The JSE Securities Exchange South Africa was in positive territory in noon trade on Friday, helped by a slightly weaker rand, a strong close on the Dow overnight and positive United States futures. However, volumes were thin — just under half a billion rand worth of shares had changed hands.
By 12.03pm, the all-share and all-share industrial indices were up 0,45% and 0,61% respectively. Resources were 0,52% stronger, while the platinum mining index jumped 1,58%. Financials were flat (+0,09%) as was the banks index (-0,1%). The gold mining index was 0,39% weaker.
The rand was trading R7,36 to the dollar from R7,34 when the JSE closed on Thursday, while gold was quoted at $363,88 an ounce from $364,40/oz
at the JSE’s last close.
“It’s been a pretty dull day in terms of turnover,” a dealer said.
He continued that platinum stocks were looking good on the back of a higher platinum price, with the marginally weaker rand also helping.
“We saw a down day yesterday and that is reversing at the moment,” he added.
A second dealer said that the JSE was also benefiting from a firmer Dow overnight, but cautioned that the market appeared to be easing.
“There are big buyers out there. We are seeing demand for Anglo and some of the platinum counters, which is holding the market up,” another dealer commented.
London-listed Anglo American led the market’s upside, advancing R1,25 to R135,25.
It was followed by Swiss-listed luxury goods group Richemont, which raced ahead 2,59% or 34c to R13,45 rand after a strong performance in Zurich.
Impala Platinum leapt 1,86% or R5 to R274 and AngloPlat added 1,58% or R8 to R514.
BHP Billiton was up 20c at R46.
Financial services group Sanlam was 1,55% or 11c stronger at R7,21, while Standard Bank was up 16c at R33,61.
Steel producer Iscor surged 2,49% or 45c to R18,50.
On the downside, Harmony shed R1 to R100,50 and AngloGold dipped R1,05 to R272.
Retailer Metcash was 3,83% or 9c in the red at R2,26.
Banking group ABSA led financials lower and was 1,36% or 50c weaker at R36,20. — I-Net Bridge