Gold stocks shone on the JSE at midday on Wednesday, boosted by the gold price, which reached a fresh 24-and-a-half year high. With a slightly weaker rand and firmer world markets also helping the local bourse, gains were seen across the board.
By 12pm, the all share index added 0,81%. Resources rallied 1,63%, the gold mining index soared 4,4% and the platinum mining index perked up 0,84%.
Industrials and financials firmed 0,2% and 0,45% respectively, while the banks index was 0,76% better.
The rand was bid at 6,30 per dollar from 6,29 when the JSE closed on Tuesday, while gold was quoted at $511,71 a troy ounce from $505,65/oz at the JSE’s last close. Gold earlier traded at a best level since April 1981 of $514,25/oz.
“The market is looking great. It is gold price driven. The rand is also weakening a bit and together with the gold price, it is giving gold shares a bit of a spurt,” a dealer said.
He added that world markets were also up and gains were being seen across all sectors of the JSE.
He said it had been an active morning’s trade, with massive volumes going through the market.
On the resources index, London-listed Anglo American added 1,.56% or R3,11 to R204,60 and BHP Billiton was 1,34% or R1,31 better at R99,30.
Gold Fields surged 4,73% or R4,56 to R101, AngloGold Ashanti advanced 4.,6% or R13,06 to R287,50 and Harmony (HAR) was 3,4% or R2,80 higher at R79,80.
Junior miner Western Areas rebounded 6,46% or R1,88 to R31.
AngloPlat jumped 2,21% or R9,50 to R439,50.
Kumba bounced 2,27% or R2,25 to R101,25 and petrochemicals group Sasol strengthened 1,11% or R2,30 to R209,10.
On the all share industrial index, media group Naspers notched up 1,82% or two rand to R112 after earlier trading at a record high of R112,50. This follows reports on Tuesday that a consortium led by PSG Group had launched a bid for Keeromstraat 30 Beleggings Beperk, which, if successful, would give the consortium control of 22% of Naspers.
Brand management group Barloworld gained 2,13% or R2,15 to R103,20 and food group Tiger Brands roared ahead 1,81% or R2,54 to R142,95.
Retailer Edcon rose 2,36% or 75 cents to R32,50 and Foschini firmed 2,16% or one rand to R47,25.
London-listed brewer SABMiller, however, eased 79 cents to R115,20.
Telkom weakened one rand to R134.
Entertainment and gaming group Johnnic dived 9,71% or R1,19 to R11,06.
Business Day reported on Wednesday that Hosken Consolidated Investments on Tuesday appeared to crush Johnnic’s two main arguments against the merger of the two companies, hurting Johnnic’s chances of warding off a takeover.
On the financial front, life assurer Sanlam rallied 3,2% or 44 cents to a best ever R14,20.
Standard Bank was 1,12% or 80 cents stronger at R72 and FirstRand firmed 1,12% or 19 cents to R17,09.
Absa added 65 cents to R93,50 and Nedbank was 75 cents in the black at R92,25.
Specialist bank Investec was up 1,15% or R3,08 to R269,98, having traded at a best level since early 2001 of R269,99.
London-listed Old Mutual, however, was 12 cents lower at R17,10. – I-Net Bridge