The JSE Securities Exchange (JSE) was up more than 1% in midday trade on Monday as commodity prices recovered from Thursday’s sell-off following China’s and India’s surprise rate hikes.
At noon, the all-share index was up 1,04%, while the industrial index was 0,58% better. Resources soared by 1,74%, and the gold-mining index was up 1,73% amid a firmer bullion price. The financial and banks indices were up 0,67% and 1,08% respectively. The platinum index was up 1,19%.
The rand was quoted at R6,14 per dollar from R6,15 when the JSE closed on Friday, while gold was quoted at $428,00 an ounce from $425,40/oz at the JSE’s last close.
“We are up over 1% on the back of a recovery in commodity prices. I think the pace of the recovery is too fast, but at least we will be rich for a day,” said a trader.
Gold Fields firmed 149 cents or 1,73% to R87,50 and Harmony rose 140 cents or 1,96% to R72,85.
Among resources, London-listed Anglo American was up 270 cents or 2,02% to R136,60, while BHP Billiton advanced 132 cents or 2,12% to R63,55.
On the industrial market, Sappi was up 110 cents to R89,10, while Sasol firmed by 125 cents to R122,75.
MTN was the highest-value traded share even though the share price was the same at R33,30. Telkom was the fifth-highest value traded with the share price steady at R86,70.
In Tokyo on Monday, Japanese share prices closed broadly lower on caution ahead of the outcome of Tuesday’s United States presidential election, dealers said.
New terrorist threats also prompted caution, following the airing on Friday of a videotaped message from al-Qaeda leader Osama bin Laden, warning that the US may be attacked again, they said.
The Nikkei 225 Stock Average closed down 36,71 points, or 0,3%, at 10 734,71, above its intra-day low of 10 690,95. — I-Net Bridge