The JSE was higher across the board in noon trade on Monday, as most sectors experienced short covering after last week’s losses.
By noon, the all-share index was up 1,40%, led by a 2,39% jump in the gold-mining index, a 2,64% climb in the platinum-mining index and a 1,81% firmer resources index. Industrials advanced 1,15%, while financials garnered 1,17% and banks collected 2,16%.
The rand was bid at R6,61 per dollar from R6,62 when the JSE closed on Friday, while gold was quoted at $464,15 a troy ounce from $461,10/oz at the JSE’s last close.
“We are seeing a bit of a bounce this morning after last week’s selling, which was a bit overdone. The recovery is being led by gold and resources shares,” said a trader.
He added that there was some buying interest coming back into the market.
Among resources, Anglo American was up R2,60, or 1,46%, to R180,35, while BHP Billiton collected R1,65, or 1,8%, to R93,30.
Petrochemicals group Sasol jumped 1,72%, or R3,52, to R208,52.
Among gold counters, AngloGold Ashanti was up R4,20, or 1,6%, to R269, while Gold Fields was R2,50, or 2,9%, better at R89,10.
Harmony added 3,41%, or R2,25, to R68,25.
Among platinum counters, Anglo Plat was up 3,83%, or R13,50, to R366 and Impala was up 2%, or R14, to R712.
In the industrial sector, brand-management group Barloworld jumped four rand, or 3,79%, to R109,50, while SABMiller was up R1,59, or 1,37%, to R117,40.
Among banks and financial counters, Firstrand was up 50 cents, or 3,29%, to R15,70, while Standard Bank added 95 cents, or 1,4%, to R68,35.
Absa, which earlier said that it expected growth in headline earnings per share and earnings per share for the six months ended September 30 to be “slightly in excess of 20%”, was up R1,55, or 1,8%, at R86,55.
The share price of Metropolitan Holdings, South Africa’s fifth-largest life insurer, rose 3,9% or 40 cents to R10,60, following weekend news that the group had been named as the preferred bidder for two government medical-scheme contracts. — I-Net Bridge