The JSE Securities Exchange (JSE) was looking strong in late morning trade on Thursday, led by resources heavyweights Anglo American and BHP Billiton, which were both up in London. Volumes were relatively light and dealers said that the JSE was merely following European markets.
By 11.36, the all-share and all-share industrial indices added 0,72% and 0,62% respectively. Resources rallied 1,23% and the platinum-mining index perked up 1,62%, while the gold-mining index climbed 0,32%. Financials firmed 0,17% and the banks index was 0,2% better.
The rand was quoted at R6,51 per dollar from R6,52 when the JSE closed on Wednesday, while gold was quoted at $418,88 a troy ounce from $417,50/oz at the JSE’s last close.
“The market is nice and strong, although volumes are not all that great,” a dealer said. “European markets are up and I think we are just playing follow-the-leader.”
He noted that Anglo American and BHP Billiton — the JSE’s two heaviest-weighted stocks — were both up strongly in London.
“Both United States and United Kingdom markets are closed on Monday, so we might have a quiet period ahead of that,” the dealer commented.
In morning trade, Anglo American advanced 1,75% or R2,65 to R154,45 and BHP Billiton was 1,37% or R1,04 in the black at R76,95.
Sasol strengthened 1,05% or R1,70 to R163. It subsequently traded at an all-time high of R163,60, fuelled by an increase in the oil price.
While AngloGold Ashanti advanced 2,16% or R4,49 to R212,51 and Gold Fields inched up 16 cents to R69,25, Harmony tumbled 2,68% or R1,30 to R47,20.
Impala Platinum leaped 1,62% or nine rand to R565 and AngloPlat jumped 1,85% or five rand to R276.
“Impala is backing. It has broken R550, which was quite a big chart point, and there is buying on the back of that,” the dealer explained.
On the industrial market, cellular network operator MTN Group strengthened 1,69% or 80 cents to R48,05.
Swiss-listed luxury goods group Richemont was up 16 cents at R20,07.
Diversified industrial Imperial improved 1,36% or R1,37 to R101,80, while Barloworld was 1,11% or 99 cents better at R90,30.
Hospital group Netcare surged 2,84% or 17 cents to a best-to-date R6,16, while Medi-Clinic soared 2,53% or 40 cents to a lifetime high of R16,20.
Retailer Shoprite rallied 1,74% or 25 cents to R14,65 and Pick ‘n Pay strengthened 1,83% or 45 cents to R25,10.
Mittal Steel led decliners, sliding 1,41% or 70 cents to R48,80.
Pulp and paper producer Sappi was 50 cents softer at R63,50.
On the financial front, Liberty International plc touched a record high of R117,75. It was last quoted at R117 — up 40 cents on the day.
London-listed financial services Old Mutual firmed eight cents to R14,23.
Standard Bank climbed 35 cents to R64,75, but FirstRand dipped three cents to R13,87.
Health and life insurer Discovery weakened 22 cents to R22. — I-Net Bridge