South Africa's All-share hits new record close
South Africa's
All-Share index inched up 0.05 percent to 34,386.97 on
Friday, booking a fresh record close as U.S. employment
statistics painted a rosier picture for the world's biggest
economy.
However, the Top-40 index of bluechips edged 0.03
percent lower to 30,718.49 as investors rushed to bank profits
in Johannesburg before the close of trading.
Both indices traded on the back foot for most of the session
but jumped as soon as U.S. non-farm payrolls came in well ahead
of economists' expectations.
"The market pushed up and we saw a lot of guys take profit,"
said Travis Robson, an equities and derivatives trader at Global
Trader. Gold stocks and index heavyweight MTN were the
main decliners.
The pan-African mobile phone firm ended 1.7 percent lower at
135.99 rand after news it had become embroiled in a legal battle
with rival Turkcell over a licence in Iran, one of
its most important markets.
Gold stocks came under pressure as the rand
strengthened past the 7.60 psychological level.
"If it continues to firm against the dollar, we should see
some more weakness pushing into this market," Robson said.
No. 2 producer Gold Fields fell 2.2 percent to
125.19 rand while third-placed Harmony shaved 2.1
percent to 93.10 rand.
Bullion prices also dipped after the better-than-expected
U.S. employment statistics dimmed gold's prospects as a
safe-haven investment.
Shares of Old Mutual jumped after the financial
services group said it would pay out 1 billion pounds ($1.58
billion) in a special dividend of 18 pence per ordinary share.
Old Mutual, which is also listed in London, sold its
Nordic business in 2011 for $3.34 billion. The insurer says it
will use the remainder of the proceeds to reduce debt.
Old Mutual shares finished 2.2 percent higher at 18.77 rand.
Some 197 million shares were sold, according to preliminary
bourse data, compared with a daily average of 256 million shares
in 2011. Advancers outpaced decliners 160 to 129.
