The JSE Securities Exchange was in positive territory in noon trade on Wednesday, buoyed by bargain hunting and firmer global markets. Gold miner Harmony led the market’s downside after gold stocks were knocked in New York overnight.
By 12.01pm, the all share index added 0,6%. The all share industrial index jumped 0,93%, while the financial and banks indices firmed 0,68% and 1,13% respectively.
Resources ticked 0,26% higher, but the gold mining index gave up 1,26% and the platinum mining index weakened 1,38%.
The rand was quoted at 5,96 per dollar from 5,95 when the JSE closed on Tuesday, while gold was quoted at $423,60 a troy ounce from $425,50/oz at the JSE’s last close.
“The market is looking a bit better,” a dealer said. “We’ve had a few down days and are seeing bargain hunting coming in. The Dow was up last night and markets in the Far East were up this morning and our market is taking its cue from there.”
The JSE’s all share index has been down for five out of the last seven trading sessions.
The dealer said that while the morning’s consumer inflation data had come in better than expected, it hadn’t had much effect on the market. The rand failed to react to the data even though it paved the way for further interest rate cuts.
On the resources index, London-listed Anglo American added 54 cents to R138,55 and BHP Billiton was 1,11% or 80 cents better at R73.
Petrochemicals group Sasol strengthened 75 cents to R123,75.
Harmony, however, plunged 3,78% or R1,99 to R50,65 after earlier trading at a worst level since November 2001 of R50. Gold Fields fell 1,01% or 70 cents to R68,80 — off its intraday low of R68. AngloGold Ashanti, which earlier traded as low as R190, was only six cents off its previous closing level at R193.
“Gold stocks were hammered in New York on Tuesday night and the weakness has followed through,” the dealer said. He added that big volumes in Harmony had gone through in New York and this was being reflected locally as well.
AngloPlat lost 1,52% or R3,20 to R206,80 and Impala weakened 1,28% or R6,50 to R502.
On the industrial market, London-listed brewer SABMiller (SAB) bounced 1,48% or R1,30 to R89,30. Swiss-listed luxury goods group Richemont climbed 14 cents to R18,29.
Telecoms group Telkom soared 2,5% or R2,50 to R102,50 and cellular network operator MTN Group rallied 1,3% or 55 cents to R43.
Brand management group Barloworld leaped 2,45% or R2,39 to R100,05 and steel producer Ispat Iscor was 1,69% or 95 cents stronger at R57,30.
Furniture group Steinhoff surged 3,6% or 45 cents to R12,95 and retailer Woolies jumped 2,29% or 24 cents to R10,70.
Aspen Pharmacare rocketed 5,09% or R1,01 rand to R20,85 after earlier trading at a best ever R21,50. Aspen shares soared over 4% on Tuesday after the company said that it had received approval by the US Food and Drug Administration (FDA) for use of certain of the company’s generic anti-retrovirals (ARVs) in the US.
Pulp and paper producer Sappi, however, was 1,4% or R1,10 softer at R77,20.
IT group Datatec dived 5,03% or 45 cents to R8,50. Its intraday low of R8,40 was its weakest since October 2003.
On the financial front, Standard Bank strengthened 1,46% or 90 cents to R62,60, Absa advanced 1,17% or 85 cents to R73,65 and Nedcor rebounded 1,59% or R1,10 to R70,10. FirstRand firmed seven cents to R13,05.
Financial services group Sanlam was up 1,74% or 20 cents at R11,70, while short-term insurer Santam (SNT), its subsidiary, climbed 1.41% or one rand to a lifetime high of R72. – I-Net Bridge