The JSE rose modestly at midday on Friday, helped by miners amid soaring metal prices with investors unfazed by talks that Wall Street was poised to open lower.
At noon, the all-share index was up 0,61%. Resources gained 1,09% and the gold-mining and platinum-mining indices were up 1,14% and 0,81% respectively. Industrials perked up 0,20%, financials advanced 0,23% and banks added 0,54%.
The rand was bid at 6,79 to the United States dollar, unchanged from when the JSE closed on Thursday, while gold was quoted at $768,85 a troy ounce from $763/oz at the JSE’s last close.
“Gold is right up there and platinum continues its bull run. That’s the major reason the market has pushed up a little bit, but the stronger rand is working against them,” a local trader said.
Investors ignored talks that Wall Street was likely to have a weak start when it opens later in the day amid a mixed performance on European markets.
Dow Jones Newswires reports that US stocks are expected to open lower as Asian indices closed weaker and European indices struggle to find solid ground in the black. Mark Outten, trader at GFT Global Markets, calls the DJIA to open down 55 points at 138 33 and the S&P 500 down eight at 1 532.
On the resource index, London-listed resource giant Anglo American gained R4 to R456 and BHP Billiton rallied 1,44%, or R3,70, to R260.
Petrochemicals group Sasol edged up R1,50 to R334,50.
Gold miner AngloGold Ashanti perked up 1,09%, or R3,25, to R301 and Gold Fields gained 1,32%, or R1,60, to R122,50.
Leading platinum stocks were mixed with Anglo Platinum falling 1%, or R11,48 to R1 137,52 and Impala Platinum climbing 2,09%, or R5,10, to R249,10.
Among industrial counters, brewer SABMiller fell R1,11 to R202,89 while consumer foods producer Tiger Brands inched up 39 cents to R187,39.
Banking group Nedbank was 1,44%, or R1,97, better at R138,49 and Absa advanced 1,17%, or R1,49, to R128,50. — I-Net Bridge