The JSE all-share index held onto its gains at midday on Tuesday, with the resource index shining brightly — underpinned by good buying interest in resource stocks Anglo American and BHP Billiton.
By noon, the all-share index rose 0,50%. Resources advanced 1,25% and the gold mining index edged up 0,38%. Industrials were 0,11% firmer. However, the platinum mining index slumped 0,24%, and banks and financials gave up 0,37% and 0,32% respectively.
The rand was bid at 7,23 to the US dollar from 7,21 when the JSE closed on Wednesday, while gold was quoted at $683,35 a troy ounce from $679,40/oz at the JSE’s last close.
“We had a firm start to the day but have come off our highs. Platinum stocks have had a hard run and we are starting to see some profit taking. However, the resource index is up nicely, as Anglo and Billiton are supporting the sector,” said a local equities trader.
Among resources, Anglo American gained R9,49, or 2,28%, to R425,50, BHP Billiton collected R3,74, or 1,79% to R212,30.
Kumba Iron Ore was R3, or 1,41% higher, at R216; but Sasol fell R1,05 to R284.
Among gold miners, Anglogold Ashanti dipped 95 cents to R290 but Goldfields added 59 cents to R112,99 and Harmony was 55 cents firmer at R69,10.
Anglo Platinum added R5,40 to R995,40, and Aquarius advanced R6, or 2,61%, to R236. However, Impala Platinum shed R1,99 to R214 and Northam Platinum was off 48 cents to R49,99.
Retail and wholesale tyre and aluminium wheel distributor Tiger Automotive rallied 8,79%, or R1,05, to R13. Earlier on Thursday, it reported a 19% increase in headline earnings per share from 104,4 cents to 124,2 cents for the year ended June. This was on the back of a 17,3% growth in revenue to R1,14-billion for the 12 months, with operating income growing 12,7% to R96,2-million.
Packaging stock Nampak was 3,30%, or 65 cents higher at R20,35 and Astrapak was unchanged from Wednesday’s close of R12,30.
Retail stock JD Group lost 3,03%, or R2,06, to R66,01.
Among banks, Absa fell 50 cents to R128 and Standard Bank eased 40 cents to R103,60.
Life assurance group Liberty Holdings tumbled 4,57%, or R10,05, to R209,95.
South African financial services group Sanlam was 10 cents better at R21,90. The financial services group on Thursday reported a 10% decline in headline earnings per share to 124,2 cents for the six months ended June from 138,4 cents a year ago. Normalised HEPS were up 18% to 135,9 cents per share.
Headline earnings were down 12% to R2,7-billion. – I-Net Bridge