The JSE was firmer in noon trade on Tuesday, with platinum stocks flying, fuelled by a higher platinum price and weaker rand. The underlying picture was a mixed one, however, and on the all-share index decliners slightly outnumbered advancers.
By 11.59am, the all-share index added 0,68%. Resources rallied 1,71% and the platinum-mining index soared 5,72%, but the gold-mining index surrendered 0,8%. Industrials (+0,05%) and financials (-0,06%) were flattish, while the banks index was 0,84% in the red.
The rand was bid at 7,03 per dollar from 6,97 when the JSE closed on Monday, while gold was quoted at $571,20 a troy ounce from $572,45/oz at the JSE’s last close. At $1 162/oz, platinum was up $21 from its level at the JSE’s last close.
“The market is rallying on commodity prices finding their feet and the currency weakening,” a dealer said.
He added that platinum stocks were being boosted by a combination of the weaker rand and a higher platinum price, but with the bullion price flat, gold stocks were not getting carried away.
“We are seeing emerging markets lower and there is more a smell of short covering than a genuine bull market. Other than plats, I think the gains in the rest of the market have been overdone and it could come lower later in the day,” the dealer concluded.
In morning trade, AngloPlat surged 6% or R36 to R636, Impala leaped 5,57% or R58 to R1 099 and Northam jumped 5% or R1,50 to R31,50.
London-listed diversified resources group Anglo American advanced 3,17% or R8,10 to R263,45, but BHP Billiton dipped 41c to R122,83.
Petrochemicals group Sasol strengthened 1,69% or R4 to R241 and coal and iron ore miner Kumba picked up 2,38% or R2,55 to R109,85.
AngloGold Ashanti slipped 1,84% or R5,48 to R292,51, while Harmony weakened 70c to R89,30.
On the all-share industrial index, Swiss-listed luxury goods group Richemont climbed 25c to R30, while London-listed brewer SABMiller was 63c better at R125,51.
Mittal Steel was 2,07% or R1,37 stronger at R67,51.
Services group Bidvest was up 1,8% or R1,80 to R101,90, while transport and logistics group Imperial lost 1,13% or R1,68 to R146,52.
Generic medicine manufacturer Aspen tumbled 2,87% or R1,04 to R35,15.
After a strong day on Monday, retailer Shoprite tumbled 2,5% or 61c to R23,80.
Edcon slumped 3,27% or R1,06 to R31,34.
On the financial front, Liberty Group leaped 3,96% or R2,85 to R74,85.
Sanlam was 1,5% or 22c up to R14,89 and London-listed Old Mutual firmed 1,35% or 28c to R21.
Standard Bank, however, slipped 1,3% or R1,04 to R78,95 and Absa was off 1,26% or R1,39 to R108,61.
Specialist bank Investec was 1,2% or R4 in the red at R329,50. — I-Net Bridge