The JSE Securities Exchange (JSE) was firmer at midday on Wednesday, with a softer rand giving heavyweight resources and dual-listed stocks a lift.
By 11.57am, the all-share index added 0,6%. Resources rallied 1,42%, the gold-mining index jumped 2,49% and the platinum-mining index perked up 0,88%. Financials dipped 0,1%, however, and the banks index eased 0,24%.
The rand was quoted at R6,88 per dollar from R6,74 when the JSE closed on Tuesday, while gold was quoted at $417,55 a troy ounce from $415,40/oz at the JSE’s last close.
A softer euro took the rand to R6,895 per dollar — its worst level since May last year — a few minutes earlier. The local unit’s losses were exacerbated when stop losses were triggered through R6,85.
A dealer confirmed that the JSE’s strength was merely a rand play, with resources the primary beneficiary of the currencies weakness.
In morning trade, Anglo American added 1,61% or R2,60 to R163,80 and BHP Billiton was 1,4% or R1,15 better at R83,15.
Gold-miner Harmony leaped 3,62% or R1,80 to R51,50, Gold Fields gained 1,34% or 99 cents to R75 and AngloGold Ashanti advanced 3,32% or R7,51 to R233,50. DRDGold rallied 3,9% or 30 cents to eight rand.
Impala Platinum climbed R4,90 to R575 and AngloPlat added R2,50 to R294,51.
Petrochemicals group Sasol was one rand stronger at R169,10.
Diversified miner Kumba, however, weakened 1,94% or R1,30 to R65,70.
Industrials to gain ground included Swiss-listed luxury goods group Richemont, which rose 2,54% or 52 cents to R21,02. It earlier traded at its best level since August 2002 of R21,15.
London-listed brewer SABMiller, which earlier traded at a record high of R104,98, was 82 cents in the black at R104,20.
Pulp and paper producer Sappi surged 3,66% or R2,40 to R68 and services group Bidvest was up 1,27% or 88 cents at R69,99.
Furniture group Steinhoff rebounded 2,74% or 37 cents to R13,87.
Retailers were under pressure, however, with Woolies weakening 2,02% or 21 cents to R10,20. Edcon retreated 1,13% or three rand to R263 and Mr Price was 1,64% or 20 cents in the red at R11,90.
On the financial front, Standard Bank was 31 cents stronger at R62,25.
Investment bank Investec plc firmed one rand to its best level since September 2001 of R201.
Real-estate company Liberty International plc rose 1,54% or R1,85 to R121,65 — just five cents off its all-time high reached earlier in the day.
Banking group FirstRand, however, fell 1,24% or 17 cents to R13,51 and Nedcor tumbled 2,04% or R1,55 to R74,25. — I-Net Bridge