The JSE all-share index on Monday moved within just over 100 points of an all-time high due to stronger world equity markets, firm metals prices and a weaker rand, equity traders said.
During the course of Monday morning the JSE all-share index climbed to 20Â 211,631 points, the highest level for the JSE since February 2, when the index reached an all-time high of 20Â 314,84 points.
By noon, the all-share index was up 1,8%, while the all-share industrials were 1,79% higher. Resources added 1,83%, the platinum-mining index was 1,21% better and the gold-mining index climbed 1,38%. The financial and banks indices were up 1,68% and 1,31% respectively.
The rand was bid at 6,26 per dollar, from 6,16 from when the JSE closed on Friday, while gold was quoted at $553,60 a troy ounce from $556,10/oz at the JSE’s last close.
“The JSE is running very strongly after being volatile over the past few weeks ahead of the March equity futures close-out. Buying is coming in, as the normal fundamentals are very good with inflation and interest rates low. The JSE, at this stage, is largely tracking the strong international markets, with the Dow Jones having firmly broken above the 11Â 000 point market,” said Afrifocus Securities portfolio manager Ferdi Heyneke.
“If the international markets continue to trade higher, then the JSE should easily move to an all-time high soon. The Dow futures are positive, so there should be more upside to the local market,” he added.
By noon, R2,4-billion in shares had changed hands. Trade on the JSE was expected to be quiet for the rest of Monday as South African financial markets are closed on Tuesday for Human Rights Day.
Global resources group Anglo American was last up R7,81 or 3,5% at R230,01 and BHP Billiton climbed 160c or 1,5% to R109.
In the news, it has been reported that Finnish paper group Stora Enso was said to be considering a $7,9-billion takeover bid of Anglo’s Mondi paper and packaging unit.
Diversified mining group Kumba Resources was last quoted up 36c or 0,4% at R104,36.
Africa’s largest steel maker Mittal Steel South Africa was quoted up 30c or 0,5% at R63,50.
In the industrial sector, cement maker PPC declined 3,75c or 0,9% to R400, brewer SABMiller added R4,37 or 3,6% to R125,23 and logistics group Imperial added 78c or 0,5% to R166,03.
Petrochemicals group Sasol declined by 50c or 0,2% to R230,50.
In the gold sector, AngloGold Ashanti added 1,1% or R3,50 to be quoted at R313,50, Gold Fields gained R2,01 or 1,6% to R126,01 and Harmony Gold was 1,2% or R1,07 higher at R90,07.
Platinum miners were firmer, with Anglo Platinum adding R5,01 or 0,9% to R547,01, Impala Platinum rose R15,11 or 1,3% to R1Â 140,11 and Northam Platinum climbed 20c or 0,8% to R26,35.
During the morning, Aquarius Platinum reached an all-time high of R76 and was last quoted at R75, unchanged from its previous close. — I-Net Bridge