The JSE Securities Exchange South Africa (JSE) forged ahead on Monday morning after the capture of Iraqi leader Saddam Hussein nabbed the attention of world markets. However, with many players away and key data releases due out later in the week, volumes were very light.
At 11.57am, the all-share and all-share industrial indices were up 0,74% and 0,6% respectively. Resources rallied 1,17%, with the platinum mining index jumping 1,2%. Financials inched up 0,17%. The gold mining index fell 0,62% and the banks index eased 0,26%.
The rand was quoted at R6,41 per dollar, little changed from when the JSE closed on Friday, while gold was quoted at $404,88 an ounce from $407,80/oz at the JSE’s last close.
“World markets and United States futures are all better this morning on the Saddam news, which has helped our market, but trade has been very slow. A lot of people have gone on holiday already and with the public holiday tomorrow [Tuesday] and the data releases later in the week there is a reluctance to do anything,” a dealer said.
Consumer inflation data is due out on Wednesday, while producer inflation data is scheduled for Thursday.
South African financial market’s will be closed on Tuesday as South Africa observes the Day of Reconciliation.
Dual-listed stocks, which were stronger offshore, led the JSE’s upside.
London-listed diversified resources group Anglo American advanced 1,46% or R1,90 to R131,90 and BHP Billiton surged 2,14% or R1,10 to R52,60.
Synthetic fuels group Sasol was 1,82%, or R1,55 higher, at R92,15.
AngloPlat added 1,67% or R4,50 to R274,50 and Impala was up 1,14% or R6,25 at R554,50.
On the industrial market, Swiss-listed luxury goods group Richemont climbed seven cents to R15,60 and pulp and paper producer Sappi strengthened 1,11% or 94 cents to R85,94.
Services group Bidvest soared 2,16% or one rand to R47,35 and brand management group Barloworld was 31 cents better at R66,70.
London-listed beverages group SABMiller was 31 cents in the black at R65,40 after trading at its highest level since November last year (R66) earlier in the morning.
Cellular network operator MTN Group was 3,48% or 70 cents higher at R28,90 — its best level since November 2000.
On the financial front, London-listed Old Mutual firmed 10 cents to R10,95 and its subsidiary Nedcor notched up 1,63% or one rand to R62,50.
FirstRand, however, fell 1,52% or 13 cents to R8,45.
Investec Ltd lost 1,56% or two rand to trade at R125,99, but not before touching its highest level since September 2002.
Investec went ex-dividend of 309 cents per share on Friday, instead of the usual Monday, due to Tuesday’s holiday.
The softer bullion price, which came on the back of a stronger dollar against the cross currencies, weighed on gold stocks.
Harmony was 1% or R1,01 lower at R100 and AngloGold was three rand softer at R299. — I-Net Bridge