The JSE ended in the black on Thursday pushed by what a local trader described as a 'big closeout' on futures.
Volume on the local bourse extended 470 million shares at a value exceeding R22-billion. At 5pm the JSE all share index had gathered 0.96 percent, with resources 0.47 percent higher. Gold miners improved 0.60 percent and platinum miners added 3.6 percent. Banks were 1.47 percent firmer, financials gained 0.87 percent and industrials were 1.51 percent stronger. The rand was bid at 7.29 to the dollar, from 7.27 at the JSE's close on Wednesday. Gold was quoted at $1122.21 a troy ounce from $1122.93/oz at the JSE's last close. Platinum was at $1629/oz from $1628/oz at the JSE's last close. A local trader said: "The futures closeout has been big, with greater volumes than in recent years, which contributed to a firmer JSE. "There hasn't been too much happening in global markets, so focus locally has been on the closeout of futures." Dow Jones Newswires reported that US stocks were mixed Thursday as improving manufacturing conditions boosted industrials, but lower crude prices weighed on the energy sector and regulatory concerns continued to plague financials. The Dow Jones Industrial Average was up 14 points to 10 747, in recent trading. A Thursday report from the Federal Reserve Bank of Philadelphia showed mid-Atlantic area manufacturers saw activity rise more quickly amid the best performance for hiring in nearly three years during March. The Philly Fed's index of business activity-which is often looked to as a proxy for national manufacturing activity-advanced to a reading of 18.9, from 17.6 the prior month. It had been expected to come in at 17.8. A separate report showed US consumer prices were flat in February compared with the previous month as higher car prices were offset by lower energy costs. Core consumer prices, which strip out volatile energy and food items and are more closely watched by the Federal Reserve, were up by a monthly 0.1 percent in February. Economists were expecting an increase of 0.1 percent in both the headline and core CPI. The consumer price report comes a day after data showed producer prices dropped in February. Investors have viewed both reports as evidence that the Federal Reserve can keep supporting the economy with record-low interest rates. Wednesday's producer-price data and continued relief over the Fed's Tuesday vow to keep rates near zero helped push the Dow to a 17-month closing high. "With inflation remaining at bay, you don't really have that whole gloom-and doom-outlook that we had," said Adam Sarhan, chief executive of Sarhan Capital. "So for investors, the collective consciousness is shifting from more of a negative, pessimistic outlook to now a more positive outlook." Randy Hare, vice president and portfolio manager at Huntington Financial Advisors, noted that a number of consumer companies beat expectations in their latest earnings reports. On the JSE, Anglo American (AGL) firmed 32 cents to 305.92 rand, but BHP Billiton (BIL) declined 142 cents to 247.53 rand. Sasol (SOL) added 1.30 rand, to 285.30 rand. Platinum miner Angloplat (AMS) was up 21.99 rand or 3.04 percent to 744.99 rand and Impala Platinum (IMP) collected 8.77 rand or 4.45 percent to 206 rand. Aquarius (AQP) rose 1.43 rand or 3.14 percent to 46.90 rand. Among gold miners, Anglogold Ashanti (ANG) picked up 19 cents to 284.99 rand, and Goldfields (GFI) gained 115 cents or 1.27 percent to 91.65 rand. Highveld (HVL) was a rand richer or 1.41 percent to 72 rand. Kumba Iron Ore (KIO) was down 1.01 rand to 351.99 rand. Diversified miner Exxaro (EXX) jumped five rand or 4.13 percent to 126 rand and African Rainbow (ARI) added 1.86 rand to 193.84 rand. Among industrials SAB Miller (SAB) profited 2.40 rand or 1.13 percent to 214.40 rand, Bidvest (BVT) was up 2.25 rand or 1.58 percent to 144.50 rand, but Imperial (IPL) shed 1.89 rand or 1.78 percent to 104.05 rand. Tiger Brands (TBS) garnered 5.44 rand or 2.95 percent to 189.65 rand. Aspen (APN) landed 4.04 rand or 5.19 percent to 81.84 rand. The pharmaceutical giant and Strides Arcolab Limited on Thursday announced a restructuring of their arrangements relating to the two oncology joint ventures between Aspen and Strides, Onco Therapies Limited (OTL), India and Onco Laboratories Limited (OLL), Cyprus. Telecommunications group MTN (MTN) added 4.50 rand or 3.75 percent to 124.50 rand, and rival Vodacom (VOD) claimed 142 cents or 2.58 percent to 56.51 rand. Among banking stocks Nedbank (NED) added two rand or 1.5 percent to 135.50 rand and Firstrand (FSR) gained 56 cents or 2.8 percent to 20.56 rand. RMB Holdings (RMH) claimed 113 cents or 3.52 percent to 33.22 rand. Specialist banking group Investec (INP, INL), which has dual listings on the London and Johannesburg stock exchanges, said on Thursday that its operating profit for the second half of the year ending March is expected to be marginally higher than the prior year. In a pre-close briefing, the group said that it had delivered another resilient performance supported by its balanced business model and sound balance sheet. Investec ltd shed 13 cents to 62.72 rand. Construction group Aveng (AEG) was two rand or 5.06 percent softer to 37.50 Rand, and Group Five (GRF) gave up 50 cents or 1.43 percent to 34.50 rand. Astral (ARL) pocketed 1.92 rand or 1.73 percent to 112.92 rand. Pharmaceutical company Cipla Medpro (CMP) was 3 cents firmer at 5.45 rand. The group on Thursday reported diluted headline earnings per share of 36.5 cents for the year ended December 2009 from 29.1 cents a year ago - an increase of 25 percent. The group's revenue was up 27 percent to 1.262 billion rand and gross profit increased by 25.7 percent to 620.4 million rand, even though the gross profit margin declined slightly to 49.2 percent from 49.6 percent. Headline earnings increased 25.7 percent to 160.9 million rand. Currently, all earnings generated are utilised to repay debt and fund growth opportunities, so no dividend was declared. Among retail stocks, JD Group (JDG) dropped 90 cents or 1.88 percent to 47 rand, Spar (SPP) however, claimed 1.55 rand or 2.02 percent to 78.25 rand. Foschini (FOS) gained 188 rand or 2.76 percent to 69.89 rand, Woolies (WHL) was 65 cents or 2.8 percent better at 23.90 rand, Truworths (TRU) gained 236 cents or 4.35 percent to 56.55 rand. Media group Naspers N (NPN) improved 7.30 rand or 2.31 percent to 323 rand.



