The JSE was higher at midday on Friday on the back of resources stocks, especially gold shares, as well as the weaker rand, equity brokers said.
By 11.51am, the all share index had added 0,24%. Industrials declined 0,31% and financials fell 0,68% while the banks index was 1,25% in the red. Resources added 1,35%, the platinum mining index climbed 0,72% and the gold mining index leaped 2,14%.
The rand was bid at 6,34 per dollar from 6.31 when the JSE closed on Thursday, while gold was quoted at $523,20/oz from $515,25/oz at the JSE’s last close.
“After a number of big volume days, the JSE is a lot quieter today. The market is higher on the weaker rand as well as gold and resources. I also think that the market is positioning ahead of next week’s December equity futures close out on Thursday,” a Johannesburg broker said.
AngloGold Ashanti and Gold Fields both touched long-term highs.
AngloGold Ashanti was last quoted at R303 a share, up seven rand or 2,4% from the share’s previous close, while Gold Fields was quoted at R107,50, up R2,75 or 2,6%.
In the rest of the gold sector, Harmony Gold was quoted at R85,55, up 80 cents or 0,9%, and Western Areas was last at R34,06, up R2,06 or 6,4% from the stock’s previous close.
The spot price of Brent crude oil was last quoted at $59,02 a barrel, up $0,35 from the Thursday’s close.
Petrochemicals group Sasol was last quoted at R212, up 1,3% or R2,61.
In the resources sector, global resources group BHP Billiton was quoted at R99, up R1,10 or 1,12%, while Anglo American last traded at R207,25, up R3,05 or 1,5%.
African steel maker Mittal Steel South Africa was last quoted at R59, down 120 cents or 2%.
Shares in industrial and food AVI fell 2,6% after the group issued a disappointing trading statement for the first five months of its 2006 financial year.
AVI’s shares were last quoted at R15,25, down 2,6% or down 40 cents.
“AVI’s trading statement disappointed the market,” a Johannesburg broker said.
Earlier on Friday, AVI announced that its revenue for the five months to November had increased by 14% to R2,386-billion from R2,089 billion in the previous comparative period.
Revenue from AVI’s food brands increased by 7,2% to R2,001-billion from R1,866-billion, while revenue from semi-durable brands rose 67% to R373-million from R223-million.
On a like-for-like basis, excluding the turnover of A&D Spitz, which was acquired in July 2005, growth in group sales was 7,1%, AVI said.
Improvements in turnover were achieved in all the material brands of the group and in particular, National Brands and Spitz performed above expectations, AVI said.
Fishing operation I&J had seen a decline in earnings due to low catch rates and the prevalence of small fish in the South African hake fishery, the company added.
Platinum miner Aquarius, retailer Foschini, insurer Old Mutual, media company Caxton, sugar group Illovo, all touched long-term highs on Friday. – I-Net Bridge