The JSE Securities Exchange was in firm territory by midday on Monday, taking cheer from the positive tone on European markets and the strong close in the United States on Friday. Losses in gold and platinum counters were, however, capping the overall gains. Volumes were also very thin on the day, with many players away on religious holiday.
At noon the all-share index was 0,53% stronger, the all-share industrial index was 0,43% higher, the financial index added 0,93%, the resources index was up 0,40% and the banks index jumped 1,61%. On the downside, the gold index shed 2,16% and the platinum index was 1,89% softer.
The rand was trading at about R6,95 to the dollar, virtually unchanged from the JSE’s close on Friday, while gold was quoted at $372,63 an ounce from $382,50/oz at the JSE’s last close.
“We have continued on the firm path established this morning. Gold counters are dragging on the bourse, but these stocks have moved off their earlier lower levels. Volumes have been thin so far with little news to provide direction, and many traders are away for religious celebrations. It looks like it will be a R1,3-billion volume day,” a dealer commented.
Diversified resources stocks dominated the upside on the all-share index, with Anglo American adding 1,88% or R2,50 to R135,50 and BHP Billiton picking up 2,58% or R1,25 to R49,75.
Banking and financial counters were also enjoying a good day. Standard Bank gained 2,74% or 88 cents to R32,95, Absa firmed 2,51% or 88 cents to R32,95 and FirstRand inched up 5 cents to R7,60. Old Mutual was 1,58% or 18 cents stronger at R11,60 and Remgro notched up 45 cents to R59,85.
On the industrial front Richemont was 1,14% or 16 cents firmer at R14,20, SABMiller gained 11 cents to R55 and Telkom was up 1,92% or 85 cents at R45,05.
On the downside, AngloGold lost 2,50% or R6,50 to R253,50.
Gold Fields shed 1,92% or R1,84 to R94,20 and Harmony gave back 2,55% or R2,50 to R95,50.
Impala fell 1,75% or R10 to R560 and AngloPlat was 2,31% or R6,09 weaker at R257.
Resource counters to decline include Sasol, which dropped 1,40% or R1,19 to R83,80, and Kumba, which was 2,71% or 95 cents lower at R34,10. — I-Net Bridge