JSE up sharply on stronger world markets

The JSE was up sharply by midday on Tuesday, adopting the strength in overseas markets that were driven higher by a powerful performance on Wall Street overnight.

By 12.03pm on the JSE, the all-share index had collected 1,01%. Financials advanced 2,02% and banks collected 2,86%, while industrials added 1,06%. Resources lifted 0,64%, the gold-mining index edged up 0,14% but the platinum-mining index was flat, up a mere 0,01%.

The rand was bid at 6,90 to the United States dollar, from 6,87 when the JSE closed on Monday, while gold was quoted at $733,78 a troy ounce from $747,60/oz at the JSE’s last close.

“The JSE is up strongly following world markets after the Dow Jones had a fantastic run last night [Monday], which followed on to eastern markets,” said a Johannesburg-based equities trader.

The trader added that the Hang Seng was up nearly 4% because of Wall Street’s performance, but locally the market was very quiet.

The trader also explained that platinum stocks were lower as the white metal price dipped over $30 on media rumours from the East that Mazda in Japan has developed an auto-catalyst that uses up to 90% less platinum in cars.

The DJIA closed 1,38% higher, the Nikkei advanced 1,19% and the Hang Seng rallied 3,9%. In the United Kingdom the FTSE 100 collected 0,24%.

On the JSE, resource giant Anglo American added R1,99 to R471,99 and AngloGold Ashanti recovered R6,25, or 2,06%, to R309,75.

Anglo American said that the offering now at 67,1-million ordinary shares of AngloGold Ashanti Limited in the form of ordinary shares and American Depositary Shares (ADS) has been priced at $44 per ADS and R300,61 per ordinary share (exclusive of uncertificated securities tax).

BHP Billiton perked up R1,38 to R252,50.

Petrochemicals group Sasol rose R8,39, or 2,8%, to R308,39 and Kumba Iron Ore soared 3,47%, or R7,98, to R237,98.

Among platinum stocks, Anglo Platinum lost 1,15%, or R12,50, to R1 078,50 and Lonmin retreated R15,61, or 3,01%, to R502,40.

Among stocks in the industrial sector, brewer SABMiller dipped R1,08 to R192,50, while media stock Naspers gained 92 cents to R193,70 and Johncom jumped 1,12%, or R1, to R90.

Fixed line telephone operator Telkom added R2, or 1,15%, to R176 and mobile network operator MTN Group rallied 6,02%, or R6,19, to R109.

Among banks and financials, FirstRand climbed 2,51%, or 55 cents, to R22,45, and Standard Bank advanced 3,76%, or R3,72, to R102,77.—I-Net Bridge

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