The JSE was higher at noon trade on Wednesday as investors piled back in following solid gains in European markets while a recovery in copper prices underpinned gains in resources heavyweights.
At noon, the all-share index was up 0,65%. Resources also gained 0,55% while gold- and platinum-mining indices gave up 0,16% and 0,23% respectively.
Financials edged up 0,90%, banks added 0,82% and industrials were up 0,65%.
The rand was bid at 7,03 per dollar from 7,05 when the JSE closed on Tuesday, while gold was quoted at $685,75 a troy ounce from $689,95/oz at the JSE’s last close.
“The guys are piling back on seeing that European markets are looking very strong this morning,” a Cape Town-based dealer said.
He added that players were still looking a bit nervous following yesterday’s [Tuesday] sell-offs, but news that copper prices were staging a recovery buoyed the resources heavyweights.
London-listed diversified resources group Anglo American gained 1,06%, or R4, to R381 and BHP Billiton added R1,51 to R162,26.
Platinum miner Lonmin, which slumped more than 3% in early trade after releasing poor production figures, recouped most of the losses to trade R1,53 lower at R476.
Anglo Platinum fell R4,49 to R1 233,51 and Impala Platinum was off 34 cents to R239,65.
Gold miner Harmony advanced R1,03 to R115,03.
Just before the opening, Harmony reported a 31,8% increase in headline earnings per share to 58 cents for the quarter ended March, compared with 44 cents per share for the December 2006 quarter and a 48 cents per share loss for the March 2006 quarter.
AngloGold Ashanti dropped 1,69%, or R5,50, to R320,25 but GoldFields inched up 65 cents to R131.
Petrochemicals group Sasol was 50 cents higher at R246.
Banks were mostly higher after starting the session lower.
FirstRand (FSR) added 25 cents to R25,60, Absa was up R1,30 to R149,25, Nedbank improved 95 cents to R154,95 and Standard Bank was R1,05 better at R112.
Elsewhere, little-known branded and niche consumer products distributor Brandcorp Holdings sky-rocketed 14,20% or R1,99, after saying it has received a buy-out offer.
Another retailer, Woolies climbed 3,86%, or 88 cents, to R23,68.
Among industrials, London-listed brewer SABMiller was up 1,01%, or R1,66, to R165,85, Richemont advanced 1,42%, or 60 cents, to R42,80 but Barloworld weakened 20 cents to R20,20. — I-Net Bridge