South Africa: JSE Highlights: 7 August 2002

broadcast transcript

Bruce Whitfield has been watching today's action on the JSE. Bruce?

BRUCE WHITFIELD: Well, the rand has staged a strong recovery from its recent lows, following the news on this programme last night that President Thabo Mbeki's government will be meeting with mining companies next week to discuss the controversial mining charter. Also a boost for emerging markets after the US Treasury Secretary Paul O'Neill said that he hopes that Argentina will come through its current economic crisis, and he's committed the US to work with the IMF to restore stability there as well as in Brazil and Uruguay. The all-share index today ended up 116 points; it closed at 9,169. Financials ? a negative day there, down about 0.5% with most of the big banks either flat or negative, with Nedcor which today sold half of its stake in the Indian IT company Nihilent Technologies to Dimension Data, down 0.5% down to R110.40. On the upside, Liberty, which reported a small gain in its net asset value in its results yesterday gained 5.5% to R57. Gold shares had a great day with the dollar/gold price improving strongly on the day, the gold index up 164 points with gains for DRD, Gold Fields, AngloGold and Harmony. Industrials, though, flat with 1.5% gain for Richemont but SABMiller down 2.5%. A good story today as well in the resources sector, which was up 3.5% with gains for Anglo American and Billiton. Platinum shares were positive as well. Kumba Resources saw a 6.5% gain, Sasol the only laggard with 2.5% losses, down to R97.60.

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