OWN CORRESPONDENT, Johannesburg | Wednesday 5.30pm.
RALLYING resource shares kept the Johannesburg Stock Exchange on positive ground but morning firmness in industrial counters eroded later by a weaker opening on Wall St and an ailing rand.
Commodity-based shares moved from strength to strength, as investors piled into export-oriented companies as a currency protection against a slumping rand, which hits a new record low.
Steel and mining group Iscor added 100 cents to R18,50 while global minerals group, Billiton, jumped 165 cents to R31,05.
Other rand-hedge stocks also gained ground on the day. Tech group Datatec, which earns bulk of revenue offshore, jumps 130 cents to R55,30. By contrast, stocks sensitive to interest rates — which are vulnerable to the weakening rand – sliped. Among banks, Stanbic lost 40 cents to R21,30.
Investors generally shrugged off one-day strike by Cosatu, but analysts said they cannot completely ignore negative perceptions of stayaway for foreign investors.
The all share index ended the day up 0,41% at 7601. — Reuters