Market steams on
January 27, 2006
Johannesburg - The JSE powered to yet another record high at the opening on Friday, fuelled by stronger world markets. Resources led the way, helped by the view that commodity prices will remain high as well as a slightly weaker rand.
By 9.17am, the all share index was up 0.8 percent at 19 569.1. It touched an all-time high of 19 591.52 a few minutes earlier. Resources rallied 1.7 percent and the gold mining index jumped 1.85 percent. Industrials and financials firmed 0.19 percent and 0.25 percent respectively, while the banks index was 0.21 percent better.
The platinum mining index dipped 0.09 percent however.
The rand was bid at R6.11 per dollar from R6.10 when the JSE closed on Thursday, while gold was quoted at $558.55 per ounce from 557.76 at the JSE's last close.
"World markets are very strong. The Dow was up, while the Nikkei jumped nearly 4 percent. The strength on our market is just a follow through from that," a dealer said.
She added that the outlook for commodities had been boosted by China's better-than-expected GDP figures on Wednesday, which triggered global buying of resources stocks. This was therefore very positive for the JSE.
On the resources index, London-listed diversified resources group Anglo American advanced 2.23 percent or R5.05 to R232 and BHP Billiton was 1.74 percent or R1.97 better at R115.50.
Anglo and Billiton earlier traded at record highs of R232.50 and R116.95 respectively. AngloGold Ashanti was up 2.83 percent or R9.95 at R362 after reaching a lifetime high of R366. Harmony leaped 2.76 percent or R2.79 to high of R104 its strongest since March 2004.
Gold Fields gained R1.10 to R133.25.
Petrochemicals group Sasol strengthened 1.66 percent or four rand to R245 and iron ore miner Kumba rose 1.72 percent or two rand to R118.50.
Pulp and paper producer Sappi was 1.2 percent or one rand stronger at R84 a level last seen a year ago.
Sugar and aluminium group Tongaat-Hulett surged 3.29 percent or R2.99 to R93.99, just one cent off its lifetime high reached a few minutes earlier.
Cellular network operator MTN Group was up 60 cents at R62.60, while Telkom was one rand in the black at R150.50 after reaching a record R152.
While London-listed brewer SABMiller was 92 cents softer at R128.01, it opened at a new high of R129.75. Furniture group Steinhoff fell 1.01 percent or 20 cents to R19.70.
On the financial front, London-listed Old Mutual firmed 17 cents to R20 having traded at a best level since early 2001 of R20.01.
Liberty Group gained 1.22 percent or R1.01 to R83.50.
Nedbank was 61 cents better at R105.50, FirstRand firmed five cents to R18.85 and Standard Bank was 29 cents better at R81.12.
Absa, however, lost 71 cents to R111.81.
AFX reports US stocks ended higher on Thursday on better-than-expected data, with strong quarterly results from several Dow components led by Caterpillar and Honeywell International boosting confidence the fourth-quarter earnings season may finally be living up to expectations.
General Motors, however, was a black spot on the blue-chip barometer as the struggling carmaker's shares fell after it reported a quarterly loss of nearly $5 billion.
The Dow industrials were up 99.73 points at 10 809.47, off a session-high of 10 827.96. With Thursday's gains, the Dow is once again positive for 2006.
The Nasdaq Composite Index rose 22.35 points to 2 283.0 while the S&P 500 Index climbed 9.15 points to 1 273.83.
In Tokyo on Friday, share prices ended the day sharply higher with the benchmark Nikkei 225 index settling at its highest level in more than five years on the back of encouraging earnings from Sony as well as Dec consumer price data suggesting the economy is now emerging from years of deflation, dealers said.
The blue-chip Nikkei 225 Stock Average finished up 569.66 points or 3.6 percent at 16 460.68, its high for the day. It was the highest closing mark since September 8 2000 when it settled at 16 501.55. - I-Net Bridge
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