Lo­cal stocks re­main pos­i­tive for sixth day

Weekend Argus (Saturday Edition) - - LIFE -

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

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