The JSE was in positive territory a few moments before noon on Monday, pushed by buying ahead of Thursday’s futures close-out. But dealers said the volumes remained thin as most players were already away on the Christmas break.
At 11.55am, the all share index added 0,44% thanks to a 1,15% gain in industrials. The banks and financial indices gained 1,56% and 0,42% respectively. The gold mining index advanced 1,08% while the platinum mining index was up 0,72%. However, resources weakened 0,18%.
The rand was bid at 6,9965 per dollar, unchanged from when the JSE closed on Friday, while gold was last at $618,05 an ounce, around $8 weaker than the $624,30 it was at at the JSE’s last close.
“The market is pretty steady. We moved up quite a bit in a build up to Thursday’s futures’ closeout,” a local dealer said.
He added that the market, although quiet as judged by the thin volumes, would be pushed up in the next few days ahead of Thursday’s futures close-out.
“The volumes are relatively slow. But we should a get a push later this week,” the trader said.
London-listed resources giant Anglo American was off R1,21 to R342,99 and BHP Billiton weakened R1,29 to R130,70.
Among gold counters, AngloGold Ashanti gained 40 cents to R325,40, Gold Fields advanced 2,42% or R3 to R127 and Harmony gained 1% or R1,10 to R111,50.
Petrochemical group Sasol was off R1,50 to R252.
Platinum stocks were in the black with Impala Platinum leading the pack, up 1,22% or R217 to R179,77. Anglo Platinum was R1,82 better at R812,02.
On the industrial front, brand management group Barloworld gained 1,41% or R2,11 to R152.
On Monday, the group said it is to unbundle Pretoria Portland Cement during 2007. In addition, it was announced that Tony Phillips is to step down as Barloworld CEO and will be succeeded by Clive Thomson, currently CEO of Barloworld Equipment and former finance director of the group. PPC shares gained 99 cents to R384,99.
Elsewhere on the JSE, mobile network provider MTN was up 2,38% or R1,89 to R81,39 and Telkom advanced 1,40% or R1,89 to R136,99.
Among the banks and the financials, Standard Bank was 1,59% or R1,40 better at R89,50, FirstRand gained 1,93% or 40 cents to R21,10, Absa picked up 1,10% or R1,30 to R119,60 and Nedbank gained 1,20% or R1,50 to R126,20.
Financial services group Old Mutual was off 1,56% or 37 cents at R23,38, Sanlam leaped 2,42% or R1,90 to R80,50 and Alexander Forbes added 1,65% or 25 cents to R15,40.
Earlier in the day, a consortium of private equity investors, the Actis Consortium, made a firm offer of 1 625 cents for Alexander Forbes.
The offer represents a 16% premium to the closing price of Alexander Forbes’ share on the JSE on 6 June 2006, which was the day before Alexander Forbes published the first cautionary in respect of the proposed offer. – I-Net Bridge