Company Data
| Last traded |
R29,189.72 |
| Change |
R115.53 |
| % Change |
0.40% |
| Cumulative volume |
0 |
| Market cap |
R0.00 |
| Last traded |
R33,104.06 |
| Change |
R111.81 |
| % Change |
0.34% |
| Cumulative volume |
0 |
| Market cap |
R0.00 |
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Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - South African stocks backtracked
on Wednesday for the second straight session, as Standard Bank and other recent
gainers were hit by concerns of overblown valuations following a string of
record highs.
Shares of Vodacom bucked the trend, gaining 0.4 percent to 92.35
rand after the UBS raised its rating on the mobile operator to “buy” from
“neutral”, citing the strength of its recent performance.
After hitting record highs for the five straight days to Monday,
South Africa’s broad All-share index appears to be taking a breather. Investors
have worried that the index, which is up 5 percent so far for 2012, may be too
pricey given the prospects for future growth.
“We’re definitely seeing a bit of profit-taking,” said Mitchell
Gannaway, a trader at Thebe Stockbroking.
“I don’t think we can continue to see the market shoot up like it’s
been going in the past couple of days.”
The
All Share [JSE:J203] index, the broadest measure of South African stock
performance, fell 0.29% to 33 637.27. The index hit a lifetime high of
33 949.41 on Monday.
Standard Bank, Africa’s largest lender, fell 0.7 percent to 105.30
rand. Shares of the bank have risen about 7 percent so far this month, putting
it at a price-to-earnings ratio of nearly 14, a level some investors say is too
high for South African stocks.
Currently, South African equities are trading at about 13 times
earnings, putting them roughly in line with U.S. stocks.
That is a clear sell signal, fund manager John Biccard of Investec
Asset Management said in an interview last week.
“It’s not often that South Africa trades at the same PE as America.
That happens once every 20 years,” Biccard said.
“If you sold South Africa and bought the U.S. every time that
happened in the last 50 years you would have been right.”
Shares of oil refiner Sasol slid 2.5 percent to 393.60. The firm,
which is also listed in the United States, has come under pressure due to
worries about the impact of possible U.S. sanctions against oil exporter Iran.
Sasol said in November it had entered talks to potentially divest
of its Iranian operations. A spokeswoman said the company procures a relatively
small amount of Iranian oil and is looking to diversify to avoid any supply
disruptions.
Trade was relatively active, with 216 million shares changing hands
on the exchange, according to preliminary exchange data and compared to last
year’s daily average of 256 million shares.