Main stock in­dices near record highs

The Star Early Edition - - PRICES - Reuters

THE MAIN stock in­dices came within sight of record highs yes­ter­day only to be re­pelled by tech­ni­cal fac­tors, with data show­ing the mar­ket had moved into over­bought ter­ri­tory.

This is ac­cord­ing to their 14-day RSI, a mo­men­tum in­di­ca­tor mon­i­tored by an­a­lysts.

The broad all share in­dex rose 0.7 per­cent at one point to 55 222.81 points, within strik­ing dis­tance of its record high of 55 355.12 points scaled in April 2015. It then pared gains to end 0.1 per­cent higher at 54 888.89 points.

The bench­mark JSE Top40 came within 250 points of its his­toric peak in Novem­ber 2015 be­fore eas­ing back to close 0.01 per­cent up at 48 569.42 points. Among the gain­ers, An­glo

Amer­i­can ad­vanced 3.01 per­cent to R208.36 af­ter it said it was re­sum­ing div­i­dend pay­ments six months early.

“Over­all a strong set of re­sults driven by bet­ter-than-ex­pected cash gen­er­a­tion. In­terim div­i­dend of 48 cents per share is a pos­i­tive sur­prise,” Bar­clays said in a note.

Gold firms also rose, with the bul­lion in­dex ris­ing 1.18 per­cent af­ter gold touched its high­est price in six weeks yes­ter­day, lifted by short-cov­er­ing and a weak dol­lar.

Top­ping the de­clin­ers, mo­bile net­work op­er­a­tor MTN Group skid­ded 6.77 per­cent to R118.62 af­ter it flagged lower-than-ex­pected half-year head­line earn­ings.

In the for­eign ex­change mar­ket, the rand weak­ened, end­ing a brief overnight rally sparked by dovish state­ment on in­ter­est rates from the US cen­tral bank as traders backed out and looked else­where in emerg­ing mar­kets for high yields.

At 5pm, the rand had back­tracked 0.78 per­cent to R12.9948 against the dol­lar.

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