| HOME
|
Stocks race to record high, rand firmer
May 15, 2008
South Africa's stock indices surged to record highs on Thursday supported by higher metals prices and the rand was also on a firmer footing against the dollar.
The JSE's Top-40 Index was up 0,86% to an all-time 30 665,72 points high and the broader All-share Index went up 0,8% to a record 32 647,43 points.
"It's the resources that helped us all the way up," Garth Mackenzie, a trader at BoE Private Clients said.
Mining giant Anglo American climbed 1,29% to R513, while rival BHP Billiton was 0,16% higher at R315.
Goldfields led the gold miners up, gaining 0,76% to R105 as gold jumped more than 2% helped by speculative buying on the metal's appeal as an alternative investment and an inflation hedge.
Spot platinum also made gains, driving platinum miners higher. Anglo Platinum rose 2,44% to R1 343. The world's biggest brewer, SABMiller performed best among the blue chips, growing 3,63% at R185,50. The company beat forecasts with a 19% rise in annual earnings on Thursday.
Industrials' shares were also higher, led by construction and engineering group Murray and Roberts Holdings Ltd , which climbed 2,39% to R90.
But telecom companies were lower, with fixed-line operator Telkom biggest loser on the bourse, dropping 2,33% to 128 rand. MTN fell 1,02% to R153,40.
The rand was trading at 7,60 to the dollar at 3.55pm, about 0,7% firmer than its last close of 7,6575 in New York. It firmed to 7,5775 to the dollar earlier but gains were capped by strong importer demand.
"Below 7,60 there's quite decent demand from importers and offshore funds are quite happy to purchase it if goes anything cheaper than 7,65/dollar," said Bidvest chief trader, Ion de Vleeschauwer, adding the unit seemed stuck in 7,55-7,65 range.
He said a stronger price for gold, of which South Africa is a major producer, helped support the rand. After weakening sharply on Wednesday, South African government bonds were slightly weaker.
Yields on the 2010 bond ticked up one basis point to 9,535% and those on the 2015 issue were up by the same margin to 10,54%.
Analysts said bonds will likely continue to be on the defensive with the increased chance of another rate hike in June.
|
|
|
|
Related Articles
News
Markets
Technology News
Company News
International
Today's Quote
"Make no mistake, they are bowed, but not completely beaten" Who said that?
|
Business Forum
Keep an eye on the stock exchanges - and your investments - from our markets page.
|
Belt tightening has made a dent even in those industries aimed at making people look prettier, perkier, poutier and, of course, younger.
Read more ...
|
|
