The JSE was in positive territory at midday on Wednesday, boosted by a softer rand. Gains were seen across the board and advancers outnumbered decliners on the all-share index by three to one.
At noon, the all-share and all-share industrial indices added 0,78% and 0,64% respectively. Resources rose 0,77%, the gold-mining index jumped 1,33% and the platinum-mining index perked up 0,92%. Financials firmed 0,99% and the banks index was 1,63% stronger.
The rand was bid at R6,13 per dollar from R6,09 when the JSE closed on Tuesday, while gold was quoted at $542,25 a troy ounce from $543,45/oz at the JSE’s last close.
“The market is basically up on rand weakness, which has come on the back of a firmer dollar. As a result, we are seeing a big jump in commodity stocks,” a dealer said.
He added that on Tuesday there had been profit-taking in resources stocks. Wednesday’s correction upwards was fairly broad-based.
On the resources index, London-listed resources group Anglo American added R1,20 to R211,30 and BHP Billiton was 95 cents better at R104,90.
Kumba leaped 2,57% or R2,84 to R113,35.
Gold Fields gained 1,17% or R1,36 to R117,80, Harmony was 2,51% or R2,14 higher at R87,50 and AngloGold Ashanti advanced three rand to R328.
AngloPlat was up 1,07% or R4,90 to R463, while Northam surged 3,52% or 70 cents to R20,60. Its intraday high of R20,70 was its strongest since November 2002.
Swiss-listed luxury-goods group Richemont led industrials higher, climbing 1,04% or 28 cents to R27,22.
Cellular network operator MTN Group gained 38 cents to R64,18. While fixed-line operator Telkom was up a modest 50 cents at R148, it earlier touched a record high of R148,20.
Media group Naspers strengthened 1,58% or R1,90 to R122, while Johncom surged 5,08% or three rand to R62, having traded at a highest-to-date R62,50.
Sugar producer Tongaat Hulett jumped 3,05% or R2,54 to R85,90.
Retailer Spar rallied 3,77% or R1,25 to R34,45 and Shoprite was 2,56% or 50 cents stronger at a record high of R20.
Woolies was up 2,24% or 34 cents at R15,50.
London-listed brewer SABMiller, however, dipped 34 cents to R120.
Illovo Sugar was 1,44% or 19 cents softer at R13,05.
Retailer Truworths was down 1,57% or 40 cents to R25,10.
Banks put in a strong showing, with FirstRand firming 2,3% or 44 cents to R19,59 and Standard Bank strengthening 1,55% or R1,26 to R82,51. They earlier traded at record highs of R19,80 and R83,75 respectively.
Absa added 80 cents to R107,35 and Nedbank was 1,46% or R1,50 better at R104,50.
Absa earlier reached a strongest-to-date R109,44, while Nedbank’s intraday high of R105,20 was its best since February 2003.
Health and life insurer Discovery rose 2,09% or 49 cents to R23,94.
Investment company Remgro, which earlier traded at an all-time high of R129, was R1,04 stronger at R127,55. — I-Net Bridge