JSE up near record high

THE JSE ended the week on a very good note on Friday after starting at a severely depressed level at the beginning of the week, all because of market expectations that European leaders will address the euro crisis. Commodities were up, oil was higher, copper gained and the euro recovered.

The JSE all share index closed up 382 points, or 1,11%, at 34 671 points on Friday.

“We had a very strong trading day despite bad results from Anglo American. We are trading almost at the all-time high of 34 788 points that was reached on June 20 this year,” David Shapiro of Sasfin Securities said.

“We were trading sideways for most of the year this year and now we are 140 points, or 0,5%, away from the all-time high. And this despite Anglo, which makes up 6% or 7% of the total all share index, and despite the huge drop in its share price of almost 5% today,” Mr Shapiro said on Friday. “The US gross domestic product figure was not that great and shows that economic momentum in the US is slowing.

“We can expect a bit more out of the European Central Bank (ECB) meeting (this) week with Mario Draghi, president of the ECB, that will probably give more specific information about saving the eurozone,” he said.

On the JSE, local big movers on the day were AngloGold Ashanti (ANG)), up R10,18, or 3,68%, at R286,50; Gold Fields (GFI) gained R108,16, or 3,47%, to R108,16 and Harmony (HAR) added R2,49, or 3,12%, at R82,24. Platinum counters also showed good gains, with Impala Platinum (IMP) up R3,52, or 2,75%, to R131,52, Northam Platinum (NHM) gaining 70c, or 2,78%, to R25,90 and Amplats (AMS) added R8,40, or 2,06%, at R416,90.

Anglo American (AGL) took a beating and slumped R12,46, or 4,87%, to R243,35.

Banking counter Absa (ASA) rose R4, or 2,95%, to R139,70.

Consumer group AVI (AVI) closed up 39c at R57,10.

South African near-dated futures ended higher again on Friday, boosted by the positive tone coming out of core European markets and the release of better than expected data out of the US. The neardated alsi was up 321 points‚ or 1,07%, to 30 386 points. The total number of contracts that exchanged handswas 40 570 from 37 693 on Thursday.

Maize prices ended weaker on Friday on the combination of rand strength against the dollar and lower grain prices on the Chicago Board of Trade.

The near-dated August white maize contract lost R44 to R2 658 a ton and the September white maize contract lost R47,20 to R2 682.80 a ton. December white maize lost R59 to R2 743 a ton. The near-dated August yellow maize contract was down R38 to R2 662 a ton, the September yellow maize contract shed R46 to R2 676 a ton, while the December yellow maize contract gave up R46 to R2 715 a ton.

The August wheat contract was off R84 to R3 478 a ton, the September wheat contract dropped R73 to R3 527 a ton, and the December wheat contract eased R72 to R3 487 a ton. Staff Writer