The JSE Securities Exchange South Africa (JSE) was in positive territory in noon trade on Tuesday after riding on the coattails of stronger world markets. Gold stocks declined, however, on the back of a lower bullion price.
By 11.55am, the all-share and all-share industrial indices were 0,62% and 0,67% stronger respectively. Financials firmed 0,68%, while the banks index was 0,73% in the black. The resources index was up 0,61% and the platinum mining index surged 2,26%. The gold mining index was 0,61% weaker.
The rand was trading at R7,32 to the dollar from R7,31 when the JSE closed on Monday, while gold was quoted at $358,70 an ounce from $359,05/oz at the JSE’s last close.
“We are tagging along with the rest of the world and are up across the board except for the gold stocks, which are down on the stronger dollar and [therefore] lower gold price,” a dealer said.
He continued that good earnings news from retailers had helped lift United States markets overnight.
On the JSE on Tuesday, London-listed Anglo American added 95c to R136,60 and BHP Billiton was 10c better at R47,35.
Synthetic fuels group Sasol surged 1,52% or R1,20 to R80,10.
The dealer noted that platinum stocks had made good gains, with Impala leaping 2,83% or R14,60 to R530,60 and AngloPlat advancing 1,77% or five rand to R287.
“Impala was up around 10% last week. There are a lot of foreigners buying into this stock,” the dealer commented.
Among industrials to advance were Swiss-listed luxury goods group Richemont, which climbed 13c to R13,66 after rallying over 2% in Zurich.
SABMiller was 35c stronger at R13,66 and food group Tiger Brands jumped 1,27% or 90c to R71,90.
Iscor was up 1,11% or 20c at R18,20.
On the financial front, London-listed Old Mutual soared 1,36% or 15c to R11,15 and Sanlam added six cents to R7,27.
Banking group FirstRand was seven cents firmer at R7,76 and Standard Bank was up 15c at R33,45, Absa was 1,07% or 38c stronger at R36 and Nedcor bounced 49c to R83,49.
On the downside, Gold Fields surrendered 90c to R92,10, Harmony was 40c softer at R98,60 and AngloGold dipped R1,49 to R266.
Pharmaceuticals group Aspen led industrials lower, falling 4,21% or 40c to R9,10.
The share has had a strong run lately and is still up 8,3% this month.
Aspen announced on August 6 that it had launched Aspen-Stavudine, the first generic anti-retroviral drug developed and manufactured in
Africa.
Retailer Nu Clicks slipped 2,26% or 15c to R6,50, while Shoprite was 1,59% or 10c softer at R6,20.
Before the opening, Shoprite reported headline earnings per share down 20,1% to 57,6c for the year ended June 30 from 72,1c a year ago. The group reported an exchange loss of R133-million due to the stronger rand, compared with a R24-million profit a year ago.
A final dividend of 16,5c per share was declared, up from 14,5c for the same period a year ago. The total dividend for the year was 20% higher at 30,5c from 25,5c before.
The I-Net Bridge consensus forecast was for HEPS of 66,9c and a dividend of 27,5c.
On the financial index, New Africa Capital slumped 1,64% or 10c to R6. — I-Net Bridge