The JSE Securities Exchange (JSE) was in positive territory in noon trade on Wednesday despite a recovery in the rand. Dealers said that offshore buying was buoying the bourse, which was fairly quiet.
At 11.57am, the all-share and all-share industrial indices were up 0,34% and 0,32% respectively. Resources had climbed 0,55%, while the gold mining index had gained 0,52%. The financial (+0,09%), banks (-0,10%) and platinum mining (-0,02%) indices were flat.
The rand was quoted at R6,18 per dollar from R6,26 when the JSE closed on Tuesday, while gold was quoted at $397,75 an ounce from $390,90/oz at the JSE’s last close.
“It looks like there is a bit of offshore buying coming through. With the rand’s recovery, we had expected some selling, but it hasn’t happened,” a dealer said.
The rand weakened fairly sharply late on Tuesday afternoon when the market was caught short dollars, but recouped its losses on Tuesday morning.
The dealer noted that although the rand was firmer, commodity prices were up, which was lifting mining stocks. Heavyweights Anglo American and BHP Billiton were stronger in London.
Anglo added 80 cents to R125,85, while Billiton was 35 cents better at R55,35.
Gold Fields jumped 1,25% or 79 cents to R63,90 and Harmony was 55 cents higher at R66,10, although AngloGold Ashanti eased 81 cents to R201,20.
Oil and chemicals group Sasol was 60 cents stronger at R97,85.
London-listed beverages group SABMiller strengthened 1,33% or R1,04 to R79,30 and its subsidiary ABI advanced 1,49% or one rand to R68,20.
Services group Bidvest was 1,48% or 80 cents better at R54,70.
Food group Tiger Brands bounced 1,74% or R1,50 to R87,90.
Cellular network operator MTN Group surrendered 25 cents to R28,80 and London-listed IT group Dimension Data dropped three cents to R3,35.
On the financial index, real estate company Liberty International plc leaped 1,66% or R1,45 to R88,70 and investment company Remgro picked up 40 cents to R75,40.
Niche banking group Investec plc was 1,26% or R1,50 in the black at R121.
Liberty group plunged 3,33% or R1,75 to R50,75 and Standard Bank weakened 15 cents to R42,85. — I-Net Bridge