The JSE was higher at midday on Friday, supported by solid gains for resource stocks after metals prices staged a slight recovery, while stronger European markets provided additional support.
At 12pm the all-share index was up 1,02%, thanks to a 1,39% rise in resources. The platinum- and gold-mining indices improved 0,36% and 1,02% respectively. Industrials added 0,93%, banks picked up 0,58% and financials firmed 0,45%.
The rand was bid at 7,04 per dollar from 7,02 when the JSE closed on Thursday, while gold was quoted at $660,25 a troy ounce, from $654,35/oz at the JSE’s last close.
“A slight recovery in metals prices and a weaker currency has invited buyers back into the market — we are now above the 28 000 level,” a Johannesburg-based trader said.
The trader added that a stronger opening on the European markets provided additional support after the Asian and United States markets failed to provide a lead in early trade.
On the resources index, London-listed Anglo American was up 1,64%, or R6,39, to R395,75 and BHP Billiton added 1,57%, or R2,56, to R165,81.
The local bourse was also lifted by a sparkling performance from luxury goods producer Richemont after brokerage house Credit Suisse Standard Securities predicted strong year-end results, dealers said. The company is due to report year-end results on Thursday.
Shares in Richemont climbed 3,01%, or R1,26 to R43,06.
Other industrial stocks also rose, with Barloworld adding 1,32%, or R2,58, to R197,95 and Remgro firming 1,12%, or R1,99, to R179.
Elsewhere, Petrochemicals group Sasol picked up 2,41%, or R6,40, to R272,50, pulp and paper manufacturer Sappi inched up 29 cents to R127,30, but steel maker Mittal Steel shed 25 cents to R126.
Among gold counters, AngloGold Ashanti (ANG) picked up 1,66%, or R4,89, to R299,90 and Harmony was 90 cents stronger at R104,50.
Platinum miner Anglo Platinum gained R3,94 to R1 150 and Impala Platinum improved 78 cents to R220,78.
Among banks, Standard Bank was 78 cents better at R105,90, Nedbank advanced R1,20 to R146,50 and Absa gained 60 cents to R135,60.
Insurance giant Old Mutual edged down three cents to R25,05 and Sanlam was flat at R21,99. — I-Net Bridge