The JSE was back in the black at midday on Monday helped by a weakening in the rand. Firmer world markets were also helping the bourse, dealers said.
By 12.01pm, the all share and all share industrial indices added 0,65% and 0,45% respectively. Resources rallied 1,12% and the platinum mining index jumped 2,27%. Financials were 0,2% firmer. The gold mining index lost 1,13%, however, and the banks index eased 0,38%.
The rand was bid at 6,13 per dollar from 6,08 when the JSE closed on Friday, while gold was quoted at $569,35 a troy ounce from $569,85/oz at the JSE’s last close.
After breaking through the 20 000 level for the first time to date on Wednesday, the JSE pulled back sharply on Friday due to profit-taking and this
continued at the opening on Monday.
A dealer said that it had been a choppy morning on the JSE. While the bourse had opened lower, it had turned positive after the rand was knocked by South African Deputy President Phumzile Mlambo-Ngcuka’s comments that the currency had strengthened “way beyond desirable levels”.
“When the rand weakened, buyers came streaming in. It was the catalyst that spurred the market,” he commented.
He said that because US markets were down on Friday, players had been tentative at the opening locally. However, with Asian and European markets being up, the JSE was also getting support from this front.
On the JSE’s upside, London-listed diversified resources group Anglo American added 1,81% or R4,14 to R232,70 and BHP Billiton was 1,38% or R1,50 better at R110.
Impala Platinum leaped 2,76% or R29 to R1 081 and AngloPlat advanced 1,71% or nine rand to R535.
AngloGold Ashanti was up R1,20 at R365.
Petrochemicals group Sasol climbed R2,36 to R253,61.
Brand management group Barloworld was bolstered 2,52% or three rand to R122 and hospital group Netcare was 2,69% or 21 cents stronger at R8,01.
Swiss-listed luxury goods group Richemont rose 13 cents to R27,38.
Telkom was up 1,17% or R1,76 at R152,51 after earlier trading at a record high of R153. MTN gained 42 cents to R61,42.
Financial services group Sanlam firmed 1,81% or 29 cents to R16,29, while Liberty Group was 1,91% or R1,64 stronger at R87,30.
Liberty group earlier traded at a lifetime high of R87,60. London-listed Old Mutual climbed 11 cents to R20,40.
Nedbank was 99 cents in the black at R108,99.
On the downside, Gold Fields fell 1,77% or R2,50 to R138,50 and Harmony was 1,25% or R1,39 lower at R110,01.
Retailer Truworths surrenderd 2,05% or 52 cents to R24,83 and services group Bidvest shed 82 cents to R100,30.
Medi-Clinic lost 1,76% or 34 cents to R19.
Entertainment and gaming group Johnnic nosedived 23,24% or R3,30 to R10,90, which was to be expected as it went ex-dividend of three rand per share.
Standard Bank was 1,04% or 85 cents softer at R80,65, while Investec tumbled 2% or R5,90 to R288,60.