The JSE extended gains at noon on Monday paced by miners on better metal prices, while banks rose on talks that the local monetary authorities were unlikely to raise interest rates.
At 11.58am, the all-share index was up 1,10%. Resources gained 1,17%, the gold and platinum mining indices surged 1,35% and 2% respectively. Banks rallied 1,77%, financials added 1,24% and industrials strengthened 0,93%.
The rand was bid at 6,94 to the US dollar from 6,98 when the JSE closed on Friday, while gold was quoted at $657,25 a troy ounce from $653,95 at the JSE’s last close.
“The market is looking very strong. I don’t why we can’t push above the 30 000 level by the end of the week,” one trader said.
The market showed gains across the board with miners among the top gainers as metal prices continued to creep higher, the trader said.
Banks also featured on the upside on short covering and talks that the South African Reserve Bank’s monetary policy committee would not raise interest rates next month, the trader said.
On the resource index, Anglo American was up R2,51 at R459,50 and BHP Billiton rallied 1,75%, or R3,71, to R215,20.
Synfuels maker Sasol fell 55 cents to R262,45.
Gold miner Anglogold Ashanti added 2,51%, or R7, to R285,75 and Harmony was 1,21%, or R1,23, better at R103,20.
Among platinum stocks, Anglo Platinum firmed R7 to R1 207 and Impala Platinum soared 3,33%, or R7,55, to R234.
Elsewhere, industrial brands management group Barloworld gave up 42,76%, or R91,50 to R122,50 as it unbundled its cement business Pretoria Portland Cement.
Shares in PPC were down 30 cents at R50,80.
Among banks, Standard Bank was up 1,07%, or R1,10, to R104,10, Nedbank gained 2,04%, or R2,75, to R137,75, Absa surged 2,49%, or R3,30, to R135,80 and FirstRand was 1,93%, or 44 cents, stronger at R23,19.
Sugar producer Illovo was up 3,30%, or 75 cents, to R23,50 but Tongaat Hulett pulled back 1,40%, or R1,30, to R91,50. – I-Net Bridge