The JSE retained its strong tone at noon on Tuesday as investors continued to hunt for bargains after sharp losses in recent days, while rallying gold and platinum prices provided additional support.
At 12.04pm, the all-share index was up 0,62% thanks to a 2,02% gain in the gold mining index. The resource index was up 0,92% and the platinum mining index added 0,93%. Industrials gained 0,36%, financials added 0,40% and banks improved 0,33%.
The rand was bid at R6,50 to the dollar, from R6,58 when the JSE closed on Monday, while gold was quoted at $817 a troy ounce from $805,15/oz at the JSE’s last close.
Traders said that the market was further supported by firmer European markets, but could not push through the roof ahead of the Wall Street opening, which is set to start higher.
“Credit-market jitters are still echoing in the background. We don’t really know how big or what it will take to go past this because these companies hide the losses in complex financial instruments,” one trader said.
Miners were among the top gainers: the gold price hit multidecade highs and the platinum price continued to break records on the upside amid a weaker dollar and oil price gains, traders said.
On the resources index, Anglo American was up R3,80 at R420,80 and BHP Billiton added R1,75 to R235,50.
Petrochemicals group Sasol recovered R1,90 to R326,90.
Among gold counters, AngloGold Ashanti climbed 4,02%, or R11,25, to R291,25, Gold Fields was 67 cents better at R114,52 and Harmony firmed 46 cents to R73,21.
Platinum miner Anglo Platinum was up R8,01 to R1 048 and Impala Platinum rallied 1,07%, or R2,50, to R236,50.
On the industrial front, brewer SABMiller was flat at R192,01 and consumer-goods group Tiger Brands added R1,59 to R190,60.
Banking group Standard Bank fell 80 cents to R114,40 and Nedbank gained 1,28%, or R1,90, to R149,90.
United Kingdom-based property investor Liberty International lost 1,39%, or R2,15, to R153,05. It earlier reported a 10% rise in adjusted earnings per share to 26,7 pence for the nine months ended September from 24,3 pence a year ago. — I-Net Bridge