[2008-10-10]  JSE closes up on increased confidence
STOCKS spent the day in positive territory yesterday, closing up following the stronger opening on American markets after confidence began to seep back into markets with co-ordinated efforts to try and stabilise global financial systems.

In later trade the Dow lost its momentum and started trading in the negative, but soon bounced up and moved back into positive territory again.

Traders say after some panic and overselling on the market the day before, markets yesterday were quieter and calmer, with “some guys taking profits".

Traders said that it was not unusual to see sectors that experienced heavy losses over the past few days show some signs of recovery.

“The local market is just following the moves on the American markets," a trader said.

The trader said that after finding some stable ground, it was fairly good trading on the market and there was some profit taking. The monetary policy committee decision to leave interest rates unchanged did not have a significant effect on the market, he said.

At 5pm, the all share was up 1,42%, with resources gaining 3%.

Platinum miners jumped 7,56% and gold stocks were 2,87% firmer.

Industrials came up 0,41%; financials were 0,38% stronger and banks gained 0,55%.

Anglo American (AGL) came up R7,11, or 3,08%, to R238,11 and BHP Billiton (BIL) was up R2,59, or 1,62%, to R162.

Paper producer Sappi (SAP) gained R3,56, or 5,86%, to R64,31.

Sasol (SOL) gained R4,50, or 1,74%, to R263.

Among gold miners AngloGold Ashanti (ANG) was up R1,12 to R163,12, Gold Fields (GFI) gained R5,74, or 7,97%, to R77,74 while Harmony (HAR) was unchanged at R87.

Platinum miner Anglo Platinum (AMS) jumped R66, or 11,02%, to R665, Impala Platinum (IMP) was up R8, or 5,97%, to R142, while Lonmin (LON) gave up R11,40, or 4,34%, to R251.

Among other miners, African Rainbow (ARI) gave up R2,99, or 2,25%, to R130 with Kumba Iron Ore (KIO) up R3, or 2,19%, to R140.

Financial services group Old Mutual (OML) was up 48c, or 4,17%, to R12 and Sanlam (SLM) lost 85c, or 4,80%, to R16,85.

Among bankers, Standard Bank (SBK) was up R1, or 1,30%, to R78, Nedbank (NED) came up R1,10, or 1,20%, to R93, and FirstRand (FSR) gained 29c, or 1,96%, to R15,09.

Investec (INL) added 50c, or 1,13%, to R44,80 and RMB Holdings (RMH) edged up 4c to R22,65.

RMB said yesterday that it fully supported the investigation of the Financial Services Board (FSB) into Dealstream Securities and had provided the FSB with details of transactions between itself and Dealstream.

It had not yet had the opportunity to engage with the FSB over its findings. Should the FSB choose to conduct any further investigation, RMB would co-operate fully, it said.

Among industrials, brewer SABMiller (SAB) gave up R5,28, or 3,33%, to R153,15 and Richemont (RCH) lost 86c, or 2,45%, to R34,25.

The Swiss-based luxury goods group announced that its restructuring plans had moved a step closer after a meeting of shareholders of Compagnie Financiere Richemont held in Geneva yesterday approved the restructuring proposals by a large majority.

Bidvest (BVT) came up R1, or 1,05%, to R96.

Among telecommunications groups, MTN (MTN) added R2,85, or 2,76%, to R106,05 and Telkom (TKG) gained R9,41, or 9,51%, to R108,31.

Pharmaceutical manufacturer Aspen (APN) lost R1,58, or 3,95%, to R38,42. I-Net Bridge

The group along with Indian company Matrix Laboratories announced the divestment of the existing joint ventures relating to the two chemical- manufacturing entities, Fine Chemicals Corporation (Proprietary) Limited (FCC) in Cape Town, South Africa and Astrix Laboratories Limited in Hyderabad, India.

Aspen said it would acquire 50% of FCC from Matrix and, in turn, dispose of its 50% share in Astrix to Matrix. Aspen will retain a shareholding in Astrix through a B-share.

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