The JSE’s all-share index was looking strong in noon trade on Wednesday after breaking above the 21 000 level for the first time in opening trade. The bourse was supported by global markets and commodity prices, and the negative effect of a stronger rand was minimal.
At 11.58am the all-share index was up 0,65% at 21 082,54 after earlier touching a record high of 21 150,189. Resources rose 0,5% and the gold-mining index jumped 1,31%. Industrials and financials firmed 0,75% and 0,71% and the banks index was 0,29% better. The platinum-mining index tumbled 2,07%, however.
The rand was bid at R5,96 per dollar from R6,02 when the JSE closed on Tuesday, while gold was quoted at $624,75 a troy ounce from $617,45/oz at the JSE’s last close. It earlier traded at a fresh quarter-century high of $624,96/oz.
A dealer said that almost all the cards were stacked in the JSE’s favour.
“The Dow was up 194 points, Eastern markets were all up and in Europe all the markets are up. On the back of that, we are firmer,” he said.
“All the metals skyrocketed when the dollar weakened overnight after the Fed minutes suggested rate hikes might be coming to an end in the [United] States,” he continued. “Oil is spiking as well and that has benefited Sasol and Billiton.”
On the JSE’s upside, BHP Billiton shares were 99 cents better at R126,35 after earlier trading at a lifetime high of R128,15. Anglo American added R1,63 to R259,50.
Sasol, a petrochemicals group, was R1,97 stronger at R251,97.
Harmony Gold jumped 2,52% or R2,48 to R100,98, Gold Fields gained R1,29 to R149 and AngloGold Ashanti advanced three rand to R322.
Swiss-listed luxury-goods group Richemont rallied 2,2% or 64 cents to R29,73 and London-listed brewer SABMiller climbed 84 cents to R124,84.
Services group Bidvest strengthened 1,41% or R1,55 to R111,45.
Mittal Steel leaped 3,46% or R2,35 to R70,36.
Cellular network operator MTN Group bounced 1,66% or 97 cents to R59,27.
Construction company Group Five jumped 3,97% or R1,15 to R30,15.
Retailer Ellerine soared 4,52% or R3,98 to R92. It traded at a record high of R92,35 after it said in a trading update that it expects its headline earnings per share for the six months ended February 28 to be 45% to 55% higher than those of the prior comparative period. Headline earnings will be 135% to 145% higher.
Investment company Remgro rose 1,81% or R2,30 to R129,30.
Banking group FirstRand firmed 19 cents to R20,34 and London-listed financial services group Old Mutual firmed 1,18% or 25 cents to R21,40.
Liberty Group gained 1,73% or R1,41 to R82,71.
On the JSE’s downside, Impala Platinum slumped 2,55% or R29 to R1 108 and AngloPlat slid 1,81% or R10,85 to R588.
Telkom was R1,07 softer at R141,93. The dealer said that Morgan Stanley had lowered its recommendation on Telkom to “underweight” from “equal-weight”.
Food group Tiger Brands shed R1,19 to R171,31 and pharmaceutical company Aspen tumbled 2,06% or 90 cents to R42,75.
Standard Bank dipped 10 cents to R87,90. — I-Net Bridge