Johannesburg - The JSE reached a new short time all-time high at noon on Monday‚ on the back of expectations of monetary easing action from the European Central Bank‚ from the US Federal Reserve and from the Chinese financial authorities.
At 11:57 the all-share index was up 0.37% at 35 925.11 points‚ 36 points higher than the previous all-time high reached last Tuesday (August 21).
“The market is hoping for stimulus - for money to be pumped into the markets - if we get to September and no stimulus is seen‚ the markets will certainly come down and will be in serious trouble‚” said Viv Govender‚ trader at Vunani Private Clients.
“The German confidence figures released this morning were worse than expected and the trend is on the downside. Meanwhile Germany is supposed to be paying for everyone.”
“Expectations of money being pumped into the market is reflected in our markets‚ which gives a boost to equities and is also reflected in our commodity prices‚” he said.
Local counters that moved significantly during the morning were Northam Platinum [JSE:NHM]
shedding 84 cents‚ or 2.95%‚ to R27.66‚ while Lonmin [JSE:LON]
added R1.39‚ or 1.63%‚ at R86.50 and Aquarius Platinum [JSE:AQP]
gained 10 cents‚ or 1.91%‚ to R5.34.
added R2.23‚ or 1.11%‚ to R203.05‚ after the group reported a 27.5% increase in diluted headline earnings per share for the year ended June to 1‚470.8 cents from the same period a year ago.
Sun International [JSE:SUI]
added R1.59‚ or 1.89%‚ to R85.50‚ after the hotel group posted diluted adjusted HEPS up 20% to 606c for the year to June.
Steinhoff International [JSE:SHF]
jumped 56 cents‚ or 2.22%‚ to R25.80‚ after the company said in a trading update that earnings would be between 30% and 35% up for the year ended June from a year ago.
Some construction players took a beating with Murray & Roberts [JSE:MUR]
shedding 60 cents‚ or 2.69%‚ to R21.70‚ Group 5 [JSE:GRF] losing R1.50‚ or 5.66%‚ to R25.00 and Basil Read [JSE:BSR]
dropping 50c‚ or 5.05%‚ to R9.40.