Monday blues failed to dampen spirits on the JSE Securities Exchange South Africa (JSE), with the all-share index up for the fourth straight day on the back of a slightly weaker rand and a strong performance by heavyweight dual-listed stocks on positive offshore markets.
Buying filtered through to the rest of the market, with advancers outnumbering decliners on the all-share index by more than two to one.
At 11.58pm, the all-share and all-share industrial indices were up 1,09% and 1,03% respectively. Financials were 0,78% firmer, while the banks index jumped 1,72%. Resources rallied 1,27%, the platinum mining index inched up 0,15%, but the gold mining index surrendered 1,39%.
The rand was trading at R6,99 to the dollar from R6,96 when the JSE closed on Friday, while gold was quoted at $370,95 an ounce from $372,25/oz at the JSE’s last close.
“The rand is a bit weaker, so most of the resources stocks and the like are up. Our dual-listed are also stronger offshore,” a dealer said.
He continued that volumes were reasonable, with more than R1-billion-worth of shares changing hands.
“There is a bit of buying in Anglo coming from across the water. There have also been big volumes in FirstRand — it looks like a cross trade.”
The dealer said that there had been no fresh news out locally to drive the market.
“Everybody is waiting for Thursday and expecting a rate cut,” he concluded.
The South African Reserve Bank’s monetary policy committee is expected to announce a 100 basis-point cut in the repo rate to 9% on Thursday after it concludes its two-day meeting.
In Morning trade, London-listed diversified resources group Anglo American advanced 2,27% or R3,13 to R140,80 after climbing by a similar amount on the FTSE.
BHP Billiton, which was also putting in a strong showing in London, was 2,48% or R1,30 better at R53,80. It earlier touched R54 a share for the first time since July last year.
Synthetic fuels group Sasol strengthened 1,55% or R1,40 rand to R91,80.
On the all-share industrial index, Swiss-listed luxury goods group Richemont roared ahead 1,53% or 23 cents to R14,93.
London-listed beverages group SABMiller was 1,97% or R1,11 stronger at R57,50 and pulp and paper producer Sappi surged 1,23% or R1,10 to R90,60.
Telecommunications group Telkom was up 2,04% or R1 at R50, while cellular network operator MTN Group added 1,55% or 32 cents to R22,95.
Media group Naspers N shares notched up 2,94% or 95 cents to R33,30, after trading at their best level since March 2001 of 33,50 rand.
On the financial front, Remgro was 2,07% or R1,25 higher at R61,75.
FirstRand was 1,84% or 15 cents firmer at R8,29, Nedcor leapt 3,3% or R2,40 to R75,10 and Absa was 2,62% or R1 in the black at R39,10. Absa’s intraday high of R39,30 rand was last seen in January last year.
On the JSE’s downside, the softer bullion price saw Gold Fields give up 1,64% or R1,56 to R93,50, Harmony fell 1,85% or R1,75 to R93 and AngloGold dipped 1,17% or R3,01 to R255.
Retailer Metcash shed 1,44% or three cents to R2,06.
London-listed financial services group Old Mutual was seven cents weaker at R11,68 after going ex-dividend of 19,47 cents per share, while niche banking group Investec Limited lost 1,4% or R1,50 to R105,50. — I-Net Bridge