Financial shares hit new territory as JSE surges to record trade
FINANCIALS had the strongest run on a rampant JSE in which a record volume of 568-million shares traded in a single week.
The financial index hit a peak of 11 701 as almost all the top banking and insurance shares hit new territory. First National went to R50 on market rumour that ING Barings was interested. Yet RMB Holdings and Anglo American have already announced they are talking.
Specialised Outsourcing soared on maiden results, climbing a net 15% to R19 after touching R20 for a modest price-earnings ratio of 118. But Capital Alliance ditched 270c or 10% to R25.50 after announcing it would separately list its assets. Fedsure withdrew its bid, and Mzi Khumalo resigned as chairman. African Merchant Bank added 16% to R29.50, and Theta 90c to R12.95 on doubled earnings.
Cash shell SNA rose 40% to 25c; talk is that Comair might fly into it.
Better than expected results from Implats helped the price to rise 5% to R49.75. The company hopes that resolution to its legal battles is imminent. CMI added another 95c to R10.40 on talk that three parties are bidding for it.
Bidvest added 250c to R47 ahead of tomorrow's results, likely to show a 40% improvement in earnings. In its tenth year and starting from scratch, Bidvest's market capitalisation is approaching R11-billion.
Datatec, which also announced local and offshore expansion, picked up another 15% to R56.50, treble its price of a year ago. Datatec was only 190c in 1995. Delta's boast of excellent prospects was heeded: the share picked up 115c to R19.65.
Abacus gave up some of the month's pre-acquisition gain after buying parallel businesses in Australia and New Zealand for about R140-million settled through a shares placement and vendor finance.
Friday was the last day to register for Awethu options: the price rose 18% to 160c. Awethu also bought a bakery business.
Frame went backwards, despite good earnings growth, on news that Mervyn King is to join First National Bank as executive director. Frame's structure is to be simplified.
Julie Walker Top of page