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Golds shine as rand slips and Iraq gives... Lethargy sets in as silly season approac...
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Golds shine as rand slips and Iraq gives markets the shiversIT WAS gold's turn to tick up in a week spoiled by renewed jitters on overseas markets. The build-up of armed forces around Iraq sent the oil price higher, which was good for commodities. Gold added more than $4 to as high as $297.50 on Friday, and the JSE all-gold index put on 6% to 1 043 over the week. A weaker rand helped, slipping from 554c to 574c to the dollar. Gold Fields was active, moving from R32.85 to R38, while the Gold Fields warrants jumped from 121c to 139c on big volume and high volatility. Anglogold picked up 900c to R280, Harmony R2 to R28.50, Western Areas 260c to R19 and Kalgold 15c to 235c. But recently reconstituted Afrikander Lease shed 5c to 160c. There was huge trade in Iscor, two involving asset swaps. It lost 4c to 147c. Mining houses were mainly firmer, Anglo American being the notable exception, shedding R3 to R185. But JCI Gold added 55c to 450c, Gencor edged 10c higher to 920c and GFSA picked up 150c to R11.55. Soon-to-be-unbundled Vogels added 70c to R12.40 - still a biggish discount to the expected net asset value. IT stocks took a pasting. Didata, which announced the takeover of TCO Holdings, gave up 315c to R22.65; PQ Holdings, to be renamed Comparex, shed 360c to R54.50; and Datatec lost 650c to R73 after announcing good results, which had been largely discounted. MIH-M-Web linked units added 150c to R13.50 on a cautionary. The market believes it is time the link was severed. Among financials, Coronation gave up R9 to R85, even though its results could not have disappointed. Peregrine copied the trend, giving up 345c to R13.95, in spite of beating its forecast. There were changes on the stockbroking front: listed broker Barnard Jacobs Mellet said it was seeking to buy Mathison & Hollidge from SMA, and Appleton is believed to have bought Irish Menell Rosenberg, with the intention to list. Security group Klipton was strong, putting on 50c to 650c, and Paramed was steady around 400c on expectation of an announcement. Retailer Foschini produced better than expected results, but it was not enough to lift the share price. The tightly held share slid 5c to R10.20. SA Breweries results were in line with forecasts, but the price dived by 760c to R108.40. Yet awful results from Plate Glass could not shatter the share price, it edged 40c lower to R33.60. SA Breweries' controlling stake is for sale. Rebhold shed 160c to R16.80; the market expects a deal with Tiger Oats to be concluded soon. AM Moolla shed 11c to 89c, having thwarted a takeover bid by Coastal. Coastal drifted 10c to R10.65. There were two new listings, to be followed by another five this week. Whetstone, issued at 60c, closed at 110c and Rectron gained 40c on the pitch price to 140c. Maxtel was suspended; it appears the principals were economical with the truth.
Julie Walker Top of page
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