After posting gains of 1% on Thursday and ending on a fresh closing high of 22Â 491 points, the resources sector continued to weave its magic for the market by midday on Friday as the 22Â 612 level was struck. The JSE’s all share index has now surpassed the previous record trading high of 22Â 549,01 set on September 5.
By 11.51am, the all share index was up 0,54%, thanks to a 0,91% jump in the resources index. The gold mining index, however, was down 0,57%, while the platinum mining index was 0,32% firmer. The banking index added 0,05%, and the financial index was up 0,39%, while the industrial index was slightly healthier, up 0,09%.
The rand was bid at 7,7418 per dollar from 7,6858 when the JSE closed on Thursday, while gold was quoted at $601,85 a troy ounce from $604,02/oz at the JSE’s last close.
“It was resources again today, with Anglo flying. After the crude sell-off last week Sasol has rebounded and Billiton is also advancing again,” said portfolio manager and equity trader from PSG Online Rigardt Maartens.
“The rand was disastrous at 7,74 to the dollar and this played a big role,” he added.
“We also had the money supply and credit extension data and the PPI yesterday [Thursday] was terrible,” added Maartens.
“After the PPI data on Thursday banks came down, but the market was so strong on the futures side it pulled everything up,” concluded Maartens.
In early trade in resources stocks, Anglo American was up R2,50 at R329,50, but by midday it had added to this to be up by R4,60 to R331,60. This comes after Anglo surged by R9,99 on Thursday.
Petrochemicals group Sasol was the other leading light once again, adding 1,24%, or R3,16, to R258,66, after being at R256,90 in early trade.
Of the other resources counters BHP Billiton gained R1,44 to R135,35.
Gold counters were weaker across the board with Harmony down the most by R1,50 to R101,50.
After recording a loss on Thursday, steel company Highveld managed to head north by 1,34% to R65,99, but Mittal was down 0,48% at R80,61.
Among industrials, global brewing giant SABMiller was down 1,53%, or R2,25, to R144,40.
Luxury goods group Richemont perked up as it gained 1,05% to R37,36.
Platinum counters were mixed, with AngloPlat at R800,15, up R8,14 and Impala Platinum down R6,71 to R1Â 323,29.
MTN was among the five most active shares by value traded and moved up R1,50 to R62,95.
Among financials London listed Old Mutual was 22 cents stronger at R24,16, while Liberty International advanced 2,06% to R179.
Among the banks Nedbank gained 60 cents to R114,60, while Standard Bank rose slightly by two cents to R77,72.
AFX reports the Dow Jones industrial average reached a milestone on Thursday in Wall Street’s nearly seven-year recovery from corporate upheaval, economic recession and terrorism, briefly trading above its record high close of 11Â 722,98 set on Janusary 14 2000.
The Dow rose 29,21, or 0,25% to 11Â 718,45. It has yet to reach its trading high of 11Â 750,28, also set on January 14 2000. – I-Net Bridge