The JSE was looking to snap its three-day losing streak on Monday with a recovery in precious-metals prices lifting resources stocks. News was a little on the sparse side and dealers said that the market was quiet.
By 11.48am, the all-share index added 0,65%. Resources rallied 1,51%, the platinum-mining index surged 4,04% and the gold-mining index jumped 2,82%. Industrials inched 0,1% higher, but the financial and banks indices dipped 0,06% and 0,16% respectively.
The rand was bid at 7,27 per dollar, little changed from when the JSE closed on Friday, while gold was quoted at $624,45 a troy ounce from $619,20/oz at the JSE’s last close. Platinum was quoted at $1Â 266,50/oz, up $83,50 from Friday’s overnight close.
“The market is very quiet,” a dealer said. “We’ve had a pick up in precious metals prices so gold and platinum stocks are looking better.”
He continued that Monday morning had seen Kumba Iron Ore unbundled from Kumba Resources and this had been received well.
Other than that, it had been an uneventful morning’s trade.
On the resources index, petrochemicals group Sasol strengthened 2,66% or R6,25 to R241,25.
London-listed Anglo American added R2,31 to R329,06 and BHP Billiton was 64c better at R131,95.
AngloPlat soared 4,85% or R36 to R778 and Impala leaped 3,93% or R6,25 to R165,25.
AngloGold Ashanti advanced 2,81% or R8,49 to R311, Gold Fields gained 2,35% or R2,80 to R122,20 and Harmony was 2,9% or R3,06 higher at R108,62.
Kumba Iron Ore was quoted at R106, while Kumba Resources was quoted at R50,51, making a total of R156,51. Kumba Resources closed at R156 on Friday. It also went ex-dividend of 185c per share on Monday.
Kumba Iron Ore traded as high as R118 in early trade.
Among industrials, brand management group Barloworld was up 1,83% or R2,56 at R142,56 after reporting a 32% increase in headline earnings per share to 1Â 171 cents for the year ended September from 888c a year ago.
A final dividend of 450c per share was declared, up from 325c a year ago, making a total dividend of 600c — up 32% from the previous year’s 455c.
Cellular network operator MTN Group rose 1,38% or 97c to R71,02.
Illovo Sugar improved 1,74% or 30c to R17,50.
Retailer Massmart rang up 2% or R1,25 to R63,85.
However, Swiss-listed luxury goods group Richemont retreated 17c to R38,20 and London-listed brewer SABMiller surrendered 1% or R1,50 to R148,50.
On the financial front, investment bank Brait dropped 3,36% or 80c to R23 after going ex-dividend of 59,4c per share.
Investec lost 1,22% or 98c to R79,26.
Nedbank was off 71c at R121,30 and RMB Holdings slipped 1,03% or 30c to R28,90.
Financial services group Sanlam, on the other hand, ticked up 6c to R17,58, while Liberty Group was 40c in the black at R74,10. — I-Net Bridge