Grindrod Rises to 5-Year High as Rand Slips: Johannesburg Mover
The shares gained as much as 3.1 percent to 23.01 rand, their highest intraday level since Sept. 8, 2008. Grindod traded 2.6 percent higher at 3:20 p.m. in Johannesburg. The volume of shares exchanged was 815,409 units or 106 percent of the three-month daily average.
The Baltic Dry Index, a measure of commodity-shipping costs, headed for a fourth day of gains, extending this week’s advance to 3.6 percent, data compiled by Bloomberg show. The rand, the currency of Africa’s biggest economy, weakened for a second day.
“The Baltic Dry Index has gone up,” Rob Forsyth, an equity analyst at Cape Town-based Investec Asset Management, said in a phone interview. “The rand has weakened against the dollar, boosting prospects for higher earnings and offsetting slower domestic economic growth.”
Grindrod stocks are the seventh-best performer this year on the 166-member FTSE/JSE Africa All-Share Index (JALSH), with a 45 percent gain. The gauge has risen 4 percent.
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