Bourse's gains led by Sasol as oil prices continue to increase
December 17, 2004
Johannesburg - South Africa's benchmark stock index rose for a third day on Wednesday, led by Sasol, the country's biggest fuel company, as the price of oil increased again.
The FTSE/JSE Africa all share index added 0.4 percent to 12 265.32 as 64 stocks rose, 47 fell and 49 were unchanged.
Crude oil has gained this week as forecasts for an extended cold snap indicated US heating demand would stay above average through Christmas. Sasol, which supplies about 44 percent of South Africa's vehicle fuel, rose 2.1 percent to R112.
Anglo American, the world's second-biggest mining company, fell 0.4 percent to R128.95 after the rand gained against the dollar, cutting the profits the mining producer makes on metal sales.
Absa Group, which is in talks to sell a controlling stake to Barclays, rose 0.9 percent to a record R73.40. Central bank governor Tito Mboweni this week signalled a change in policy that had pledged to keep the biggest banks domestically owned.
FirstRand rose 0.8 percent to R13.20 and Standard Bank Group added 0.5 percent to R61.95.
Nedcor fell 0.7 percent to R73.35 after it applied to the country's banking regulator for permission to sell law firm Edward Nathan & Friedland to focus on rebuilding its banking business.
Furniture seller Ellerine Holdings gained 2.1 percent to R53.50 amid expectations that South Africa's lowest interest rates in 23 years will boost consumer demand over Christmas.
Steinhoff International, the country's largest maker of furniture, rose 3.2 percent to R13.21.
Platinum producer Northam Platinum declined 5.3 percent to R8.05, extending its loss this week to 8.1 percent.
The company said on Wednesday that first-half profit will fall by between 40 percent and 50 percent after a fire cut output and the rand's gain against the dollar narrowed margins.
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