The JSE was up strongly at midday on Wednesday, taking its cue from a rally in Asian markets. The Hang Seng gained 2,84% and the Shanghai added 0,5%, while the Singapore Straites Times collected 2,61%.
At midday on the JSE, the all-share index was up 1,67%. Resources gained 2,31%, and the gold- and platinum-mining indices edged up 0,79% and 0,45% respectively. Industrials added 1,18%, financials were up 1,30% and banks were 1,97% better.
The rand was bid at 7,33 to the United States dollar from 7,37 when the JSE closed on Tuesday, while gold was quoted at $657,20 a troy ounce from $658,50/oz at the JSE’s last close.
“It’s a quiet day. We looked at a positive Wall Street close last night [Tuesday] and the East rallied so we followed on the back of those. BHP Billiton and Anglo American are up, which are driving the resource index higher,” said a local trader.
Dow Jones newswires reported that US stocks are expected to open higher as major European indices trade in positive territory.
The FTSE all-share was up 0,87% and the FTSE 100 climbed 0,73%.
The newswire also reported that there was a lot of talk circulating in the market of a Fed rate cut within the hour, according to a United Kingdom bank trader. The trader has heard the talk from both a prime US bank and a UK bank.
Among resources stocks, Anglo American was up R11, or 2,89%, to R391 and BHP Billiton shot up R7,20, or 3,82%, to R195,50.
BHP Billiton earlier reported a 34,7% rise in annual profit to $13,7-billion.
Exxaro gained 3,48%, or R2,30, to R88,30 and Kumba Iron Ore climbed R3, or 1,62%, to R188.
Among gold miners, AngloGold Ashanti dipped 50 cents to R268,50, but Gold Fields recovered R1,50, or 1,45%, to R104,95, and Harmony firmed 81 cents, or 1,25%, to R65,50. African Rainbow Minerals edged up 50 cents to R110,50.
African Rainbow Minerals financial director Frank Abbott has been appointed the interim financial director of Harmony Gold Mining after Nomfundo Qangule resigned. Harmony said Qangule had resigned with immediate effect.
Platinum miner Anglo Platinum added R15, or 1,81%, to R845, Lonmin added R18,15, or 4,19%, to R451,40 and Aquarius Platinum advanced R5,36, or 2,71%, to R203.
In the food and beverage sector, brewer SAB Miller edged up R2,20, or 1,23%, to R181,15 and distiller and vintner Distell shot up 3,45%, or R2, to R60.
Among retailers, Massmart gave up 50 cents to R81,10.
Media stocks Naspers-N and Johncom climbed 2,41%, or R4, to R170, and 2,33%, or R2, to R88 respectively.
In the telecommunications sector, Telkom added R3,05, or 1,92%, to R161,55 and MTN Group advanced R1,49, or 1,53%, to R98,60.
Banking group FirstRand collected 2,11%, or 45 cents, to R21,80 and Standard Bank climbed R2,22, or 2,31%, to R98,32. — I-Net Bridge