 in opening trade.

Spot gold on Monday afternoon moved to a fresh 17-and-a-half-year high of $468,85 a troy ounce as stops were triggered in the metal and amid a lack of countervailing selling and talk of another potential hurricane developing off the United States coast, traders said.

Mining group Aflease Gold and Uranium Resources on Monday announced that the National Union of Mineworkers (NUM) has begun a strike at the Bonanza South gold mine near Klerksdorp, along with an illegal underground sit-in. However, NUM Klerksdorp representative Hoyce Pundulu said the strike is legal.

Spot gold on Monday touched a fresh 17-year high of $461,70 a troy ounce on strong buying of the metal, despite a lower euro, traders said. At 10.45am, gold was quoted at $461,35/oz, up $2,55/oz from its previous close. The euro was last at $1,2129 from the unit’s previous close of $1,2160.

Oil and chemicals group Sasol on Monday unveiled record profits for its 2005 financial year due to the sharp increase in international crude oil prices, while the company also predicted "satisfactory growth" in earnings for its 2006 year. Sasol reported an 86% increase in diluted headline earnings per share.

Shares in South Africa’s steel and vanadium producer Highveld Steel and Vanadium (Hiveld) on Monday plunged 28% after the payment of the company’s interim and special dividends. At 10.20am, Hiveld’s shares on the JSE Securities Exchange were quoted at R48,95, down 28% or R19,25 from its previous close.

Global resources group BHP Billiton on Monday announced that it has extended its share buy-back programme by 12 months to September 30 next year. The group also increased the maximum number of shares that may be purchased by BHP Billiton Limited under the buy-back programme from 186-million to 358-million.

World number two platinum-miner Impala Platinum (Implats) on Friday reported a 9,9% increase in basic headline earnings per share for the year to June 2005 of 4 325 cents, from 3 924 cents in the group’s 2004 year. The group declared a final dividend per share of 1 800 cents.

Global resources group BHP Billiton on Wednesday announced that its attributable profit, excluding exceptional items, increased by 85,5% to $6,512-billion in the year to June 2005, from $3,510-billion previously. The group reported basic earnings per share for the 2005 year of 106,4 United States cents, up 88,7% from 56,4 US cents in 2004.

Important recommendations should soon be made as a result of the evidence presented at the investigation into the explosion at Sasol’s Secunda ethylene plant in September last year, trade union Solidarity said on Thursday. Evidence presented at the inquiry showed that deficiencies existed in Sasol’s safety systems, the union added.

The JSE opened weaker on Thursday on continued profit-taking as well as concerns about the level of the oil price and its impact on inflation and global interest rates, traders said. By 9.14am, the all share index lost 0,28%, Industrials and financials climbed 0,23% and 0,02% respectively, while the banks index was 0,1% in the red.

World number four gold-miner Gold Fields on Thursday reported net earnings per share of 47 cents for the June quarter, up from 26 cents in the March quarter. For the year ended June, net earnings per share amounted to 92 cents from 121 cents for the year to the end of June 2004.

Global resources group Rio Tinto on Wednesday announced a 35% increase in its interim earnings per share to 157,6 United States cents from 116,8 US cents in the 2004 interim period. First-half net earnings were $2,165-billion, up from $1,611-billion in the first half of last year.

South Africa’s gold-mining sector faces its first sectorwide strike in 18 years from Sunday after the National Union of Mineworkers on Tuesday received a strike notice from the Commission for Conciliation, Mediation and Arbitration. The last time that South Africa’s gold mines had a sectorwide strike was in 1987.

South African oil and chemicals group Sasol on Monday announced that it is considering the disposal of its Olefins and Surfactants business, excluding its co-monomers activities, in South Africa. Sasol acquired Condea in 2001 from German-based RWE Dea. Most of the Condea business was subsequently hosted in Sasol Olefins and Surfactants.

World number one diamond miner De Beers is disappointed by the fall in the group’s interim earnings and headline earnings, De Beers managing director Gary Ralfe said on Monday. Global resources group Anglo American has a 45% stake in De Beers.

The next empowerment deal that South Africa’s largest food group, Tiger Brands, does will be broad-based and the empowerment parties involved will have to add value, with a possible grouping being communities near the group’s operations, Tiger Brands chief executive Nick Dennis said on Thursday.

South Africa’s third-largest gold-miner, Harmony Gold, experienced 29 fatalities during its 2005 financial year, from 42 in the previous year, Harmony spokesperson Vusi Magadana said on Monday. The group’s best fatality record was 25 fatalities, achieved in the group’s 2003 and 2001 years.

Junior miner Aflease Gold and Uranium Resources (Aflease) and Southern Cross Resources on Tuesday announced that they have signed a definitive pre-merger agreement providing for the merger of the two companies. The combination is being done "at-market" based on the recent trading of both companies.

Wage talks between the National Union of Mineworkers (NUM) and world number one platinum miner Anglo Platinum have deadlocked and the NUM has issued the group with a letter of dispute, NUM Deputy general secretary Archie Palane said on Monday.

South Africa’s major mining companies on Wednesday signed a commitment to achieve the sector’s previously established health and safety targets — which aim for zero fatalities and injuries as well as the elimination of silicosis and hearing loss. The targets were established at a mine health and safety summit held in 2003.