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Johannesburg - Private healthcare group Mediclinic International plc [MEI] was the star of the show on the JSE on Friday, gaining more than 13% in early trade.
The group, which also has interests in Switzerland, Britain and Abu Dhabi, announced on Friday that the authorities in Abu Dhabi decided to waive a co-payment requirement which could mean a boost to the group’s activities in a region which has not been performing as well as the other areas in which it do business.
By mid-morning the share price was 12.4% higher at R139.90 after trading more than 13% up in earlier trade. Mediclinic has not performed well recently and was only 3% higher over the past month, despite a weaker rand. Before Friday’s trade it was still more than 16% softer over the past 60 days.
Remgro [JSE:REM], Mediclinic’s holding company which owns 41.5% of the hospital group, also received a boost and at mid-morning was 2.19% higher at R226.17. Before Friday’s trade Remgo’s share price was also in the doldrums, losing 0.92% over the past 30 days and 2.17% over the past 90 days.
The strong price movement of heavyweights such as these two companies contributed to the Industrial index lifting 0.75% by mid-morning. The index was also boosted by Naspers [JSE:NPN] and Richemont [JSE:CFR], which again reached new highs.
The Industrial index traded above 80 000 points for the first time since June 5 last year; before Friday’s trade it was already more than 11% higher over the past three months.
At mid-morning the All-share index was 0.55% higher at 53 977 points, and the Top 40 index 0.50% up at 42 217 points. The Financial index was 0.99% stronger with the big four banks all trading higher, but the Resources index lost 0.60% and the Gold index was 0.64% lower, despite a slightly weaker rand which traded 1.83% at R13.29 to the dollar.
Naspers [JSE:NPN], which set a new all-time high of R2 536 earlier in the week, broke that record again on Friday and at mid-morning was 1.06% higher than Wednesday’s close on a new high of R2 550.61.
Before Friday’s trade the stock was already 15.4% higher over the past 30 days and 28.12% up over the past 90 days.
Richemont also benefited from the demand for big rand hedge shares and reached a new 52-week intraday high of R113.07 in early trade. Investors then started to take profits and at mid-morning the share was 0.65% softer at R11.68. Before Friday’s trade Richemont was 12.03% stronger over the past 30 days and 24.5% up over the past 90 days.
MTN [JSE:MTN] also made a strong run after being in the doldrums lately, trading 3.41% higher at R128.67. Sasol [JSE:SOL] was however 0.99% softer at R411.66 and Steinhoff [JSE:SHF] lost 1.09% to R68.24.
Shoprite [JSE:SHP] gained 1.2% to R2099.98 but earlier traded earlier as high as R209.94, more than the 52-week high of R208.80.
