JSE pushes to new record levels

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JSE1

Independent Newspapers

The JSE. Photo: Simphiwe Mbokazi.

The JSE pushed to record levels on the all-share and industrial indices at noon on Monday‚ building on last week’s gain’s after better-than-expected US labour data buoyed global stock markets.

Richemont (CFR) was the star performer in the top-40 index‚ gaining more than 7%‚ after the Swiss-based luxury goods manufacturer said its first-half earnings may increase by as much as 40%.

“The general themes underpinning market sentiment are still the same. Liquidity is finding its way into equities as the market believes that the European Central Bank will still deliver on its promise to save the euro‚ while the US labour data also added impetus‚” said Ryan Wibberley‚ an equity dealer at Investec Asset Management.

European shares were mostly firmer at noon‚ as were Asian markets by the close of trade.

At 12:51 local time‚ the JSE all-share index was up 0.38% to 35‚377‚66 points‚ with the top-40 index up 0.41% to 31‚109.10 points.

Among the top movers‚ Richemont (CFR) jumped R3.38‚ or 7.20%‚ to R50.30‚

AngloGold Ashanti (ANG) was down 40 cents to R277.10 after the gold producer reported adjusted headline earnings per share of 65 US cents for the quarter ended June‚ from 111 cents in the March quarter and compared with 89 cents for the corresponding period last year.

Eqstra (EQS) was up 19 cents‚ or 2.73%‚ to R7.14. The leasing and capital equipment group said earlier on Monday it expected headline earnings per share from continuing operations to decrease by between 1% and 7% in the year ended June 2012‚ compared with the restated HEPS from the same period a year ago. - I-Net Bridge


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