No wonder the NAV of ASA suddenly jumped to 10% suddenly. We should see a nice rebound of S. A. golds on Monday.
Take read:
JSE ends week on a firm note
The JSE Securities Exchange South Africa (JSE) ended in positive territory on Friday as the weakness in the currency relative to its recent strong levels buoyed rand hedge and resources counters.
At the close the all share index was 1.93% stronger, the all share industrial index had added 1.05%, the financial index was 1.60% firmer, the resources index was 2.81% higher, the gold index was flat, the platinum index gained 0.76% and the banks index was 2.10% stronger.
The rand was quoted at 6.33 per dollar from 6.23 when the JSE closed on Thursday, while gold was quoted at US$402.50 an ounce from $401.48/oz at the JSE's last close.
"Today's main driver has been the currency. The rand has come off its recent best levels and this is proving to be big boost for resources and rand-hedge stocks," a dealer commented.
Heavyweight resources giants Anglo American (AGL) and BHP Billiton (BIL) dominated the upside on the all share index, with Anglo jumping 3.29% or 4.30 rand to 134.90 rand and BHP Billiton adding 5.44% or 2.65 rand to 51.40 rand.
Other big advancers included synfuels group Sasol (SOL), which gained 3.91% or 3.21 rand to 85.31 rand, and luxury goods group Richemont (RCH), which was 2.96% or 45 cents stronger at 15.65 rand.
Banking stocks put in a good performance, with Standard Bank (SBK) adding 3.38% or 1.29 rand to 39.50 rand, FirstRand (FSR) picked up 1.96% or 17 cents to 8.86 rand and Absa (ASA) was 1.99% or 85 cents better at 43.65 rand.
Nedcor (NED), however, defied the firmer trend and slipped 2.53% or 1.70 rand to 65.40 rand.
Remgro (REM) ended 2.54% or 1.70 rand firmer at 68.50 rand, Sanlam (SLM) added 2.50% or 21 cents to 8.62 rand and Liberty International (LBT) was 1.59% or 1.13 rand better at 72.00 rand.
Platinum counters ended in mixed territory, with AngloPlat (AMS) bouncing 3.79% or 9.89 rand to 271.00 rand while Impala (IMP) shed 1.11% or 6.00 rand to 534.00 rand.
On the industrial front Naspers N (NPN) shares soared 4.93% or 2.02 rand to 43.02 rand, Sappi (SAP) was 2.95% or 2.30 rand up at 80.30 rand and Barloworld (BAW) was 3.17% or 2.00 rand higher at 65.00 rand.
I-Net Bridge
Sunday
07 December 2003 |
