The JSE remained firm at midday on Friday buoyed by gains in resource stocks while most players stayed on the sidelines ahead of the United States jobs data.
At 12pm, the all-share index was up 1,04% thanks to a 2,29% solid gain in resources. The platinum-mining index was up 1,45% but the gold-mining index lost 0,22%. Industrials added 0,20%, financials firmed 0,16% while banks gave up 0,41%.
The rand was bid at 6,97 per dollar, from 6,96 when the JSE closed on Thursday, while gold was quoted at $680,65 a troy ounce from $674,90/oz at the JSE’s last close.
“The market is being held together by strong buying for resource stocks after LME [London Metals Exchange] put up a great show last night [Thursday],” a Johannesburg-based dealer said.
However, the session was sluggish as most players stayed on the sidelines ahead of the US inflation data due out this afternoon, the dealer said.
London-listed resources giant Anglo American surged 3,50%, or R13,35, to R394,45 after earlier achieving a fresh peak of R394,75. Rival BHP Billiton climbed 3,07%, or R4,94, to R165,80.
Gold miner AngloGold Ashanti was flat at R311. It earlier reported adjusted headline earnings of $97-million in the quarter ended March, compared with $46-million in the previous quarter, which was affected by once-off accounting adjustments.
Junior platinum miner Northam Platinum rose 2,46%, or R1,37, to R56,97 despite reports that a strike at its Thabazimbi operations has already cost it R24-million.
Dealers said the counter, along with other platinum counters, was supported by a rebound in platinum price.
Lonmin led platinum stocks with a 3,90% rise, or R19,49, to R519,50. Anglo Platinum added 1,16%, or R13,75, to R1 198,75 and Impala Platinum was up 1,44%, or R3,30, to R232,79.
Groceries retailer Shoprite firmed 28 cents to R33,84. The counter has climbed 20,8% above the R28 per share offer made by Brait-led private equity group.
Dealers said that there was optimism that Brait might revise its offer upwards.
Elsewhere, sugar producer Illovo improved 2,64%, or 55 cents, to R21,40 and Tongaat strengthened 2,12%, or R2,97, to R142,97.
Synthetics fuels giant Sasol added R2,30 to R257,50 and Kumba Iron Ore picked up 1.08%, or R1,79, to R167,80. — I-Net Bridge