Proudly sponsored by

Kumba helps push SA stocks to record high

Top-40 and All-share close at record highs for the second day running.

JOHANNESBURG – South African stocks hit a record peak for the second consecutive session on Thursday, led higher by
Kumba Iron Ore as the miner posted upbeat production figures and pledged to cut costs.

Kumba jumped 8.3 percent to 144.27 rand, making it the biggest gainer on the Top-40 index.

“Kumba results came out and they beat estimates on the production numbers which has been very positive,” said Bernhard Grobler, head of Johannesburg stock broking at Investec

Global mining company Anglo American was up 3.7 percent after announcing plans to reduce diamond production this year in response to lower prices. The company also owns a majority stake in Kumba.

Telecoms company MTN gained 2 percent to 230.97 rand following a 16.7 percent rise in quarterly data revenue.

The benchmark JSE Top-40 index rose 0.8 percent to 48,411 and the broader All-share index was up 0.9 percent to 54,687 with both closing at record highs for the second day running.

Other gainers on the bourse included health and beauty group Clicks up 2.8 percent to 98.26 rand after H1 results showed higher earnings.

On the downside, Hulamin Ltd closed at the bottom of the index, down 13.41 percent to 7.10 rand, after saying half-year profit likely fell more than 20 percent

AngloGold Ashanti lost 3.1 percent to 133 rand after HSBC reduced its target price from 164 rand to 150 rand.

Turnover was just slightly below average with 181 million shares changing hands, compared with last year’s daily average of 183 million shares.

COMMENTS   0

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: