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IT shares make the running in a week of ... |
IT shares make the running in a week of heavy tradingINFORMATION technology stocks made much of the pace in a busy week on the JSE. Persetel, which bought between 70% and 85% of German group Telemation for the issue of 70-million shares, seesawed its way from more than R40 a week earlier to as low as R31,50 before rallying to R35. Last week's Business Times graph of the falling Autopage spurred investors into action: the share jumped from 184c to 266c before retreating to 222c. Datatec climbed from R14,80 to R16,30 on sector sentiment, but IBM SA shed 65c to R18,75: market watchers talk of a train smash. Financials also fared well. Investec added 175c to R117,75, investment trusts NSA and Baobab showed strength and HCI shot up 70c to 700c. First National picked up 135c to R24,85, but NBS bucked the sector trend after its deal with Boland. It was down 300c before closing 100c off at R59,75. Sabvest N went sharply better on the back of a rise in Primedia, which issued a cautionary and put on 275c to R21,30. Also in the leisure sector, SA Breweries continued its recent strength, putting on 450c to R125,50. It was a an active week on the mining front as reporting of the December quarterly results began. Vaal Reefs jumped R11,25 to R308 on Friday on an extensive mineral rights deal which gives it access to mine the Weltevreden area under tribute by 1998. Freegold announced it might sell its Saaiplaas No 3 shaft to Harmony, and ERPM and Grootvlei's managements are to be rationalised into one entity. Avgold came under pressure: a debate on its asset valuations was carried in an international mining magazine. The share gave up 102c to 898c. Anglovaal and Anglovaal Industries repeated their cautionary announcements about discussions, that could affect their prices, but were unchanged. The gold price moved along the length of the $350s/oz, closing midway. The all-gold index edged up five points to 1 426, the industrial index picked up 141 to 8 180 and the overall measure was 107 points firmer at 6 782. The rand was reasonably steady around 465c to the dollar. Real Africa Investments was bid higher than 550c after attracting two new shareholders, the Public Investments Commission bought 10% from trade union Sactwu and Future Growth Equity Fund bought 6% from Nasasa. Crendell, to be known as Sasani from tomorrow, warned of negotiations and put on 15c to 90c. Automakers also warned of negotiations after the shares ran to as high as 350c, closing at 330c. A stockbroker who was particularly active the day before the announcement was described as having made a well-timed guess. Automakers urged holders not to trade their shares. Toyota shed 90c to R24,10 on talk of a foreign-exchange related knock. HLH added 80c to 700c after saying it is to be scaled down at head office level. Pepkor added 270c to R17,95 and Rebhold 40c to 320c. Corpgro added 5c to 34c on enormous volume, and there was good trade in OTK midweek at 480c. JULIE WALKER
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