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IT and financials make the most of a ram... |
IT and financials make the most of a rampant week on the JSE"A CRACKER of a week" is how dealers described a fairly rampant JSE. Financialsand information technology shares made most of the running in handsome volumes, though gross domestic fixed investment counters began to resurface. The all-share index improved 2.2% to 6 803. Financials in particular succumbed to some profit-taking after the last month's surge. Aflife shed 45c to R39.55. It has offered 25 of its own shares for 100 Norwich shares, which added 15c to R10.65 to make the offer untempting. Talk is of another party interested in Norwich. Otherwise, the market moved only north. AMB, Nail and Metpol issued a joint cautionary, Board of Executors added 900c to R205, Coronation 400c to R91, Investec 500c to R212, Theta 180c to R14.75, and Outsourcing jumped a net 10% to R22 after hitting R28 - though on only 100 shares. Captall picked up 160c to R27.10 on a share-swap and strategic alliance with unlisted empowerment fund Wiphold. Barnard Jacobs Mellet was listed on Tuesday, shares changing hands for as much as 690c from a 400c issue. It settled at 619c. Property trusts also made some ground and several companies issued cautionaries. The yield on equity which owns property exceeds that available on property itself and the sector looks attractive to life offices which have issued performance guarantees or warranties. Premier Group undertook to unbundle. Holders of 100 will be issued with 12.6 Mega, 60.7 Metcash and 7.9 Adcock Ingram N. These are worth R507 - about R7 more than before terms were announced; and 100 Premier increased in value by R25 to R565 by Friday's close. Grintek finally responded to 10 years of suggestions to unbundle (if only partially) its holding in Siltek. On Friday, Grintek jumped 17% to 158c. Another 18 companies issued cautionary announcements. Oakfields took the concept of warning shareholders to the height of ridicule when it issued its sixth cautionary in as many months: how long can discussions take for a tiddly company with a market capitalisation of barely R50-million? Electronics companies flew, especially those in cellular telephony: Autopage, Radiospoor and Teljoy all shone. Mustek recouped some lost ground, and venture-capital quoted Brainware added 62c to 370c. Education stocks Educor and AdvEd rose, as did the Gdfi counters such as Dorbyl, Hudaco, M&R Holdings and T&N. But casino shares raced as punters gambled on who would get the six Gauteng licences: Gallagher looked odds on after a rise from 80c to 218c in only a month. What price transparency if Gallagher wins a lucky-bag? Johnnic issued a cautionary, sparking more casino speculation, and the chips were up for Stocks and Samrand too. Super Group retested its high, adding 120c to R12, and a cautionary and great results from Tiwheel helped it hold on to this month's 400c gain to R25. Julie Walker Top of page
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