Platinum stocks were one of the few features on the JSE Securities Exchange South Africa (JSE) on Tuesday in a market that was extremely thin due to the public holidays on Monday and Wednesday. Overall, the market was firmer, helped by stronger world markets and a softer rand.
By 11.50am, the all-share and all-share industrial indices were up 0,63% and 0,57% respectively. Resources climbed 0,86%, the platinum mining index jumped 1,42%, but the gold mining index fell 0,4%. Financials were 0,31% in the black, but the banks index was 0,28% in the red.
The rand was quoted at R6,42 per dollar from R6,33 when the JSE closed on Thursday, while gold was quoted at $417,25 an ounce from $420,15/oz at the JSE’s last close. Platinum was quoted at $933,50 an ounce, up more than $25 from when the JSE closed previously.
A dealer said that with holidays on Friday and Monday for Easter and another holiday on Wednesday for the elections, many players had taken Tuesday off and the market was very quiet.
“We have seen good demand for platinum stocks. With London closed on Monday, the platinum price was pushed through the roof in New York on thin volumes,” a dealer said.
The spot platinum price on Tuesday touched a fresh 24-year high of $944,50 an ounce on continued speculative buying.
“Apart from that the market is deadly dull — a number of stocks haven’t even traded. A lot of guys are away and the rest seem to be just biding their time. I think the rest of the week will be a dead loss,” he continued.
“World markets are a bit firmer and we are getting a bit of positive sentiment from there and the weaker rand is helping on the resources side, but there is very little interest in this market at the moment.”
AngloPlat added R2,60 to trade at R277,60, while Impala jumped 1,78% or nine rand to R514.
London-listed diversified resources group Anglo American advanced R1,50 to R157,50 and BHP Billiton was 1,26% or 75 cents better at R60,25.
Synthetic fuels group Sasol strengthened 1,11% or R1,05 to R95,70.
While AngloGold gained R1,45 to R254, Gold Fields gave up 50 cents to R81,50 and Harmony lost 45 cents to R87,45.
On the industrial market, Swiss-listed luxury goods group Richemont rallied 2,34% or 40 cents to R17,50 and London-listed beverages group SABMiller rose 1,06% or 77 cents to R73,50.
Transport and logistics group Imperial improved 1,02% or 70 cents to R69, packaging group Nampak climbed 1,5% or 20 cents to R13,50 and hospital group Netcare strengthened 1,04% or five cents to R4,85.
Telkom was up 70 cents at R84,70 after earlier touching a lifetime high of R86.
However, pulp and paper producer Sappi was 1,25% or R1,10 softer at R86,80 and services group Bidvest weakened 25 cents to R53.
Retailer JD Group dropped 1,21% or 54 cents to R44,26.
On the financial front, London-listed Old Mutual was 1,89% or 18 cents firmer at R12,22 and real estate company Liberty International plc leaped 1,81% or R1,59 to R89,39.
Sanlam surged 1,89% or 18 cents to R9,70. It earlier traded at R9,80 — its best level since January 2002.
Banking group Absa was up 20 cents at R48,40 and Standard Bank was 15 cents lower at R43,15.
FirstRand fell five cents to R10,25, but not before touching R10,45 — its best since July 1998. — I-Net Bridge