It was a tussle between resources and industrials in late morning trade on the JSE Friday, with resource counters winning the battle for now as heavyweights Anglo and BHP Billiton held sway.
By 12.10pm on Friday, the all share index was up 0,63% with resources up a healthy 0,86% and banks gaining 1,50%. Industrials, however, were up just 0,17%. Financials added 0,72%, while gold advanced 0,54% and platinum 0,21%.
The rand was bid at 7,54 per dollar from 7,58 when the JSE closed on Thursday, while gold was quoted at $577,15 a troy ounce from $577,27/oz at the JSE’s last close.
“We are being driven by Anglo and Billiton. Industrials are under pressure, which is to be expected on the rate hike,” said head trader from Nedbank Capital markets Arthur Buchner.
“Resources are stronger — and this is probably a recovery after they were sold down,” he added.
“Basically the story is resources up and industrials down,” concluded Buchner.
Among resources, benchmark stock Anglo American was up 0,61%, or R2,03, to R334, while BHP Billiton was 1,61%, or 219 cents firmer, at R138,27. Sasol advanced 1,13%, or R2,75, to R247.
Among gold counters AngloGold Ashanti was up R2,50 to R289.
AngloPlat was up by R1,95 to R797,95 while Impala Platinum collected R2,44 to R1 290,44.
Among industrial counters, SABMiller was 0,25%, or 36 cents, stronger at R146,20.
Among other industrial counters, Barloworld was down R1,72 to R135. Tongaat-Hulett was 202 cents firmer at R93,50.
Richemont lost 48 cents to R37,10. – I-Net Bridge