Shares in telecoms stocks rallied in afternoon trade on the JSE on Wednesday (1 August), in line with the all share index, which hovered at record highs ahead of a US Fed policy statement.
International markets have rallied on hopes that the US central bank will indicate if further quantitative easing measures are imminent.
The all share index paused for a breather on Tuesday (31 July), following five straight days of gains which saw the bourse close at a new high of 34958,59 points on Monday (30 July).
By 15:40 local time, the broadest benchmark for the JSE gained a percent to 34,942 points.
MTN led gains amongst mobile operators, up R3.76 or 2.52% to R152.74, while Telkom gathered 40 cents or 2.23% to R18.36. Vodacom picked up 55 cents to R96.55.
IT solutions provider FoneWorx pocketed five cents or 3.23% to R1.60 after it announced on Wednesday (01 August) that it had received approval from its shareholders to proceed with the proposed purchase of the IDC’s stake and the subsequent sale of those shares to a consortium of the Kirsh Family trusts.
Media giant Naspers advanced R4.60 or 1.02% to R454.50
ICT group Datatec garnered 55 cents or 1.19% to R46.80, but Altron, and its subsidiary Altech, dropped R1.20 or 5% to R22.28, and 50 cents or 1.05% to R47 respectively.