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Financials give JSE a leg up but golds m... |
Financials give JSE a leg up but golds make the final runningFINANCIAL shares gave the JSE a leg up this week as they powered their way into new highs, but Friday belonged to gold shares as they outsprinted the financials. Gold found itself heading upwards on reports that the metal was seeing record demand despite the Asian crisis. Other reports said the $290 level would be the bottom of gold's most recent drop. The yellow metal closed at $297 from a London morning fix of $296. At the close the all-gold index had rocketed up 5.75%, or 44.2 points to 782 points, the industrial index had gained 69.7 points to 8 246 and the financial index had surged 272 points to 13 348 - its 19th record high this year - leaving the all-share index 99.5 points higher to 7 095. The release of January money supply and private credit extension at 17.22% year on year (17.15%) and 13.38% year on year (14.18%) respectively, was better than expected and helped boost sentiment. Norwich, the subject of a hostile take-over bid by African Life, and FBC Holdings lost some steam on Friday, shedding 20c and 10c on Friday respectively, but still managed to close the week higher at R11.80 and R24.90. Norwich saw a 36% jump in headline earnings to 39.8c. Other financial stocks to gain were African Life, 345c better at R43, Investec 326c to R244.60, Fedsure650c to R74, AMB 190c to R30, Liberty Holdings R45 to R415, Stanbic 400c to R274 and Nedcor 760c to R144. Rand Merchant Bank Holdings, which is holding discussions with Anglo American over Southern Life, added 700c to end the week at R24.50. RMB Holdings has notched up 890 points, or 57%, this month alone. The launch of direct short-term insurance boosted the group. Publishing group Naspers plunged 385c, or 10.5% to R33, after issuing a profit warning. The group blamed losses in its educational publishing units on the education crisis. Molope Foods was down 44c to 475c while its N's lost 15c to 435c despite a stronger-than-expected rise in maiden interim earnings. Shoprite, which reported a 19.4% rise in headline earnings to 19.7c, added only 10c to R11.20 while retail group Pepkor, which announced its move into Australia with the acquisition of Best and Less, added 145c to R33.90c. Murray & Roberts Holdings added 53c to 765c on Friday despite a 26% dip in attributable earnings in the six months to December. Boumat shed 20c while Wilson Bayly Holmes-Ovcon added 25c on the day. Casino chips, and those linked to casino groups, had a mixed week following the allocation of casino licences in Gauteng. Of those awarded licences, Sun International lost 20c on Friday, but still edged 26c on the week to 340c. Other licensees which gained were property group Samrand, adding 170c to 340c and SI's parent, SAB, R10.60 to R138.60. Aquila Growth was 95c stronger at 400c. Gallagher shed 104c to 114c, but its bid partner, Johnnic, gained ground to end at R58.50. Thabo Kobokoane Top of page
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