The JSE was higher at midday on Monday on the back of cheerful sentiment on Asian markets in the absence of market-moving news on the local front.
By 11.57am, the all-share index was up 0,37% at 27 013,630 thanks to a 0,86% rise in resources. The platinum-mining index was up 0,36%, while the gold-mining index was flat (-0,04%). Industrials slipped 0,07%, banks were flat (-0,02%) but financials were up 0,24%.
The rand was bid at 7,20 per dollar from 7,22 when the JSE closed on Friday, while gold was quoted at $659,45 a troy ounce from $656,90 on Friday evening.
“There’s really nothing happening driving the market here — the market has been tracking the positive sentiments on the Asian markets,” a Johannesburg-based dealer said.
He added that the market was simply testing record levels and that without concrete news to push it higher it would eventually succumb to profit-taking.
“Some stocks are off the highs, because players are simply taking profits — we are being driven by sentiments,” the dealer said.
On the resources index London-listed resources group Anglo American was up R3,50 to R377 and BHP Billiton gained 1,20%, or R1,90, to R160,65.
Synthetics fuels producer Sasol added 1,86%, or R4,40, to R240,40. It earlier traded as high as R241,51.
Among gold counters AngloGold Ashanti fell R2,66 to R327,50 and Gold Fields was 95 cents better at R131,15.
African Rainbow Minerals lost 30 cents to R98,50. Earlier on Monday Xstrata, one of the world’s largest mining companies, announced a $4-billion cash offer for LionOre, a global nickel miner and African Rainbow Mineral’s joint venture partner on the Nkomati mine in Mpumalanga.
Brand management group Barloworld tumbled 2,82%, or R5,20, to R179 and Bidvest fell 2,45%, or R3,50, to R139,50.
MTN Group advanced 1,66%, or R1,61, to R98,60 and Telkom was up 27 cents at R168,72.
Media group Naspers was 1,72%, or R3,08, in the black at R182,58 but Johncom dropped 2,22%, or R1,99, to R87,50.
Banking group Standard Bank lost 20 cents to R104,80, Nedbank was off 24 cents at R138,75 but Absa climbed 1,32%, or R1,84, to R140,84.
Insurance giant Old Mutual plc gained 10 cents to R23,90 while Sanlam added 1%, or 20 cents, to R20,11. — I-Net Bridge