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02 May 2012 23:12

Market news: Alec Hogg - editor-in-chief, Moneyweb

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Alec Hogg is a writer and broadcaster. He founded Moneyweb

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    The best performer was resources – about two-thirds of a percent higher.


    ALEC HOGG:  Investec’s done an investigation into a Carte Blanche television programme which accused some members of its staff of receiving kickbacks – a very serious allegation for any company, but particularly so if you happen to be a bank. We'll be getting more of that a little later.
         Just to bring you up to date on the way the markets performed today, the all-share index, as Gugu was saying, was a little bit firmer and there really wasn’t much action anywhere across the board.
        The best performer was resources – that was about 0.66% higher, and then a slight decline in the gold mining index, which was about 0.2% down, that index.
        The rand was also virtually unchanged today at R7.75 against the US dollar, and that was echoed by the gold price, which is trading around $1 650 again – very little change on that score.
        As far as the individual stocks are concerned, well, as far as the small traders, if you happened to own some Lonhro you’d be happy, because that share price went up strongly today, it picked up 17%.
        And then a little company called Infrasors was 11% higher.
        As for the other movers, Verimark has been bouncing all over the place. But Great Basin Gold shareholders will be delighted to see an improvement in its stock as well. That was up by 6.6%.
        At the other end of the spectrum, we never can really tell what’s going to be affecting your pocket on a day-by-day basis – that’s why we do publish a full list of shares to have a look at.
        Eastplats, a platinum stock, was down by 8% today as was Bauba Platinum, down by 7.8%. Interesting to see those two come under pressure because they are the more speculative of the platinum shares listed on the JSE. The smaller platinum stocks have really been in for a torrid time lately.
        As far as the individual big guys are concerned, the Top 40, the best performer there was BHP Billiton, 2% higher, followed by FirstRand, which put on 1.5%, Naspers 1.5% and Woolies and Investec both about 1% higher.
        On the way down, Anglo American Platinum and Impala Platinum. So as the smaller platinum stocks took a 7% to 8% decline, these two big stocks were down between 1.5% and 2%.
        Steinhoff came under a little pressure today, 1.5%, and Sanlam was a 1% loser.

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