Banks lead JSE at open

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IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

The JSE edged up on Friday morning‚ led by banking and financial stocks‚ in what is expected to be quite session ahead of the long weekend.

At 9.47am‚ the all share index was up 0.23% to 38‚765.77 points‚ still in record high territory‚ with the top 40 index nudging up 0.24% to 34‚368.29. Banks gained 0.43%.

“There is sustained interest‚ particularly by foreign investors‚ into retail‚ property and industrial stocks which look expensive from a valuation viewpoint‚” said Drikus Combrinck‚ portfolio manager at PSG Konsult.

RMB analysts said in a note global growth would probably continue to bumble along as it has for the past three years. “Our core view is pretty much consensus: US at 2%‚ China at 8%‚ Europe at 0%. The question of Greece’s future in the eurozone will remain arguably the tail risks to the global economy.”

Leading Asian shares were mixed‚ with Japan’s Nikkei 225 ending flat.

Among individual stocks on the JSE‚ Aquarius Platinum (AQP) lost 1.61% to R6.10 but Telkom (TKG) picked up 1.86% to R16.40 and Abil (ABL) lifted 2.13% to R31.65‚ while City Lodge (CLH) lost 2.28% to R105.05.

Fountainhead Property Trust (FPT) was up 2.63% after Redefine Properties (RDF) on Thursday raised its offer for Fountainhead Property Trust (FPT) to 4.5 Hyprop (HYP) units and 56 Redefine units for every 100 Fountainhead units‚ equating to R8.70 at Thursday’s closing prices.

Redefine’s new offer‚ however‚ is not high enough to trump Growthpoint’s (GRT) original offer of 35 of its units for every 100 Fountainhead units‚ equating to R9 at Growthpoint’s closing price on Thursday of R25.72. But Growthpoint on November 15 said it may lower its original offer once it had completed a due diligence of Fountainhead. - I-Net Bridge

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