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Financial shares hit new territory as J... |
Financial shares hit new territory as JSE surges to record tradeFINANCIALS 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. A large buyer of Norwich pushed it up 70c to R10.50 - a little ahead of African Life's one for four offer with Aflife down 200c at R40. 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. Engineering stocks perked up: Murray & Roberts, Dorbyl and BTR Dunlop all making way and Haggie beat earnings expectations. It rose 18% to R14.75. 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. On the electrical circuit PQ Holdings edged up 30c to R34.30 on a 51% improvement in profit, and MGX added 185c to R25.80 on good results. Siltek made the running, climbing 57% to 840c. 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. Edgars edged 30c higher to R72 in spite of a profit warning; the dividend will be held. Woolworths lifted earnings 9% and rose 10c to 700c. Homechoice defied the experience of others in the business and rose 80c to 630c on good earnings growth. Metro slipped 10c to 470c on a hostile bid for Australian chain Davids. Julie Walker Top of page
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