The JSE reached another record high just after noon on Wednesday boosted by stronger world markets, a higher gold price and confidence in South African equities.
At 12.04pm, the all-share index was up 0,51% at a lifetime high of 19 113,92. Resources rallied 1,12%, with the gold- and platinum-mining indices jumping 1,48% and 1,59% respectively. Industrials climbed 0,32%. Financials were flat, however, while the banks index fell 0,33%.
The rand was bid at R6,01 per dollar from R6,02 when the JSE closed on Tuesday, while gold was quoted at $562,47 a troy ounce from $557,08/oz at the JSE’s last close.
“The market is very strong. It took a bit of a hiding early last week, but for the last few days we’ve seen buyers coming in. Guys are gaining confidence,” a dealer said.
He said players were climbing into single stocks futures, which had been the big play over the past six months. Strength was filtering through from there to the cash market.
The dealer continued that positive international markets were also helping the JSE.
While a higher gold price was boosting gold shares, its effect was to an extent being mitigated by a slightly stronger rand. He noted that gold quarterlies, which kick off on Thursday when Gold Fields reports, are also expected to be good.
On the resources index, global resources group BHP Billiton was 1,35% or R1,47 better at R110,47, while Anglo American added R1,81 to R216,46.
Iron-ore miner Kumba bounced 1,47% or R1,69 to R116,69 and petrochemicals group Sasol climbed R1,30 to R232,30.
Gold Fields leaped 2,48% or R3,10 to a three-year high of R128, AngloGold Ashanti added 1,31% or R4,50 to R348,50, and Harmony was 52 cents higher at R97,50.
Harmony’s intraday high of R97,60 was its best since April 2004, while AngloGold Ashanti traded at a lifetime high of R349.
AngloPlat was up 1,33% or six rand at R456 and Impala firmed 1,89% or R17,99 to R969.
Platinum was quoted at an all-time high of $1 056/oz.
Mittal Steel leaped 2,21% or R1,40 to R64,65.
Brand-management group Barloworld was 1,33% or R1,50 better at R114 and London-listed brewer SABMiller strengthened 1,15% or R1,42 to R124,95.
Hospital group Netcare rose 1,48% or 12 cents to R8,22.
Construction and engineering group Aveng advanced 2,58% or 51 cents to R20,26.
Tile retailer Italtile was up 1,69% or three rand at a lifetime high of R180. Italtile said before the opening that for the six months ended December, it expects to report a rise in headline earnings per share of between 19% and 21% from the comparative period in the prior year.
Fashion retailer Foschini, however, fell 1,92% or R1,10 to R56,25.
Construction company Group 5 surrendered 1,2% or 30 cents to R24,70.
Food group Tiger Brands eased one rand to R161,50.
Health and life assurer Discovery surged 5,21% or R1,25 to R25,25. It traded at an intraday high of R25,75 on news that UBS, which started coverage on the stock, had out a target price of R29 on it.
Life assurer Liberty Group climbed 60 cents to R85.
Standard Bank, however, slipped 40 cents to R82 and Nedbank weakened 74 cents to R106,75. RMB Holdings was 1,42% or 42 cents in the red at R29,15. — I-Net Bridge