Investors Renew Interest
May 04, 2011
The Industrial Index climbed 63 points to 7655, the All Gold Index plummeted 29 points to 1697, while the composite All Share Index gained 36 points to 6457. After selling almost 120 million rand's worth of JSE shares in the past two sessions, normally stock-hungry foreigners rekindled their interest snapping up the most heavily weighted counters. Traders noted that the Morgan Stanley emerging market index, a widely regarded guide for international fund managers, was to be re-weighted on May 15, 2011 the addition of the Taiwanese and South Korean stock markets. South Africa's weighting would fall to 11.5% from 13%. Among specific stocks, conglomerate South African Breweries snapped out of its recent skid, adding 2.75 rand to 116.50 rand, fuels group Sasol collected 55 cents to 45.80 rand and consumer products concern Malbak posted a 50-cent gain to 19.10 rand. The rout on the gold board deepened Thursday with the main index slipping below the 1700 mark for the first time since March. The All Gold Index has lost more than 16% since the end of May. A steady-to-stronger rand further weakened interest, while the gold price failed to break out of its recent trading range largely between $387.00-$388.00 an ounce. Specific decliners included Driefontein Consolidated down 100 cents to 55.75 rand, Kloof Gold Mining off 1.25 rand at 42.50 rand and Western Deep Levels falling 4.50 rand to 156.50 rand.
VastPress 2011 Vastopolis
