[2008-09-26]  The JSE squeezes out gains
THE JSE sneaked into positive territory yesterday after a volatile day as stronger trade on overseas markets and a recovery by banks added support. Resources were the laggards.

The markets started off weaker, but managed to keep afloat and that is all thanks to firmer overseas markets, a local equities trader said.

At 5pm, the all share was 0,05% higher, but resources gave up 0,76%. Platinum miners lost 3,00% while gold stocks were 1,50% lower.

Industrials were up 0,22%, financials were up 1,75% and banks jumped 2,24%.

A trader said that positive statements about the country’s new president and a positive business mood as well as news that the country’s economic policies would not change, were having a positive impact on local markets.


On the JSE, Anglo American (AGL) was down R13,70, or 4,25%, to R309 with rival BHP Billiton (BIL) gaining R2,74, or 1,29%, to R215.

Sasol (SOL) gained R15, or 4,37%, to R357,99.

Gold miner AngloGold (ANG) gave up R9, or 4,35%, to R198, Gold Fields (GFI) added R2,15, or 2,80%, to R78,90 and Harmony (HAR) lost 21c to R83,49.

Among platinum miners Lonmin (LON) jumped R27,25, or 7,15%, to R408,25, while Anglo Platinum (AMS) was down R20, or 2,44%, to R800 and Impala Platinum (IMP) gave up R7,05, or 3,98%, to R169,95.

Among other miners Kumba Iron Ore (KIO) gave up R1,98, or 1%, to R195,52 while African Rainbow (ARI) lost R5, or 2,75%, to R177.

Financial services group Old Mutual (OMI) gained 30c, or 2,42%, to R12,68 and Sanlam (SLM) was up 34c, or 1,99%, to R17,40.

Among banks Standard Bank (SBK) gained R1,40, or 1,60%, to R88,90, Nedbank (NED) was up R5,20, or 5,37%, to R102, while FirstRand (FSR) was up 50c, or 3,08%, to R16,75.

Among industrials on the JSE, brewer SABMiller (SAB) was up R2,77, or 1,65%, to R170,50, Swiss luxury goods group Richemont (RCH) was down 95c, or 2,33%, to R39,80 while Barloworld (BAW) jumped R3,75, or 6,33%, to R63 and Imperial (IPL) was up R2,49, or 4,15%, to R62.50.

Telecommunications group MTN (MTN) was up R2.,0, or 2,35%, to R109 while Telkom (TKG) gained R1,10, or 1,01%, to R109,60.


Near-dated futures ended a volatile session flat yesterday as investors juggled stronger overseas markets and weakening commodity prices.

The near-dated Alsi contract ended five points lower at 23451.



A total of 44793 Alsi contracts changed hands compared with 51923 on Tuesday, a Safex official said.




Positive news yesterday was that the newly elected President, Kgalema Motlanthe, said that in a turbulent global economy, "we will remain true to the policies that have kept South Africa steady, and that have ensured sustained growth."



White maize futures also ended slightly higher yesterday driven mainly by the rand, which was trading at levels weaker than those recorded earlier in the week.

Traders said the rand would continue to provide some direction for local markets.

“Markets are higher and that is purely on the back of the weaker rand," a local grains trader said.

The December white maize contract gained R13 to R1975/ton, March maize was up R12 to R2052 and October maize, which will be in delivery next month, jumped R10 to R1915/ton.

“The market is a little illiquid and not too much is happening," said the trader.

Among other grains, December wheat ended R5 higher at R3199/ton. “Wheat is also trading fairly sidewards," the trader said. I-Net Bridge

Just after the local markets closed the rand was bid at 8.14 to the dollar from 7.98 on Tuesday.

Dow Jones Newswire reports that CBOT maize futures ended slightly higher on Wednesday on technical strength and uncertainty about the crop, traders said. The trade continues to eye outside markets, but they provided little direction Wednesday, traders said. They added that there was talk of a crop that might be smaller than government projections, and that next week’s quarterly grain stocks report could be supportive. But some traders said weather remains bearish. An analyst added there appeared to be some corn/wheat spread trading. December maize ended up 2 3/4 cents to $5.63 per bushel, and March maize ended up 2 1/2 cents to $5.80 1/2.

The following are the mark-to-market prices for maize, wheat, sunflower and soya bean contracts on SAFEX at 12:00 local time.

Source: Copyright © 2005 BDFM Publishers (Pty) Ltd.