JSE closes at record high
THE JSE closed at a record high yesterday, because of stronger world markets and expectations that the US Federal Reserve and the European Central Bank (ECB) would announce further economic stimulus measures tomorrow and on Thursday.
Ron Klipin, a portfolio manager at South African Stock Brokers, said: “Local and international markets rallied strongly on Monday on the back of strong Eastern and US markets on Friday and (yesterday).
“ECB president (Mario) Draghi might announce the further buying of euro bonds or could cut interest rates. The Fed might announce a third round of quantitative easing this week. We need further good news to underpin these relief rallies,” Mr Klipin said.
At 5pm, the JSE all share index was up 0,83% to 34 958,59 points and the FTSE 100 had gained 1,3% to 5 700,16 points.
Among local big movers, Anglo American (AGL) ended R3,19, or 1,31%, higher at R246,54, after it came under pressure after last week’s weak interim results.
Anglo American Platinum (AMS) lifted R8,57, or 2,06%, to R425,47. Kumba Iron Ore (KIO) gained R14, or 2,67% to R538; Assore (ASR) was up R8,94, or 3,12%, to R295,50 and Exxaro (EXX) added R3,74, or 2,22%, to R172. ArcelorMittal shed 64c, or 1,4%, to R45,05 and Coal of Africa lost 16c, or 4,21%, to R3,64. Aluminium producer Hulamin (HLM) gained 9c, or 2,04%, to R4,50.
Among building stocks, Basil Read Holdings (BSR) added 44c, or 3,93%, to R11,65 and Ceramic Industries (CRM) climbed R4,41, or 3,57%, to R127,80. Clothing retailer Mr Price (MPC) closed R1,25, or 1,02%, firmer at R123,85.
South African near-dated futures ended higher again yesterday, as the positive sentiment out of the eurozone on Friday was maintained and supported European stocks.
The near-dated alsi was up 170 points‚ or 0,56%, to 30 580 points. The total number of contracts that exchanged hands was 35 490, from 40 570.
Maize prices surged by the South African Futures Exchange-imposed maximum daily limit gain of R80 on longer-dated contracts yesterday, in line with US prices. Price limits‚ however‚ do not apply to shorter-dated maize contracts. “According to private estimates, maize yields in the US are expected to be much lower than previously anticipated,” Lukas de Waal of Brisen Trading said.
The near-dated August white maize contract rallied R85 to R2 735 a ton and the September white maize contract lifted R80 to R2 759 a ton. December white maize rose R80 to R2 818 a ton.
The near-dated August yellow maize contract jumped R81 to R2 725 a ton, September yellow maize rose R80 to R2 750 a ton and December yellow maize gained R80 to R2 787 a ton. The August wheat contractwas up R42 to R3 520 a ton, the September wheat contractwas up R33 to R3 560 a ton and the December wheat contract rose R55 to R3 550 a ton. Staff Writer