JSE pauses after record highs

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JSE1 Independent Newspapers The JSE. Photo: Simphiwe Mbokazi.

The JSE was relatively flat at the opening on Tuesday‚ pausing after reaching yet another record level on the all-share index the day before.

The bull market in the financial and industrial indices was still evident after both indices reached new record highs on Monday.

“Unfortunately we have been rallying on rumours ahead of the fact‚ which will be realised at the European Central Bank meeting on Thursday. No new catalyst in play today‚” said Shaun Murison‚ market analyst at IG Markets South Africa.

He said markets continued to speculate on further stimulus action from the ECB to support president Mario Draghi’s words of commitment last week.

“It would appear that bond purchasing from the ECB in the secondary market would be a likely measure used from the central bank‚ while the EFSF (European Financial Stability Facility) could buy European debt in the primary market.”

At 9:45‚ the all-share index was flat (0.03%) at 34‚949.46 points.

Among the big movers‚ Anglo American lifted R2.71‚ or 1.10%‚ to R249.25‚ Harmony Gold Mining (HAR) gained R1.05‚ or 1.27%‚ to R84.

In industrials‚ Richemont (CFR) lost 49 cents‚ or 1.03%‚ to R47.31.

Among counters reporting results‚ Capital and Counties (CCO) was unchanged at R27 after the UK property development company reported a strong rise in profit‚ to GBP95.2m for the six months ended June 2012 from GBP68.6m a year earlier. - I-Net Bridge


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