The JSE Securities Exchange South Africa opened slightly firmer on Friday amid a softer rand. Global markets are also expected to open firmer after a mixed day on
Wall Street on Thursday.
By 0916, the all share and financial indices were up 0,32% and 0,46% respectively. Financial were up 0,25%, while Banks advanced 0,12%. Resources collected 0,25% and the platinum mining index was up 0,12%, but the gold mining index was down 0,31% on the softer bullion price.
The rand was quoted at 7,3550 per dollar, weaker than 7,2700 when the JSE closed on Thursday, but a tad firmer than its New York close of 7,3850. Gold was quoted at $407,35 an ounce from $412,70/oz when the JSE closed on Thursday.
Dealers said that most of the early activity had been related to the softer rand and bullion price.
Volumes were “average”, a dealer commented.
Anglo and BHP Billiton were up 35 cents at R158,10 and R61,80 respectively, while Sasol jumped 65 cents to R108,16.
Among large industrials, Barloworld was ahead 30 cents at R70,50 and SABMiller advanced 80 cents, or 1,12%, to R72,40.
Among gold counters, AngloGold was off 201 cents to R300 and Gold Fields was 51 cents softer at R98. Durban Roodepoort Deep bucked the trend, advancing 4,17%, or 100 cents, to R25.
A trader said the share was marked up and that it was a share favoured by foreign investors.
Technology stocks remained a feature, with Didata up 5 cents to 600 cents and Datatec up 10 cents to R16,10. Dow Jones Newswires reports that the Dow Jones Industrial Average advanced, as strength from International Business Machines and Hewlett-Packard overcame weakness from members like Intel. A minor gain allowed the Standard & Poor’s 500 Index to take out its 21-month high set on January 8.
The Dow gained 15,48 points, or 0,15%, to 10,553.85 while the Nasdaq Composite Index shed 2,05 points, or 0,1%, to 2,109.08. The Standard & Poor’s 500 Index advanced 1,52 points, or 0,13%, to 1,132.05.
The session saw a lot of seesawing, with the Dow up 54 points at one juncture. The movement indicated that “investors are a bit skittish at this point,” said Jeff Matthews, general partner with hedge fund Ram Partners.
In Tokyo on Friday morning the Nikkei 225 Nikkei ended up 1,8% at 10,857.20 on a variety of positive factors, including IBM’s 4Q results, steady movement on the Nasdaq 100 index futures on Globex and players’ renewed interest in mega bank shares due to signs of recovering residential land prices. – I-Net Bridge