Ispat Iscor bucks trend as market softens on profit taking
August 19, 2004
Johannesburg - Stocks closed lower yesterday on profit taking and slower world markets, but steel maker Ispat Iscor bucked the trend after impressive results, traders said.
The FTSE/JSE Top40 index lost 0.59 percent to 9794.2 points while the FTSE/JSE Africa all share index declined 0.54 percent to 10 687.33 points.
Shares in Iscor gained 2.83 percent to R44.99 after the company impressed with better-than-expected headline earnings per share.
At one stage yesterday the shares, which have added 50 percent this year, raced to an all-time high of R45.50.
Massmart added 2.84 percent to R34.76. The bulk retailer is expected to announce its results for the year to June next week.
Petrochemicals group Sasol jumped 1.22 percent to R113.01. It has benefited from record high oil prices in the last couple of weeks.
"Sasol is still going ... it's insurance for volatile oil," a dealer said.
Some analysts believe the rise is driven by investors seeking emerging market oil plays after crises at Russian producer Yukos.
Elsewhere, heavyweight BHP Billiton fell 2.23 percent to R61.30, even though its results were in line with expectations.
Rival Anglo American dragged down the market after recent gains, easing 0.47 percent to R147.65.
Another big loser was Anglo American Platinum, down 2.13 percent to R28.50.
"That was on the back of weaker platinum," said Investec's Kevin Brady.
The spot price of platinum fell $21.50 to $855.50 an ounce (R5 560) in New York yesterday.
Standard Bank, Africa's largest banking group, lost 1.93 percent to R42.07 after its half-year earnings failed to impress despite meeting expectations.
"We saw some switching into its rivals after the results," said Brady.
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