SABMiller, Standard Bank lead way on bourse's recovery
April 13, 2007
By From Reuters
Johannesburg - Shares recovered yesterday, driven by SABMiller on strong annual beer volumes, while Standard Bank led a recovery among banks after interest rates were left unchanged.
The Top40 index skipped 0.73 percent higher to 25 067.76 points, while the all share index increased 0.66 percent to 27 822.27 points.
SABMiller rose 3.59 percent to R163.23, leading blue-chip shares as the world's second-biggest brewer reported a 10 percent rise in its underlying beer volumes for the year to March, against a forecast for a rise of 9 percent plus.
Standard Bank lifted 3.37 percent to R110.40, while Absa added 2.28 percent to R139.51 as investors ploughed back into the sector after Wednesday's nervousness.
The bank sector index closed 2.48 percent higher, reversing its 2.01 percent decline on the previous day.
"The market took heart after interest rates were kept stable," said Greg Potter at Nedcor Securities.
Richemont rose 1.22 percent to R41.45 after a price upgrade by Goldman Sachs.
Anglo Platinum (Angloplat) and Impala Platinum (Implats) jumped as platinum hit its highest price in nearly five months, buoyed by technical buying and positive momentum in the market.
Angloplat added 3.15 percent to R1 207.85, while Implats rose 0.86 percent to R234.
Sasol rose 1.14 percent to R243.30 on higher oil prices.
BHP Billiton slowed the market's climb after falling 0.52 percent to R164.05.
Anglo American shed 0.03 percent to R388.65.
Gold Fields slid 1.41 percent to R140 despite a rise in the metal's price. The financial services watchdog said it would launch an investigation after the shares surged on Wednesday on a report that a US financier could bid for the firm.