Local stocks remain positive for sixth day
THE rand steadied against the dollar yesterday and local stocks ended slightly higher, staying positive for a sixth day in a row in a lightly traded session.
The Johannesburg Top-40 index rose 0.1 percent to 24 074.94 points, while the broader All-Share index added 0.03 percent to 26 695.24 points.
“The volumes were very thin, the gains were pretty mixed. It was a boring sideways market, nothing too exciting,” said Michael Carlsson, of Consilium Capital.
After trading in a tight range for most of the session, the rand stood at 7.4525 to the dollar, not very far from Thursday’s 7.4650.
Richemont was the top blue-chip, climbing 5.07 percent to R23.43, after posting a better than expected decline in first-half operat- ing profit. MTN also had a good run, advancing 1.53 percent to R119.80, to a two-week high.
But Telkom was the biggest loser, shedding 3.55 percent to R40.75 and lagging a 1.16 percent stronger JSE telecoms index
Telkom said it expects headline EPS to fall between 45-55 percent in the six months to end-September. – Reuters