The JSE Securities Exchange South Africa (JSE) was firmer in noon trade on Friday, helped by strong performances by heavyweight dual-listed stocks offshore and general positive sentiment. However, volumes were very light — just more than R600-million-worth of shares had changed hands.
At 11.55am, the all-share and all-share industrial indices were up 0,65% and 0,82% respectively. Resources rallied 0,83%, the gold mining index climbed 1,02% and the platinum mining index jumped 1,19%. The financial index was flattish (+0,08%) as was the banks index.
The rand was quoted at R6,67 per dollar from R6,64 when the JSE closed on Thursday, while gold was quoted at $392,25 an ounce from $393,45/oz at the JSE’s last close.
“The market is strong, but we’ve seen such thin volumes, it is difficult to do anything at the moment,” a dealer said.
She added that stocks that had been knocked earlier in the week were rebounding, while the likes of Anglo American (Anglo) continued to show strength, boosted by demand from offshore.
The JSE’s gains came against the backdrop of stronger world markets and sentiment was generally positive, the dealer commented.
London-listed Anglo added 1,27% or R2,11 to R167,61 after trading as high as R168,20 — its highest since July 2002.
Anglo has been very strong since it released its results on Wednesday.
Anglo reported headline earnings per share of 120 United States cents for the year ended December 31 2003, down from 125 US cents previously.
The group reported a dividend per share of 54 US cents, up from 51 US cents before and up on the market expectation of 52 US cents.
Looking ahead, Anglo said the outlook was positive for a number of the group’s commodities and this provides an encouraging platform for the year ahead.
“After two decades of generally flat or declining real prices for metals, despite a background of steadily increasing demand, the backdrop for commodities is more positive than it has been for a number of years,” Anglo CEO Trahar said.
Gold stocks rebounded after recent weakness, with AngloGold adding 1,09% or R3,01 to R279,01. Gold Fields gained 1,12% or 90 cents to R81,40 and Harmony was 1,16% or R1,14 higher at R99,65.
AngloPlat was up R2,20 to R296,20 and Impala leaped 1,64% or nine rand to R558.
On the industrial market, Swiss-listed luxury goods group Richemont rallied 1,86% or R32 to R17,50 and steel producer Iscor surged 2,69% or 90 cents to R34,40.
Cellular network operator MTN group, which was under pressure earlier in the weak, strengthened 2,93% or 85 cents at R29,90.
On the financial front, banking group Nedcor bounced 2,66% or R1,60 to R61,70.
Nedcor took merciless punishment earlier in the week after it released disappointing results on Monday and said that it was to raise R5-billion via a rights offer.
London-listed financial services group Old Mutual, Nedcor’s parent company, was up nine cents at R11,67.
On the JSE’s downside, banking group FirstRand fell six cents to R9,10 and Absa was down 20 cents at R46,05.
Niche banking group Investec plc was off 1,23% or R1,70 to R136,30.
Brand management group Barloworld was down 60 cents at R67,30. — I-Net Bridge