JSE edges close to new record high

Comment on this story
JSE1 Independent Newspapers The JSE. Photo: Simphiwe Mbokazi.

The JSE was on course to set yet another new record on the all-share and top-40 indices on Tuesday‚ tracking buoyant global market sentiment‚ amid persistent hopes of monetary easing from the European Central Bank (ECB) to ease the euro area debt woes. The local bourse has had a series of records this year on the all-share‚ industrial and financial indices.

“Behind the scenes there has been massive speculation about what the ECB is planning in terms of bond buying. Rumours that it is planning to cap eurozone sovereign yields through promising unlimited purchases have been denied‚” said RMB analysts in a note. “German authorities continue to provide mixed views on what should be done: the German ECB director has come out in support of bond buying and the Bundesbank strongly against it. Spanish bond yields have dropped to two-month lows due to all the talk. The ECB meeting on September 6 is going to be a big event.”

European shares held firmer at noon‚ but their Asian peers ended mixed.

At 12.43pm the JSE all share index was up 0.93% to 35‚802.50 points‚ with top-40 index gaining 0.99%.

Among individual shares‚ Lonmin recovered R1.52 or 1.90%‚ to R81.50 following reports that 30% of workers at its troubled Marikana mine in North West had shown up for work. Aquarius Platinum (AQP) was up 25 cents‚ or 5.21%‚ to R5.05 amid some bargain hunting.

The volatile Telkom (TKG) stock was down 61 cents or 3.08%‚ to R19.20.

Shoprite Holdings (SHL) gained R2.98‚ or 1.91%‚ to R159.21 after the retailer reported a 19.6% rise in full year profit.

Headline earnings per share rose to 607.04 cents in the year ended June 2012‚ from 507.6 cents a year ago. - I-Net Bridge

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines