The JSE Securities Exchange (JSE) was forging ahead in noon trade on Wednesday as the market positioned itself ahead of the afternoon’s futures close-out. A weaker rand added impetus to the bourse’s ascent.
By 11.58am, the all-share index added 0,94%. Industrials jumped 1,1%, while the financial and banks indices firmed 0,88% and 1,07% respectively. Resources rose 0,79% and the gold-mining index gained 0,51%, but the platinum-mining index lost 0,36%.
The rand was quoted at R5,75 per dollar from R5,73 when the JSE closed on Tuesday, while gold was quoted at $436,40 an ounce from $437,70/oz at the JSE’s last close.
“The market is very strong ahead of the close-out,” a dealer said. “Everyone is saying that the open interest suggests that the market will be up this afternoon and day traders are getting long, gearing themselves up to make profits later.”
He added that the rand had weakened during the course of the day, which had also perked the market up.
He cautioned that if the strength anticipated from the futures close-out did not materialise, the market could be hit by a double whammy on the downside.
In morning trade, London-listed diversified resources group Anglo American added R1,20 to R130,70 and BHP Billiton was 40 cents better at R64,30.
AngloGold Ashanti ticked up R1,20 to R210,95, and Gold Fields gained 70 cents to R74,70, but Harmony dipped 20 cents to R54,50.
AngloPlat lost 1,13% or R2,25 to R196, but Impala improved one rand to R466.
Petrochemicals group Sasol jumped 2,1% or R2,30 to R112.
Swiss-listed luxury goods group Richemont rallied 1,49% or 27 cents to R18,35, and London-listed brewer SABMiller soared 1,32% or R1,20 to R92,30.
Services group Bidvest leaped 1,84% or R1,38 to R76,50.
Steel producer Ispat Iscor surged 3,7% or R2,30 to R64,50.
Cellular network operator MTN Group was up 1,61% or 25 cents at R40,99, while Telkom climbed 1,33% or R1,25 to R95,25.
Furniture group Steinhoff rocketed to 3,13% or 40 cents to R13,20. It earlier traded at a best-to-date R13,25.
Retailer Foschini strengthened 3,01% or R1,11 to R38, and Edcon climbed 1,88% or R5,52 to R299,52, but Massmart slipped 1,57% or 70 cents to R44.
On the financial index, Sanlam was up 1,71% or 21 cents at R12,46. Liberty Group gathered 1,56% or one rand to R65 and Old Mutual picked up 11 cents to R14,66.
Standard Bank was 1,38% or 85 cents in the black at R62,50.
Nedcor, however, weakened 33 cents to R73,51. — I-Net Bridge