The JSE remained firm at noon on Monday as investors drew direction from overseas markets and recouped oversold positions.
At 11.59am, the all-share index was up 1,02%. Resources added 0,72%, the gold and platinum mining indices gained 1,84% and 0,19% respectively. Industrials improved 1,20%, financials were up 1,28% and banks climbed 2,06%.
The rand was bid at 7,25 to the US dollar from 7,27 when the JSE closed on Friday, while gold was quoted at $652,65 a troy ounce from $650,05 at the JSE’s last close.
”Wall Street rallied on Friday and other overseas markets seem to be building up on that,” a Johannesburg-based dealer said.
He added that investors were a little bit wary ahead of key economic data in the US later in the week.
The US releases May producer price inflation and consumer price inflation on Thursday and Friday respectively.
The data is expected to shed more light on the global inflation outlook after world markets took a smack last week after US bond yields broke above 5% market, dashing hopes of a interest rates cut in the US.
Fixed phone operator Telkom was one of the bourse’s top risers on talks that the Competition Tribunal could approve its buy-out bid for IT group Business Connexion or that it may declare a big special dividend when it reports on Wednesday.
Shares in Telkom climbed 3,13%, or R5,51, to R181,63 after earlier surging more than 5% to a fresh trading high of R186,35.
On the resources index Anglo American gained R2,60 to R421,50 and BHP Billiton added R1,40 to R182,90.
Paper maker Sappi was up 1,55%, or R1,87, to R122,86.
Boosted by a spike in the gold price, miner Anglogold Ashanti was up 2,42%, or R7,01, to R297,07 and Gold Fields climbed 2,02%, or R2,31, to R116,56.
Platinum miner Anglo Platinum edged up R6 to R1 182, but Impala Platinum eased 62 cents to R224,38.
Kumba Iron Ore soared 4,40%, or R8, to R190.
Among industrials, services group Bidvest gained 1,43%, or R2, to R142, sugar producer Illovo climbed 3,60%, or 90 cents, to R25.90 and brewer SABMiller was up R1,57 to R169.
Banking group Standard Bank was up 2,16%, or R2,20, to R104,20, Nedbank gained 1,62%, or R2,25, to R141,06, Absa firmed 1,69%, or R2,26, to R136,26 and Firstrand was 2,28%, or 51 cents, better at R22,90.
Media group Johncom strengthened 2.88%, or R2,88, to R103, and Naspers improved 1,58%, or R2,86, to R183,98. – Reuters