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Gold picks up where industrials leave of... |
Gold picks up where industrials leave off to make it a heady weekA JUMP of $9/oz in the gold price to $353.50 helped the all-gold index advance 9% to 1 518. Bellweather Vaal Reefs moved up from last week's low of R308 to R347, millions of Randgold shares changed hands on foreign interest, pushing the price towards R40, and there was big volume in Western Areas, which closed 700c up at R62 after touching R63. Smaller mines were active. Kalgold, which is to buy 150 000 adjacent hectares from parent West Rand Cons and raise money internationally, was unchanged at 284c. But nearest neighbour Amalia flew, adding 48% to 260c. Despite gold's rush, platinums stole the limelight as the white precious metal's price continued to sever its shackle with gold. Platinum has added well over $12 in the past week to better than $370/oz on Friday. Impala picked up 13% to R58 and Rusplats and PPRust rose more than 8% to R76.75 and R25.50 respectively. But Northam weakened before regaining 20c to close unchanged at 250c. GF Coal picked up 240c to R22.50 on announcing a R200-million development of other seams. The rand weakened 7c to about 448c to the dollar on dollar strength and some selling of bonds by foreigners. The yield on the R150 edged to 14.665% from last week's 14.740%. Helped by the jump in the gold index, the JSE all-share index reached a record high of 7 124 points on Friday despite a slide in industrials. Two companies, Murray & Roberts and Plessey, issued profit warnings and shareholders ditched the stocks. M&R gave up almost R2 to R10.50 and Plessey 146c to 776c. Q Data shed 10% to 920c on talk that chairman Piet den Boer is to retire soon. But Didata edged up 10c to R15.10 on speculation of an overseas deal. Control Instruments shed 50c to 330c on cancelling negotiations. Advtech warned again, but gave up 55c to 380c. Baobab added 400c to R33. It announced it is to pass on its holding in Mustek to members and Mustek listed. Softline listed via the Benoni cash shell and issued a cautionary on the same day. But the price lost 18% to 230c (after a 10 for one consolidation). Fedsure was strong, as was Fidelity on talk that it might be talking to Board of Executors. But accommodation group Don fell out of bed after shocking results. Shares in Del Monte also dropped on big volume as earnings fell short of expectations. Trencor's 20% earnings growth could not prevent the share's shedding 10% to R22.85 on uncertainty about the future. Rebhold announced the acquisition of wafer, cone and chocolate manufacturer Honeyfields on 4.3 times earnings, issuing 6.66-million shares conditionally escalating to 9.1-million if profits are achieved. Rebhold also issued another cautionary and added 60c to 580c. Lonrho Sugar was untraded but bid 150c up at R14 after it was announced that negotiations were under way. Tongaat-Hulett, which has just sold its cotton interests to Lonrho Africa is tipped to buy. Scharind climbed from 85c to 140c now that an overhang of stock seems to have dried up. But Toco continued to plunge, losing another 7c to 80c. There is talk that its management is to be reshuffled. Julie Walker Top of page
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