Platinum shares lead JSE stocks higher

Comment on this story


JSEPic

INLSA

The JSE board in Sandton in Johannesburg. Photo: Leon Nicholas.

Johannesburg - South African shares tracked global stocks higher on Friday as platinum producers such as Impala led the benchmark index to briefly touch a life-time high.

Platinum shares have been on the back foot but optimism in the sector was lifted following a Lonmin trading statement that production in the last quarter of 2012 had recovered.

Johannesburg's All-Share index rose 0.29 percent to 40,601.09 and the Top-40 added 0.32 percent to 36,219.07. The blue-chip index had earlier rallied to 36,391.76, its highest level on record.

“The market is strong again today after a couple of weakish days. We've got upward momentum, it looks like the market wants to continue,” said Rigardt Maartens, portfolio manager at PSG Securities.

Impala Platinum closed 2.9 percent higher at 167.17 rand. Anglo American Platinum, the world's top producer of the precious metal, followed with a 2.3 percent rise to 448.09 rand. Lonmin extended gains with a 1.6 percent gain to 51.38 rand.

Logistics firm Grindrod rose to a 2-year high after flagging full-year earnings likely increased by as much as 35 percent. The shares climbed 8.2 percent to 17.95 rand.

Dairy foods maker Clover was the worst performer on the All-Share index, slumping 7.7 percent after warning that strikes and high fuel costs had hurt first-half earnings.

Provisional bourse statistics show that 161 million shares were traded. Advancers outpaced decliners 167 to 130. - Reuters


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.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks

Business Directory