The JSE had bounced into the black by noon on Friday, led by resources heavyweights Anglo American and BHP Billiton, which were up in London. A recovery in the gold price also helped the local bourse.
By 12.01pm, the all-share index added 0,29%. Resources rose 0,7% and the platinum-mining index climbed 0,39%, while the gold-mining index was flattish (-0,04%). Industrials inched 0,11% higher. Financials eased 0,08%, however, while the banks index was 0,38% in the red.
The rand was bid at 5,99 per dollar from 6,05 when the JSE closed on Thursday, while gold was quoted at $622,45 a troy ounce from $615,30/oz at the JSE’s last close. Gold traded at a fresh quarter-century high of $645,80/oz earlier on Thursday before falling prey to profit-taking. It traded as low as $610/oz on Friday morning.
“The market has been quite volatile, but it is better than I thought it would be,” a dealer said.
He noted that the all-share index was above 21 000 again.
“Gold has come back quite snappily, which shows the run is not over yet. It looks like it is going to make another attempt at $650/oz,” he commented. “Shares seem to have found support. Anglo is up strongly in London and Billiton has picked up there too. Impala has also found support.”
The dealer continued that gold stocks were mixed. While they were not out of the woods yet, they could see a better close if the gold price continued to rise. On the whole, the fact that the gold price had rebounded instead of falling further was supporting the market.
On the resources index, Anglo American added 1,51% or R3,90 to R261,50 and BHP Billiton was 85c stronger at R124,75.
AngloPlat added R4,96 to R565 and Impala improved R3,01 to R1 113.
AngloGold Ashanti was R1,53 higher at R321,52 but Harmony was down 40c at R99,20, Gold Fields was a marginal 4c lower at R148,21.
On the all-share industrial index, Swiss-listed luxury goods group Richemont was 1c in the red at R30,50, although it earlier traded at a record high of R30,79.
The dealer said that Richemont was boosted by good numbers from LVMH.
London-listed brewer SABMiller strengthened 75c to R127,25.
Food group Tiger Brands firmed 1,34% or R2,26 to R171,01.
Hospital group Netcare was a feature following its cautionary announcement released at the opening in which it said it was in talks which, if successful, could have a material effect on its share price. Netcare shares were up 3,93% or 35c higher at R9,25 after trading as high as R9,40.
Mittal Steel, however, slid 2,59% or R1,80 to R67,70.
Telkom lost 1,42% or R2 to R139 and media group Naspers surrendered 1,85% or R2,50 to R133.
On the financial index, investment company Remgro rallied 1,58% or R2,06 to R132,26.
Niche banking group Investec, which earlier jumped to an all-time high of R346,50, was 1,11% or R3,78 in the black at R344.
Sanlam, however, slumped 3,05% or 50c to R15,85 after going ex-dividend of 65c per share.
Banking group Absa gave up 70c to R123,30 and RMB Holdings retreated 26c to R29,33. — I-Net Bridge