FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

RESOURCE COUNTERS HELP SEND STOCKS TO FIVE-WEEK HIGH (South Africa)

Posted by Gilmour Poincaree on December 10, 2008

December 10, 2008

Reuters and Bloomberg

PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Johannesburg – Stocks climbed to a five-week high yesterday buoyed by firmer mining shares.

The Top40 index rose 5.28 percent to 19 986.66 points on Wednesday, while the broader all share index climbed 4.67 percent to 21 930.94 points, levels last seen on November 5.

Gideon Muller, a trader at Thebe Securities said: “Commodity prices are picking up our market [such as] your mining houses and platinum shares.”

BHP Billiton rose 11.48 percent to R188.95 and rival Anglo American gained 7.71 percent to R230.50.

AngloGold Ashanti rose 11.08 percent to R271.

Anglo Platinum increased 8.92 percent to R455 and Impala Platinum advanced 2.5 percent to R121 after platinum prices firmed.

Pallinghurst Resources fell 2.25 percent to R4.35. The company and the Bakgatla Ba Kgafela tribe would invest $175 million (R1.8 billion) in Platmin to allow the company to fund the construction of its Pilanesberg platinum mine in the North West.

Sasol climbed 7.01 percent to close at R299.63.

Kumba Iron Ore slipped 3.7 percent to R157, the biggest decline since November 28. The iron ore producer plans to proceed with an R8.5 billion expansion as its competitors slash output.

Banking stocks, which are sensitive to interest rate moves started to march higher after a report showed retail sales slumped for a sixth month, raising speculation the central bank will cut rates today.

African Bank Investments Limited rose 6.11 percent to R28.12 and Standard Bank ticked up 1.09 percent to R83.49.

Garth Mackenzie, the head of derivatives trading at BoE Stockbrokers, said:

“The stimulus packages continue to boost growth expectations. “We are also seeing quite big gains in the local retailers ahead of the interest rate announcement.”

MTN surged 7.7 percent to R102.99. JD Group increased 8.7 percent to R33.95.

Tiger Brands rallied 3.5 percent, to R147.

Simeka Business Solutions added 7.7 percent to 42c, rising for the first time in six days. The information technology company said first-half earnings a share advanced as much as 40 percent.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: