Data provided by McGregor BFA
All data is delayed
Loading...
See More

Luxury goods send JSE to 17-year high

Nov 01 2012 17:28 Reuters

Related Articles

Richemont drives JSE to new record

JSE cuts losses to trade flat

Resources, gold shares prop up JSE

Banks lead JSE higher

JSE turns positive in subdued trade

Platinums pull JSE down

 
Johannesburg - South African stocks closed at all-time highs on Thursday led by Swiss luxury goods group Richemont [JSE:CFR] after a brokerage upgrade and as the market found support from positive economic data from the United States and China.

The benchmark Top 40 - (Tradeable) [JSE:J200] index closed up 0.7% at 33 239.18, the highest in its 17-year history.

The broader All Share [JSE:J203] index finished up 0.59% at 37 377.32, also an all-time high.

Richemont shares surged 4.69% to R59.20 on the JSE, while also boosting European stock markets with a 5.5% surge in the share price after Bank of America Merrill Lynch raised its rating on the stock to “buy” from “underperform”.

The increase in Richemont’s share price also lifted rival LVMH, which rose 3.2%, and those two stocks contributed to some of the biggest points gains on the FTSEurofirst 300 index.

Central Markets senior trader Joe Neighbour said he had followed the general positive investor sentiment towards European equities.

However, he was more cautious on the luxury goods sector, since the industry is heavily reliant on consumer demand in China, which has shown signs of a slowdown in growth.

“The luxury goods companies have had a very good run, but if China does start to feel the pinch, then they may find it hard to repeat that performance over the next 12 months,” he said.
richemont  |  stocks  |  jse  |  markets
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
4 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

'Zuma's legacy will be judged by Nkandla'

The legacy of President Jacob Zuma is contingent on how he deals with the issue of upgrades to his Nkandla homestead, says Cape Town Archbishop Thabo Makgoba.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...