The JSE was firmer just before noon on Friday as players looked to pick up stock following Thursday’s pullback. The gains came on light volumes, however.
By 11.55am, the all-share and all-share industrial indices added 0,52% and 0,54% respectively. Financials climbed 0,38% and the banks index gained 0,56%. Resources rose 0,6% and the gold-mining index jumped 1,59%, but the platinum-mining index lost 0,32%.
The rand was bid at R6,30 per dollar, little changed from when the JSE closed on Friday, while gold was quoted at $446,74 a troy ounce from $447,85/oz at the JSE’s last close.
“It has been a desperately slow day,” a dealer said.
He added that volumes had been thin and there wasn’t even much activity from futures players. Futures activity in the run-up to next Thursday’s close-out has been dominating trade in recent days.
“There is a bit of an underpin from yesterday’s sell-off — guys just picking up a bit of value — but it is just a typical lacklustre Friday,” he commented.
The dealer said that one of the main reasons the JSE was up was a push on commodity stocks. However, with the rand remaining relatively strong and commodity prices looking drifty, the market could come under pressure in the afternoon.
On the resources index, Anglo American advanced 74 cents to R166,99 and BHP Billiton strengthened 49 cents to R94,59.
Petrochemicals group Sasol climbed R1,80 to R223,70.
Harmony Gold leaped 2,96% or R1,49 to R51,90 and AngloGold Ashanti advanced 1,72% or four rand to R236. Gold Fields gained 45 cents to R73,70.
Iron-ore miner Kumba was up 2,75% or R2,30 at R86 after earlier reaching a lifetime high of R87. Kumba said on Friday it had signed a renewal of the Kipushi Joint Venture agreement with Adastra Minerals of Canada on the potential redevelopment of the Kipushi zinc/copper mine, which is located in the south of the Democratic Republic of Congo, 30km south-west of Lubumbashi, adjacent to the Zambian border.
Impala Platinum perked up R4,79 to R700, but AngloPlat slipped 2,06% or R6,49 to R308.
Impala’s intraday high of R705 was its strongest since April 2002.
Swiss-listed luxury goods group Richemont led industrials higher, rising 1% or 25 cents to R25,20.
Pulp and paper producer Sappi surged 2,72% or two rand to R75,50.
Brand-management group Barloworld was 1,51% or R1,60 better at R107,60.
Food group Tiger Brands was 1,75% or R2,40 firmer at R139,40 after earlier reaching a record high of R139,80.
Another share to break new ground was cement producer PPC, which traded at R289. It was last quoted 1,59% or R4,51 in the black at R288.
Retailer Woolies, which traded at a strongest-to-date R12,42, was up 1,97% or 24 cents at R12,40.
On the downside, cellular network operator MTN Group gave up 40 cents to R47,59.
Mittal Steel was 20 cents softer at R52 and media group Naspers slipped 1,11% or R1,19 to R106.
On the financial index, investment company Remgro rallied 1,75% or R1,90 to R110,70.
Nedbank notched up 65 cents to R92,80, FirstRand firmed 10 cents to R16,50 and Standard Bank strengthened 40 cents to R71,20.
London-listed financial services group Old Mutual eased four cents to R16,31.
Health and life insurer Discovery surrendered 11 cents to R22,80 after its strong showing on Thursday. — I-Net Bridge