The JSE Securities Exchange was ensconced in firm territory, with the exception of gold shares, just after noon on Wednesday as the rand faltered off the day’s stronger levels. The positive close on United States markets overnight and the gains on European bourses assisted the JSE’s rise.
At 12.07pm the all-share index was 0,62% stronger, the all-share industrial index added 0,88%, the financial index was 1,02% higher, the resources index inched up 0,15%, the platinum index had gained 1,25% and the banks index was 1,36% to the good. The gold mining index, however, was 1,36% weaker.
The rand was quoted at R6,42 a dollar from R6,41 when the JSE closed on Tuesday and an intraday best level of R6,3350, while gold was quoted at $395,30 an ounce from $396,30/oz at the JSE’s last close.
“The JSE is taking cheer from the sharp pullback in the rand, which has weakened from this morning’s better levels. This is giving impetus to rand sensitive counters, while the strong oil price is also aiding the cause of the bourse,” a dealer said. He added that activity had been relatively subdued thus far.
AFP reports that crude oil prices surged $2,45 to a record closing price of $42,33 a barrel in New York on Tuesday as a weekend attack in oil kingpin Saudi Arabia stoked fears of turmoil in the world’s largest exporter. However, prices have since come off the boil as Saudi Arabia vows to boost output.
Dual-listed counters Richemont and Anglo American dominated the upside of the all-share index, with the luxury goods group jumping 2,80% or 46 cents to R16,86 while Anglo rose 70 cents to R137,00.
Synthetic fuels group Sasol was R1,00 firmer at R102,80 after trading as high as R104,40 earlier in the day.
Platinum counters were also adding to the upward momentum, with Impala 2,08% or R10,00 stronger at R490,00 while AngloPlat ticked up 50 cents to R244,50.
Among telecommunications stocks MTN Group soared 1,65% or 50 cents to R30,85 and Telkom rose 1,15% or 90 cents to R79,50.
Standard Bank was the one of the best performers on the banking front, adding 1,31% or 55 cents to R42,66.
Absa gained 1,67% or 80 cents to R48,60, FirstRand added eight cents to R10,18 and Nedcor was 1,58% or 99 cents better at R63,50.
Old Mutual was 1,24% or 14 cents stronger at R11,44 and Sanlam jumped 1,46% or 13 cents to R9,03.
Losses in gold counters capped overall gains on the JSE.
Harmony fell 1,97% or R1,50 to R74,60, Gold Fields lost 1,41% or R1,06 to R74,24 and AngloGold Ashanti slipped R2,01 to R223,00. — I-Net Bridge