The JSE Securities Exchange (JSE) rallied to a new high on Tuesday morning, fuelled by the rand, which broke above the psychological R6 per dollar level. There was no other news to give the bourse direction, dealers said.
By 12.06pm, the all-share index added 0,3% to 13 685,84. It touched a record high of 13 674,360 earlier in the session. Industrials climbed 0,39%. Resources rose 0,57%, with the gold- and platinum-mining indices rallying 1,81% and 1,41% respectively. Financials fell 0,18% and the banks index lost 0,79%.
The rand was quoted at R6,05 per dollar from R5,96 when the JSE closed on Monday, while gold was quoted at $441,60 a troy ounce from $441,53/oz at the JSE’s last close.
“It is purely a rand play,” a dealer said. “There is not a huge amount of volume going through the market. R1,2-billion has traded, which is not that hectic.”
He said that there was no fresh news out to affect the market’s direction.
In morning trade, London-listed diversified resources group Anglo American advanced 1,34% or R1,91 to R144,20.
Gold Fields surged 2,49% or R1,85 to R76,10 and Harmony was up 2,29% or R1,20 to R53,50.
AngloPlat added 1,75% or R3,98 to R231,99 and Impala improved 1,21% or six rand to R501.
Petrochemicals group Sasol, however, surrendered 1,33% or R2,01 to R149,50 after a strong run on Monday.
On the industrial market, Swiss-listed luxury goods group Richemont jumped 1,27% or R1,25 to R19,86. It earlier traded at a highest level since September 2002 of R19,95.
Pulp and paper producer Sappi perked up 1,92% or R1,50 to R79,70 and London-listed brewer SABMiller was 85 cents stronger at R97,85.
Telecoms group Telkom, which earlier traded at a lifetime high of R117, was 1,75% or two rand in the black at R116,50.
Mittal Steel, however, was 50 cents softer at R67.
On the financial index, investment trust Remgro was up 49 cents at R97,50, just 30 cents off its all-time high of R97,80 reached during the morning.
London-listed financial services group Old Mutual climbed 1,2% or 19 cents to R16. Its intraday high of R16,10 was last seen in May 2002.
Real-estate company Liberty International plc was one rand in the black at R112.
Financial services group Sanlam, however, slipped 1,27% or 17 cents to R13,18.
Banking group Absa shed 1,18% or 93 cents to R77,98, Standard Bank slipped 50 cents to R64 and Nedcor weakened 55 cents to R81,25. FirstRand eased four cents to R13,90, while RMB Holdings, its major shareholder, retreated 1,3% or 29 cents to R22,10. — I-Net Bridge