The JSE Securities Exchange South Africa moved into positive territory at midday on Friday, shrugging off some of the morning’s weakness caused by the surge in the rand to a 42-month best level of R6,7050 against the dollar.
The all-share index was 0,18% firmer, the all-share industrial index added 0,56%, the financial index gained 0,53%, the platinum index was 0,23% higher and the banks index was 0,74% in the black. The resources index shed 0,26% and the gold index was 0,50% weaker.
The rand was trading at R6,75 to the dollar from R6,80 when the JSE closed on Thursday, while gold was quoted at $394,90 an ounce from $395,55/oz at the JSE’s last close.
“The market has bounced off this morning’s oversold position, as players shrugged off their initial panic after the rand moved stronger. The market has shown that it is resilient despite currency strength and there is a firmer undertone to the equities market,” a dealer commented.
European markets were also higher, adding some support to local equities.
Richemont reversed course and was last propping up the all-share index, adding 1,19% or 19 cents to R16,20.
Sasol followed suit, gaining 1,01% or 90 cents to R90,00, while AngloGold defied the weaker trend on the gold index, adding 1,19% or R3,50 to R298,00.
Other gainers on the day included Remgro, which jumped 1,15% or 75 cents to R66,00, Netcare was 4,35% or 20 cents firmer at R4,80 and Old Mutual was 8 cents higher at R11,60.
Tiger Brands was 2,04% or R1,50 stronger at R75,00 and Nedcor added 2,31% or R1,64 to R72,50.
Impala moved off this morning’s lows to trade R2,90 higher at R600,00 while Absa gained 1,01% or 39 cents to R38,89.
On the downside BHP Billiton lost 45 cents to R52,45 and Anglo American slipped 30 cents to R145,60.
Gold Fields was 1,10% or R1,01 weaker at R90,80 and Harmony shed 1,19% or R1,20 to R100,00.
Sappi gave back 68 cents to R88,32 and SABMiller was 15 cents softer at R62,85.
Barloworld, which earlier on Friday reported headline earnings per share of 593 cents for the year ended September 30, down 5% from 622 cents a year ago, was unchanged at R62,40. The company declared a final dividend of 200 cents per share, making a total for the year of 290 cents — up 5% from the previous year. — I-Net Bridge