Stocks edge up as lower oil price boosts industrials and retailers
August 15, 2006
By From Reuters
Johannesburg - Stocks edged higher yesterday as some industrials and retailers such as Pick 'n Pay got a boost after oil prices fell, but a slump in gold prices hit that sector.
The Top40 index finished 0.3 percent stronger at 18 962.82 points. The all share rose 0.34 percent to 20 770.57 points.
"It's been quite a lethargic session, but the resources had a good underpin in [BHP] Billiton and Anglo American with the strike at Escondida entering its second week now," said Warren Hammond at Andisa Securities.
BHP Billiton gained 1.74 percent to R128.60 and rival Anglo American added 1.34 percent to R300.97.
Supermarket group Pick 'n Pay jumped 3.64 percent to R31.60, while midcap furniture retailer Ellerines shot up 3.97 percent to R66.20.
Cement producer PPC and its parent industrial group, Barloworld, gained 1.87 percent to R382 and 1.7 percent to R119.50, respectively.
Richemont marched 1.42 percent higher to R30 and SABMiller rose 1.31 percent to R135.30.
Gold Fields was the biggest loser, falling 5.5 percent to R136.32. Harmony slipped 2.63 percent to R90.55, while midcap DRDGold surrendered 4.17 percent to R9.20.
Remgro dropped 4.34 percent to R137.80 after it went ex-dividend.
Banking stocks reversed, giving up gains from Friday, with Standard Bank falling 2.45 percent to R73.75 and mass market lender Abil down 2.19 percent to R22.33.
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