/ 7 April 2008

Resources gain momentum, drive JSE up

Resources continued to gain momentum from the morning trade session, driving the JSE further into positive territory by midday on Monday.

By noon the JSE’s broader all-share index had advanced 1,72% as resources were up 2,92%. The platinum-mining index climbed 0,94% while the gold-mining index edged up 0,04%. Financials rose 0,78%, banks collected 0,47% and industrials lifted 0,49%.

The rand was bid at 7,79 to the United States dollar from 7,82 when the JSE closed on Friday, while gold was quoted at $916,25 a troy ounce from $908,45/oz at the JSE’s last close.

“The JSE is looking very strong. Overseas markets are up, but today [Monday] it’s all about commodities. Oil is up above $104, platinum is back above $2 000 and gold is holding above $900, which is picking up our market. Dow futures are also up, so everything is positive,” said an equities trader.

He added that the main drivers on Monday for the JSE were the resource counters. “These resource and platinum stocks are looking good, and they are picking our market up,” he said.

Resource heavyweight Anglo American lifted R19,95, or 4,09%, to R507,40, while BHP Billiton picked up R8,40, or 3,37%, to R258. Sasol rose R14,76, or 3,88%, to R395,66 and Exxaro rallied R5,96, or 5,25%, to R119,46.

Gold miner AngloGold Ashanti added R2,45 to R278,20, Gold Fields shed 14 cents to R106,40 and Harmony retreated R1,40, or 1,52%, to R90,70.

Platinum miner Anglo Platinum advanced R15,71, or 1,31%, to R1 210,71, Impala Platinum climbed R1,50 to R327 and Lonmin collected R14,99, or 3,04%, to R508,19.

Uranium One firmed R1,46, or 4,49%, to R34.

On the industrial front, PPC gained R1,60, or 3,88%, to R42,80, Aveng was 93 cents, or 1,58%, higher at R59,93 and Group Five gave up 60 cents, or 1,11%, to R53,40.

Barloworld improved R3,78, or 3,29%, to R118,78 and Imperial increased R3, or 3,68%, to R84,50.

Brewer SABMiller eased R1,06 to R173,63 and luxury goods group Richemont declined 25 cents to R45,30.

Media group Naspers lifted R5,52, or 3,58%, to R159,52 and Avusa strengthened 95 cents, or 3,27%, to R30.

Absa pocketed R2,10, or 1,98%, to R108,10 and Nedbank dipped 79 cents to R123,24. — I-Net Bridge