The JSE was firm at midday on Wednesday, driven higher by sharply stronger banks and financial stocks.
By noon, the all-share index had collected 0,49% as banks and financials advanced 3,07% and 2,30% respectively. The platinum mining index recovered 0,94% and resources edged up 0,12%, but the gold mining index gave up 0,28%. Industrials were unchanged as they were only 0,01% in the black.
The rand was bid at R6,90 to the dollar, from R6,89 when the JSE closed on Tuesday, while gold was quoted at $732,55 a troy ounce from $728,30/oz at the JSE’s last close.
“The market is fairly quiet. A lot of investors are looking at the dollar, because if it weakens, they will start buying commodity stocks, but if it strengthens, the market will come off a bit,” said a Johannesburg-based equities trader.
He added that the local market was also eyeing the United Kingdom market, as the FTSE was up on the bank of banking stocks. “Our markets are following an international trend,” he said.
By midday on the JSE, resource giant Anglo American was up just one rand to R464,49, but BHP Billiton fell 96 cents to R245.
Sasol climbed R2,89 to R321,04.
AngloGold Ashanti added 49 cents to R302,50, but Goldfields lost 19 cents to R120,51 and Harmony retreated R1,10, or 1,43%, to R75,96.
Among platinum stocks, Anglo Platinum was up R5,37 to R1 097,37 and Impala Platinum was R3,45, or 1,42%, better at R246,85.
Among banks and financial stocks, Absa added R2,25, or 1,74%, to R131,25, FirstRand climbed 3,93%, or 90 cents, to R23,80 and Nedbank collected R3,70, or 2,92%, to R130,20. Standard Bank rose R3,01, or 2,87%, to R108,01, while Investec Ltd gained R2,35, or 3,12%, to R77,74 and Investec plc lifted 2,81%, or R2,05, to R75,05.
In the industrial sector, mobile network operator MTN Group edged up nine cents to R109,50 and Cashbuild advanced 4,69%, or three rand, to R67, but food processor Illovo dipped 3,08%, or 74 cents, to R23,25.
Old Mutual, which had earlier announced a £350-million share buyback programme, was up 76 cents, or 3,36%, to R23,35. — I-Net Bridge