JSE edges up in quiet trade
October 31, 2005
Johannesburg - The JSE ticked higher in early trade on Monday, taking its cue from world markets. With countries in the northern hemisphere having gone off daylight saving time, UK markets were not yet open which made for low early volumes locally.
By 9.16am, the all share index added 0.97 percent. Industrials and financials firmed 0.56 percent and 0.75 percent respectively. The resources and banks indices both rose 1.49 percent and the platinum mining index perked up 1.34 percent. The gold mining index dipped 0.17 percent however.
The rand was bid at R6.70 versus the dollar from R6.71 when the JSE closed on Friday, while gold was quoted at $472.45 an ounce from $471.15 at the JSE's last close.
"It has been very much a slow start," a dealer said. "The market is firmer - world markets are all looking stronger - but on low volumes."
On the JSE's upside, global resources group BHP Billiton rallied 2.18 percent or R2.12 to R99.26, while Anglo American advanced 1.41 percent or R2.75 to R197.50.
Petrochemicals group Sasol strengthened 2.32 percent or R4.80 to R211.80.
AngloGold Ashanti added 1.88 percent or R4.95 to R268, AngloPlat was up 1.24 percent or five rand at R407 and Impala improved 1.52 percent or R11.50 to R770.
Cellular network operator MTN Group rallied 2.1 percent or R1.03 to R50.
Brand management group Barloworld was 15 cents better at R105 and Swiss-listed luxury goods group Richemont climbed 15 cents to R25.05.
Retailer Edcon leaped 2.95 percent or 88 cents to R30.68 and Woolies was 2.82 percent or 35 cents higher at R12.75.
Nedbank surged 4.79 percent or R4.04 to R88.45, Standard Bank strengthened 1.45 percent or one rand to R70 and FirstRand firmed 1.62 percent or 25 cents to R15.70.
RMB Holdings dropped 3.6 percent or 90 cents to R24.10, however, after going ex-special dividend of one rand per share.
Gold miner Gold Fields fell 60 cents to R88. Harmony, which released results before the opening, tumbled 2.16 percent or R1.50 to R68.
Harmony reported a headline loss of 86 cents per share for the September quarter from a restated 94 cents loss in the June quarter.
Harmony was expected to report a headline loss per share of 58 cents.
Analyst forecasts ranged from a loss of 36 cents to a loss of 65 cents.
"Harmony's results weren't great and this can be seen in the share price," the dealer commented.
AFX reports that US stocks closed sharply higher on Friday, after a report showed robust third-quarter economic growth despite catastrophic hurricanes and a probe of White House officials resulted in only one indictment and did not touch the most senior staff members.
Investors also got responded positively to Microsoft earnings.
The Dow Jones Industrial Average had its second day this week of triple digit gains, rising 172.82 points, or 1.7 percent, to 10 402.77. Only one Dow component, International Business Machines, closed lower.
The Nasdaq Composite gained 26.07 points, or 1.3 percent, to 2 089.88 and the S&P 500 rose 19.51 points, or 1.7 percent, to 1 198.41. - I-Net Bridge
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