South African shares booked a record close on Tuesday after hitting a lifetime high in earlier trade, led by global mining company BHP Billiton and as more stimulus from the Bank of Japan cheered markets globally. The Bank of Japan maintained its expansionary monetary policy by extending special loan programmes to buoy economic growth, signalling its resolve to keep the positive mood generated by premier Shinzo Abe's reflationary policies from fading.
Johannesburg-listed BHP Billiton, which also trades in London and Sydney, ended 2 percent higher at 353.25 rand. The company posted a strong rise in first-half earnings and also hinted at a share buy-back in August. The Top-40 index touched a life high of 42,729.91 in earlier trade but retraced its steps to end at 42,575.61, its highest ever. The All-share added 0.18 percent to book a record close at 47,112.43.
"One could expect a bit of breather after quite a strong run up over the past few days," said Reuben Beelders, a portfolio manager at Gryphon Asset Management. Private school operator Curro Holdings gained more than 3 percent to 28.20 rand after it posted an 87 percent jump in full-year earnings. The company is also offering shares in a rights issue at a 20 rand a share to raise nearly 590 million rand ($54.28 million). Platinum miners moved in the opposite direction as Anglo American Platinum shed 2.5 percent to 450.50 rand and Impala Platinum lost 1.5 percent to 121.63 rand.
Comments
Comments are closed.