The JSE Securities Exchange South Africa was in positive territory in noon trade on Wednesday, helped by a weakening in the rand.
By 12h14, the all share and all share industrial indices were up 0,57% and 0,66% respectively. The resources and gold mining indices both rose 0,83% and the platinum mining index jumped 1,58%. Financials inched 0,14% higher, while the banks index was flat (-0,05%).
The rand was quoted at 6,49 per dollar from 6,45 when the JSE closed on Tuesday, while gold was quoted at $407,60 an ounce from $408,10/oz at the JSE’s last close.
“The rand has given the market a bit of a lift. The Reserve Bank’s quarterly bulletin has left some people thinking that rates could be cut again and offshore banks have been selling the rand,” a dealer said.
Currency traders said that a weakening in the euro had contributed to the rand’s weakness.
In morning trade, London-listed diversified miner Anglo American added 1,12% or R1,69 to R152. BHP Billiton ticked up 20 cents to R65,35.
Gold Fields surged 2,01% or R1,66 to R84,30.
Impala Platinum leaped 2,17% or R11 to R517,50 and AngloPlat advanced 1,08% or three rand to R281.
“We have seen a nice bounce in Impala. We have seen a big selling order over the last couple of days and it went ex-dividend of R16 on Friday. There has been negative sentiment about that stock, but I think the move weaker was overdone,” the dealer commented.
On the industrial market, Swiss-listed luxury goods group Richemont rallied 1,57% or 28 cents to R18,06. London-listed brewer SABMiller strengthened 1,58% or R1,30 to R83,40.
Steel producer Ispat Iscor soared 3,05% or R1,39 to R47 and media group Naspers surged 1,38% or 69 cents to R50,75.
Transport and logistics group Imperial was up 1,23% or 99 cents at R81,50 after earlier trading at a lifetime high of R81,80.
Other industrials to touch lifetime highs on Wednesday included retailers Edcon and Truworths and Pick ‘n Pay.
Edcon was last quoted 2,65% or R4,97 at R192,47 after earlier trading at R193,50.
Pick ‘n Pay climbed 1,98% or 39 cents to R20,10 and Truworths was unchanged at R12,80 after earlier trading at R12,90.
Standard Bank touched a lifetime high of R49,10 but surrendered its gains to trade flat at R48,80.
FirstRand was five cents firmer at R11,85.
London-listed Old Mutual picked up seven cents to R12,82 and Liberty Group gained 1% or 55 cents to R55,30.
Banking group Absa, which has been enjoying a phenomenal run on speculation that it is the target of a foreign takeover, was 45 cents in the red at R60,80.
Cellular network operator MTN Group surrendered 19 cents to R31,80 and Telkom (TKG) was 39 cents in the red at 74.60 rand. – I-Net Bridge