News Column

Market Report

June 16, 2014

stocks inched higher on Friday as Sasol shares rose after growing violence in Iraq drove oil prices higher.

Telkom shares gained 1.16 percent to R42.63, continuing a 50 percent gain so far this year, after reporting a 35 percent jump in full-year headline earnings.

The market was also closely watching developments in the platinum wage talks aimed at ending the crippling strike.

The Amcu trade leader said on Friday a wage deal with the top three platinum producers was imminent, signalling a possible end to a strike that has disrupted global output of the metal. "Until everything is signed, sealed and delivered with the strike you are going to see volatility," said Ryan Woods, a trader at Independent Securities.

The Top40 index inched up 0.47 percent to 45 803, while the all-share gained 0.33 percent to close at 50 764.

Sasol shares were up 4.3 percent to R645.10.

The bourse brushed off the move by ratings agency Fitch to change its economic outlook to negative, citing poor prospects for economic growth and rising public debt. In a slow day of trading ahead of a bank holiday today, about 137 million shares changed hands, with 161 stocks advancing while 152 declined. - Reuters

Cape Argus

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Source: Cape Argus (South Africa)

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