The JSE Securities Exchange South Africa (JSE) ticked up on bullish sentiment on Tuesday, especially toward the major resources groups such as BHP Billiton and Anglo American (Anglo).
At noon, the all-share index was up 0,91%, while industrials and financials were 0,74% and 0,41% firmer respectively. The resources index was 1,31% higher, the platinum mining index climbed 0,61% and the gold mining index was 1,47% better. The banks index was 0,33% firmer.
The rand was quoted at R6,6150 a dollar from R6,65 when the JSE closed on Monday, while gold was quoted at $413,70 an ounce from $411,20/oz at the JSE’s last close.
Total value traded by noon was R545-million rand, while volume was just under 41-million shares.
“The market is largely up on the back of the big diversified mining companies like Anglo and BHP Billiton. The higher United States dollar gold and platinum prices are also providing support to gold and platinum stocks,” a dealer said.
However, with the US market closed on Monday, for the President’s Day holiday, the local market was battling to find direction, he added.
Anglo added R2 to R163 and BHP Billiton was 1,75% or 105 cents better at R61.
AngloGold advanced 1,35% or R3,80 to R286 and Gold Fields bounced 1,98% or R1,70 to R87,60. Harmony was up one rand at R112 from the previous close of R111.
World number-one platinum miner Anglo Platinum was last quoted at R301, up one rand from Monday’s close, while rival Impala Platinum was quoted at R577,10, up R5,10 or 0,9% from the previous close of R572.
London-listed IT group Dimension Data jumped 2% or 12 cents to six rand.
Swiss-listed luxury goods group Richemont inched up 12 cents to R17,10, while London-listed beverages group SABMiller firmed to R71,79.
London-listed financial services group Old Mutual was four cents firmer at R11,51.
Retailer Shoprite, which reported solid results on Tuesday, was up nine cents at R8,60.
Shoprite reported a 45% increase in headline earnings per share to 39 cents for the six months ended December 31 2003 from 26,9 cents the same period a year ago.
An interim dividend of 16,5 cents per share was declared, up from 14 cents before.
On Wednesday afternoon, South Africa Finance Minister Trevor Manuel is to unveil the 2004/05 Budget and local financial markets are expected to remain quiet until then. — I-Net Bridge