The JSE Securities Exchange (JSE) was in positive territory just before midday on Monday, thanks to strong performances by heavyweight resources stocks. However, the gains came on low volumes with just more than R700-million-worth of shares changing hands, less than half the bumper R1,5-billion that traded on Friday morning.
By 11.55am, the all-share and all-share industrial indices were up 0,74% and 0,42% respectively. Resources rose 1,44%, the gold-mining index surged 2,45% and the platinum mining index jumped 1,34%. Financials were flat (+0,02%), and the banks index was 0,27% better.
The rand was quoted at R6,49 per dollar from R6,46 when the JSE closed on Friday, while gold was quoted at $399,25 an ounce from $398,10/oz at the JSE’s last close.
“There was a bit of basket selling when we came in this morning, which knocked the market down, but it has picked up again. The rand has weakened a bit and the gold price is looking spunky,” a dealer said.
He continued that the rest of the market had followed resources higher.
“We are still seeing demand for Anglo, Gold Fields, Harmony, AngloPlat and Impala from across the water,” the dealer added.
He noted that some of these stocks were higher, despite going ex-dividend on Monday.
In morning trade, London-listed diversified miner Anglo American added R1,31 to R144,71, even though it was trading without its 118,01-cent-per-share dividend.
BHP Billiton was 1,98% or R1,20 in the black at R61,80.
Harmony soared 3,42% or R2,61 to R78,90 and Gold Fields gained 1,9% or R1,41 to R75,60. AngloGold Ashanti advanced 2,78% or six rand to R222.
Gold Fields and AngloGold Ashanti on Monday went ex-dividend of 40 cents per share and 170 cents per share respectively.
AngloPlat leaped 2,17% or six rand to R282 and Impala climbed three rand to R535.
On the industrial market, Swiss-listed luxury goods group Richemont rallied 1,41% or 22 cents to R15,82.
London-listed brewer SABMiller strengthened 41 cents to R78,75 and steel giant Iscor surged 1,81% or 76 cents to R42,86. Iscor earlier traded as high as R43,90 — its best since unbundling in November 2001.
Retailer Shoprite was 2,58% or 24 cents stronger at R9,55, while Foschini firmed 2,71% or 60 cents to R22,75.
On the financial front, investment company Remgro dived 5,18% or R4,04 to R73,95 after going ex-dividend of 384 cents per share.
Real-estate company Liberty International plc, which went ex-dividend of 141,11 cents per share, was 1,31% or R1,24 in the red at R93,51.
Banking group Nedcor dropped 4,29% or R2,40 to R53,60 after being downgraded to “Sell” from “Hold” by Investec Securities.
Absa, however, was boosted 2,46% or R1,25 to R52,00.
Standard Bank was up 15 cents at R42,75 and FirstRand was three cents in the black at R9,90.
London-listed financial services group Old Mutual was 1,12% or 13 cents higher at R11,75 and Sanlam strengthened 1,18% or 10 cents to R8,60. — I-Net Bridge