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Gold gets a rush to the head in volatile... Market tests soothsayers to the limi...
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Gold gets a rush to the head in volatile week of trading
Julie Walker
THE gold rush came a little late to lift the JSE, but a 13/oz rise on the week to a high of 296, coupled with a weaker rand, is most welcome. Talk is that gold producers could be buying back their hedges; others say gold ought to keep tabs with the booming platinum market.
A rise in US interest rates had been discounted, but is probably good for gold.
Anglogold rose by R8 to R314, Harmony by R2.50 to R37.50 and Gold Fields 85c to R27.25.
Platinum-group metal prices leapt sharply higher because of short supply in the absence of Russian sales.
Amplats added R2.40 to R192.40, Implats R5.20 to R275 and Kroondal R2.15 or 15% to R16.30. But Northam eased 40c to R8.50.
De Beers firmed on several counts: its Venetia deal with Avmin; its attempts to resolve issues relating to business ventures in the US; and the possibility of selling Anglo American. Anglo weakened as large-scale switching took place. De Beers gained R5.80 to R176, while Anglo shed R9 to R354.
Duiker, the coal arm of Lonrho Mining, which bought Tavistock Collieries from JCI at the top of the market, is to be sold at the bottom. The seldom-traded Duiker edged 11c higher to R6.96, while pyramid Tweefontein added R14 to R114. Lonmin shed R1.50 to R69.
Sasol eased on Friday on expectations that oil could fall from 27/barrel to below 20 - still more than double last year's average.
It was a volatile week: up several percentage points one day and down by more the next. The all-share index added a net 154 points or 1.8% to 8 692 in spite of a weak day on Friday.
Some of the second-line information-technology stocks showed strength. Idion put on R4.30 or 24% to R22, Ixchange, MGX and Datacentrix also firmed. Streamworks added 25c to R1.10 after the R3.1-million purchase of Logicon. The share was 20c in November. Usko ticked up 3c to 56c after CE John Beck quit. Altron's Bill Venter also stands down as Usko chairman: Beck is a former Altron employee.
Three more companies gave profit warnings: Autoquip shed 50c to R1.50, Finshare 7c to 53c and IST 6c to 43c.
Another 12 made cautionaries and the JSE brought attention to the qualified audits of Bryant (up 2c to 14c) and of Leisurenet (up 11c to R3.15) and to the disclaimed audit of Don, which eased 2c to 7c.
M-Cell repeated its intention to buy the outstanding 28% balance in MTN with paper: the price moved from R29 to R35 to R32.75. Stable companions MIH, Naspers, Johnnic and Omni followed suit.
Julie Walker
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