The JSE was roaring ahead in noon trade on Thursday, fuelled by soaring precious metals prices. Firmer world markets gave the move added impetus.
By 12.14pm, the all-share index added 1,35%. Resources rallied 2,15%, with the gold- and platinum-mining indices jumping 3,6% and 2,8% respectively. Industrials climbed 0,79%, financials firmed 0,88% and the banks index bounced 1,54%.
The rand was bid at R6,23 per dollar from R6,33 when the JSE closed on Wednesday. Gold was quoted at $579,38 a troy ounce from $565,60/oz at the JSE’s last close, having touched a 25-year high of $580,45/oz.
A dealer said the JSE was being driven by resources.
“Metals prices are very strong and it looks like they are going to go stronger. Gold is at a 25-year high and platinum is at an all-time high. We’ve also got a very strong oil price,” he commented.
He added that firmer world markets were giving the JSE a solid underpin.
Miners were very strong in London and looked set for more gains. It seemed that they had overcome a short period of consolidation.
“The firmer rand has taken a bit of an edge off the market, but not a lot,” the dealer concluded.
On the resources index, London-listed Anglo American advanced 1,32% or R1,70 to R237,69 and BHP Billiton was 1,7% or R1,90 better at R113,91.
Petrochemicals group Sasol strengthened 2,72% or R6,25 to R236.
Harmony Gold surged 5,18% or five rand to R101,50, Gold Fields gained 3,65% or R4,71 to R133,70 and AngloGold Ashanti added 2,15% or seven rand to R332.
Impala Platinum leaped 3,02% or R35,26 to R1 201. AngloPlat strengthened 2,09% or R11,76 to R575,20 and Northam firmed 3,56% or one rand to R29,10.
AngloPlat and Northam earlier traded at record highs of R579 and R29,60 respectively.
London-listed brewer SABMiller led industrials higher, strengthening 1,42% or R1,74 to R124,50.
Telkom rang up 2,13% or R3,43 to R164,70 and MTN Group rose 1,14% or 70 cents to R62.
Media group Naspers was 1,7% or R2,10 in the black at R125,50.
Retailer Edcon climbed 2,4% or 90 cents to R38,40 and New Clicks leaped 3,33% or 35 cents to R10,85.
Food group Tiger Brands was 1,13% or R1,94 higher at R173 after earlier trading at a record high of R173,83.
Sugar producer Tongaat-Hulett leaped 4,36% or R4,01 to R96.
While Swiss-listed luxury-goods group Richemont was 11 cents softer at R30,15, it earlier touched a lifetime high of R30,41.
Financials to firm included investment company Remgro, which rallied 2,09% or R2,80 to R136,80.
Absa advanced 2,79% or R3,20 to R117,95, Standard Bank strengthened 1,94% or R1,64 to R86,30 and Nedbank rebounded 1,32% or R1,70 to R130,20.
Life insurer Sanlam strengthened 1,2% or 20 cents to R16,90, but London-listed Old Mutual eased 15 cents to R21,95. — I-Net Bridge