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Financial and retail stocks stoke one-month high
  NAV DATE
SASFIN
INTERNATIONAL
FUND
$100.35 22/07/10
FINANCIAL AND RETAIL STOCKS STOKE ONE-MONTH HIGH
 
Monday, 22 February 2010
 
 
Financial and retail stocks stoke one-month high
 
The Top40 index of blue chips notched up 0.82 percent at 24 551.48 points, its highest level since January 22, and the all share index climbed 0.79 percent to 27 284.16 points.

"Friday we were taken down by concerns about a possible interest rate hike or possible change in monetary policy in the US, which soon was brushed over," said Sasfin Holdings trader David Shapiro.

"You've got very strong commodity markets and that's helping lift our markets."

Financial and retail shares rallied most, with insurer Old Mutual gaining 3.44 percent at R13.22. Africa's largest insurer has hired JPMorgan Chase to consider a sale of its US life insurance business and had found several possible buyers, the Financial Times said.

Nedbank closed 1.46 percent higher at R123.

The JSE retailers index rose 1.89 percent on the day. Africa's biggest grocer, Shoprite, was up 2.52 percent to end the day at R76.95.

Mid-cap food and clothing retailer Woolworths jumped 4.38 percent to R20.50. Citigroup raised its share price estimate for the food and clothing retailer to R23 from R20.

Some mining houses were also higher, with blue chip heavyweights Anglo American gaining 1.38 percent at R293 and BHP Billiton rising 2.06 percent to close at R242.95.

Analysts at Macquarie Group forecast copper futures in London will rise to $8 000 (R60 000) a ton on increased demand from China and a recovery in usage outside the Asian nation.

Sasol, the world's biggest maker of motor fuel from coal, advanced for a third day, climbing 1.3 percent to reach R286.42. Crude oil rose as much as 0.9 percent to $80.51 a barrel on the New York Mercantile Exchange, bringing its gain in the last week to 7.8 percent.

Naspers rallied 1.83 percent to R285, paring its decline this year to 5 percent. Morgan Stanley added Africa's biggest media company to its global emerging market focus list.

Distribution and Warehousing Network declined 2.04 percent to R7.20, its lowest since January 4. The company said first-half earnings a share had fallen as much as 70 percent from a year earlier.

 
By : www.businessreport.co.za
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