The prospectus was mailed to shareholders during the first two weeks of July, in time for the market high.

Some others say this year's earnings can propel the market substantially higher.

The profit was the difference between the higher black market and lower official rate.

Because enterprises receive the official, rather than the higher, black market, price, there is no incentive for them to increase production.

"This is the problem with a high market," he added.

The market's high for the year was 1603.9 in January.

For at least the next few months, however, he predicted a post-electoral honeymoon that should send the market even higher.

They are holding firm on prices that are, in general, the market's highest.

The oil price is up $2 on the day, a surge that has been the driver behind today's higher markets.

"I think a lot of people are still caught up in the high market, and they just don't want to let go," he said.