The JSE was firmly in the black at midday on Friday, in line with most European markets which shrugged off Thursday’s foiled airline terror attacks.
By 12.13pm, the all-share index was up 0,87%, with resources 1,09% firmer, the gold-mining index 1,2% better and the platinum-mining index up 0,34%. Industrials were 0,62% better, while financials advanced 0,83% and the banks index jumped 0,81%.
The rand was bid at 6,76 per dollar from 6,77 when the JSE closed on Thursday, while gold was quoted at $641,25 a troy ounce from $640,95/oz at the JSE’s last close.
After a firm, but cautious start, the JSE drew succour from European bourses, which were mostly firmer as calm returned to the financial markets after the shock of Thursday’s foiled airline terror attacks in the United Kingdom.
A Johannesburg-based market analyst said the JSE had shown resilience to the latest global events, with the bourse making a “nice recovery”.
“I am quite amazed at the strength of the local market. It has taken everything thrown at it — higher interest rates, the Israel/Lebanon conflict, high oil prices and the latest terror threat — and it just keeps bouncing back,” he said.
“There is little change to the fundamentals — the rand and gold — but the market has grown in confidence because it has never given way,” he added.
He said Friday’s gains on the JSE were broad spread. “It’s a nice way to end the week. I’m not sure where we will go from here though — we may drift sideways.”
Global resources group Anglo American was up R4, or 1.36%, to R298 and BHP Billiton added R1,18 to R126,99.
Petrochemicals group Sasol was up R2,54 to R260,59.
Among gold counters, AngloGold Ashanti was up R5, or 1,46%, to R347 and Harmony added R2,02, or 2,21%, to R93,59, while Gold Fields added 75c to R145,70.
AngloPlat was up R9 to R717 and Impala added R3,80 to R1Â 263,80.
London-listed brewer SABMiller was up 81c to R133,30, while Bidvest was 203c higher at R102,50. Imperial was 65c higher at R130,25. PPC jumped R5,19 to R372,19 and Barloworld added R1,99 to R117,05.
Among telcos, MTN Group was up 81c to R52,80 and Telkom was 66c higher at R131,20.
On the financial front, London-listed Old Mutual was 8c up at R19,69.
Standard Bank was 67c firmer at R75,36 and FirstRand added 13c to R16,45, but Nedbank was 31c down at R105,47.
The analyst noted that retail stocks had also recovered after a recent torrid time amid higher interest rates and the prospect of rising bad debts.
Edcon was up 50c to R27,50, Truworths collected 50c to R22 and Foschini added 60c to R44,61.
According to AFX, leading London shares remained higher mid-morning as a rebound in travel and tourism stocks following Thursday’s thwarted terror attacks added to strength in oil heavyweights and renewed merger and acquisition hopes in miners, dealers said.
BHP was 3-1/2 firmer at 385-1/2 and Anglo American took on 24 at 2327.
And UK leisure and travel stocks also rebounded from Thursday’s terror threat battering.
On Wall Street, the Dow Jones industrial average rose 48,19, or 0,44%, to 11Â 124,37. Broader stock indicators also rose. The Standard and Poor’s 500 index added 5,86, or 0,46%, to 1Â 271,81, and the Nasdaq composite index gained 11,46, or 0,56% to 2Â 071,74. — I-Net Bridge