The JSE was looking strong at midday, which was once again more resource driven.
At 12.01pm the all-share index was up 0,52%. Resources strengthened 0,83%, while the gold index added 0,15% and platinum index lost 0,56%. Industrials climbed 0,30% and financials lifted 0,23%. Banks ascended 0,18%.
The rand was bid at 6,97 to the US dollar from 6,95 when the JSE closed on Wednesday, while gold was quoted at $656,30 a troy ounce from $654,75 at the JSE’s last close.
“The market is looking good, with big drivers like Anglo and BHP Billiton driving the resources index, creating a renewed attitude for the market,” a trader said.
He added that for the whole year, resources have been the major force behind growth in the market. With US markets coming back into play after being closed on Wednesday for Independence Day, there is still no indication where the market will go today, and the market is waiting for the Bank of England statement on interest rates, which will determine the direction the local bourse takes, he added.
On the resource index, Anglo American added 1,41%, or R6,27, to R452,20, BHP Billiton climbed 1,97%, or R3,96 to R204,81 and Metorex soared 3,28%, to R28,30.
Among gold counters, Anglogold Ashanti retreated 0,37%, or 99 cents, to R265 rand and Gold Fields rose 0,47% to R107,70.
Newly listed paper maker Mondi edged up 0,94%, or 62 cents to R66,60, Sappi added 1,71% to R131.
Platinum miner Anglo Platinum was left unchanged from its close of R1 215 at midday and Impala Platinum eased 1,15%, or R2,67 to R230,33.
Elsewhere, in mobile telecommunications MTN Group added 10 cents to R100,70 and Altech slipped 1,16%, or 74 cents, to R63,26.
Among household goods and textiles, Richemont gained 0,35% to R42,45.
In broadcasting and entertainment, Naspers fell 0,36%, or 63 cents, to R176,19 and Primedia N shares shot up 5,47% to R24,89 and Primedia climbed 5,77% to R25,65.
Shares in Primedia jumped more than 5% mid-morning following a buyout offer. At 10.01am, Primedia’s N shares were up 5,30%, or R1,25, to R24,85 and Primedia’s ordinary shares soared 5,77%, or R1,40, to R25,65.
“The market seems to like the offer. It’s slightly better than the original proposed offer,” one analyst said.
Diversified industrial group Remgro lost 0,52% to R182,98 and Barloworld rose 2,28%, or R4,78, to R214,79.
In banks, FirstRand fell 0,22% to R22,30, Standard Bank gained 0,30% to R100,20 and Nedbank rose 0,76% to R132.
Petrochemical giant Sasol pulled back 1,68%, or R4,50, to R263, and breweries giant SABMiller edged up 39 cents to R180. – I-Net Bridge