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JSE continues upward trend as record run continues

Oct 06 2017 13:06
David van Rooyen


Company Data

GLENCORE PLC [JSE:GLN]

Last traded 68
Change 1
% Change 1
Cumulative volume 2160512
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

ASPEN PHARMACARE HOLDINGS LIMITED [JSE:APN]

Last traded 317
Change -2
% Change -1
Cumulative volume 699165
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 166
Change -4
% Change -2
Cumulative volume 2949183
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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JSE takes breather from record run

 

Johannesburg - South African share prices continued to set new records on Friday as the market responded to a weaker rand, the strongest dollar in four months and strong global markets.

By mid-morning most of the major indices were higher at new record levels, as the big dual-listed shares benefitted from the weaker rand which traded at R13.69 to the dollar on Friday.

The mood received another boost when South Africa’s business confidence index rose in September as merchandise import and export volumes increased (a survey showed on Thursday) after falling in August to its lowest in more than three decades.

The SA Chamber of Commerce and Industry’s (Sacci) monthly Business Confidence Index (BCI) rose to 93.0 in September from 89.6 in August, which was the lowest level since the mid-1980s.

The result was that the All-share Index was another 0.62% higher at a new intra-day all time high of 53 353 points, while the Top 40 Index gained 0.64% to reach a new intra-day all time high of 51 110 points.

These indices were mainly driven by the Industrial Index which traded 0.75% higher at a new intra-day all time high of  86 263 points, after some big name industrial shares such like Naspers [JSE:NPN] also reached a new all time high.

Naspers, which represents more than 17% of the weight of the Industrial Index, was 0.99% higher at a new record of R3 167.44. The share gained more than 9% over the previous seven days since the JSE’s run began and was before Friday’s trade a staggering 55.7% higher for the year to date.

Naspers also received support from Tencent, the Chinese internet giant which is listed on the Hong Kong Stock Exchange. The share traded 0.74% higher at a new all-time high of HK$352.

Naspers’ stake of 34% in Tencent represents most of its value and income. Tencent started the year at HK$189.40, a gain of 85% for the year to date.

Vodacom [JSE:VOD] continued its recovery of the previous day and traded another 0.55% higher at R155.50. MTN [JSE:] was 0.46% stronger at R122.16.

Aspen [JSE:APN] was one of the busiest shares on the JSE after the Competition Commission has found that complaints that Aspen manipulates the prices of cancer medicine, were unsubstantiated. The share traded 0.57% stronger at R306.00 and the share price is now more than 9% higher than a month ago.

The Financial Index gained 0.48% with Standard Bank [JSE:SBK] 0.39% higher at R161.37 and FirstRand [JSE:FSR] gaining 0.67% R52.75. Old Mutual [JSE:OML] gained 0.69% to R35.00.

The resources sector also benefitted from the weak rand, as it receives more in rand for its commodities priced in dollar and the index was mid-morning 0.44% higher at a new intra-day 52-week high.

The star performer was Lonmin [JSE:LON], which traded 15.35% higher at R14.95 after the platinum  miner said on Friday it expects full-year sales to be slightly above its prior forecast. Lonmin also said it had received consent from its lending banks for its acquisition of interests of Anglo American Platinum and Northam Platinum in the Pandora joint venture and expects to complete the deal before the announcement of its full-year results in November.

Glencore [JSE:], which benefits most from the record prices paid for zinc, set a new 52-week high of R66.40 after it gained 0.50% in morning trade. Glecore is now fast approaching its all time high of R67.50.

Anglo American [JSE:AGL] also pushed the bar higher and gained 1.10% to a intra-day 52-week high of R265.65. BHP [JSE:BIL] was only 0.08% stronger at R246.95, still short of the 52-week high of R249.52.

Kumba [JSE:KIO], which was also trading at 52-week highs earlier in the week, fell victim to profit taking. The share price jump to a new high of R244.32 in early trade, but then lost ground and traded 1.84% softer at R237.59 by midmorning.

Exxaro [JSE:EXX] jumped 0.40% to a new 52-week high of R138 by mid-morning, on the news that it would sell a 31.3% stake in the US titanium products company Tronox.

The weak rand continued to support gold shares and the Gold Index was also 0.21% higher. This is in sharp contrast to the gold price which is at the weakest level in almost two months.

The gold price is poised to drop for a fourth week - the worst streak of losses this year - on prospects for higher US interest rates, a rising dollar, a strong American economy and record equity markets.

Fears of a potential nuclear conflict with North Korea have cooled too, reducing demand for a haven.

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equities  |  jse  |  markets

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