The JSE was higher at noon on Tuesday with gains spurred by firmer overseas markets, but volumes remained thin as players await the opening of the United States market after Monday’s Memorial Day holiday.
At 11.59am, the all-share index was up 0,65%. Resources gained 0,85% and the gold and platinum mining indices firmed 1,02% and 1,14% respectively. Industrials were up 0,57%, financials added 0,39% and banks advanced 0,58%.
The rand was bid at R7,10 per dollar from R7,09 when the JSE closed on Monday, while gold was quoted at $657,50 a troy ounce from $655,55 at the JSE’s last close.
“Europe is not doing that bad, but trading is kind of subdued as we wait for the Dow to open,” a Johannesburg-based dealer said.
Investors overlooked the slightly lower-than-expected first-quarter gross domestic product (GDP) data, traders said. Official data showed earlier that GDP rose by 4,7% in the first quarter of 2007, a little below the market’s expectations of 4,8%.
A spike in the spot gold price boosted gold miners, with Anglogold Ashanti up 1,02%, or R3, to R297. Harmony added 1,43%, or R1,49, to R105,49 and Gold Fields gained 99 cents to R121,49.
Diamond miner Trans Hex inched up five cents to R14,35. It earlier reported diluted earnings per share of 39,3 cents for the year ended March from a loss of 112,7 cents a year earlier. The group reported a significant turnaround in profit to R41,7-million after a loss of R118,9-million the year before.
On the resources index, Anglo American was up R4,08 to R417,58 and BHP Billiton was 85 cents better at R170,11. Synfuels producer Sasol advanced R1,75 to R258,75.
Platinum producer Anglo Platinum edged up 40 cents to R1 205,50 and Impala Platinum climbed 2,27%, or R5, to R225,50.
Banking group Standard Bank picked up 50 cents to R110,20. Its CEO, Jacko Maree, said earlier that revenues for the first four months of 2007 reflect healthy growth, both in net interest income and non-interest revenue.
Elsewhere, heavyweight industrial group Barloworld gained 1,52%, or R3, to R200,50, services group Bidvest rose 2,08%, or three rand, to R147 and brewer SABMiller was R1,57 better at R169,17.
Fixed-line phone operator Telkom strengthened one rand to R178. It said earlier its 50%-owned cellular operator Vodacom increased customers by 28,2% to 30,2-million in the year ended March.
Cellular operator MTN Group was up 1,23%, or R1,21, to R99,82. — I-Net Bridge