Metals push stock index to a record
May 18, 2008
By Janice Kew and Vernon Wessels
The key JSE index rose to a record for a third day on Friday, with Anglo Platinum and Impala Platinum pacing the advance after the metal surged.
The all share index rose 0.2 percent to 32 700.98, bringing its gain this week to 1.8 percent, its second weekly advance.
Wayne McCurrie of Momentum Group said: "There is massive momentum behind the resource shares as metal prices rise and this is what's driving the market to all-time highs."
Anglo Platinum climbed 4.7 percent to R1 406.01, its highest level ever, while Impala Platinum advanced 2.3 percent to R345.60.
Platinum might "easily" rise to a record $3 000 (R22 400) an ounce this year as power cuts reduce output from South Africa, the world's biggest producer, RBC Capital Markets analyst Leon Esterhuizen said in an interview in London.
The metal surged by $71 to $2 136 an ounce in London on Friday.
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