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07 Dec 2007 12:56
Platinum-mining stocks were propping up the JSE in noon trade on Friday, enhancing gains driven by Wall Street in the morning session.
By 11.58am, the JSE all-share index lifted 0,7%, supported by a 3,24% advance in the platinum-mining index.
Resources collected 0,94% but the gold-mining index dipped 0,87%.
The rand was bid at 6,73 to the United States dollar from 6,74 when the JSE closed on Thursday, while gold was quoted at $799,30 a troy ounce from $797,45/oz at the JSE’s last close.
One trader said that the JSE was on the upside because of the relief from the US market. Overnight, the DJIA collected 1,3% and almost reached the psychological 14 000 level, while the Nasdaq added 1,6% and the S&P500 gained 1,5%.
“There is not a lot of heavy trade, but we can see demand for resource and platinum stocks as there is a bit of sector rotation out of banks into those stocks,” he said.
“The platinum sector is doing fantastically, as Impala, Anglo Platinum and Aquarius are rallying,” he added.
At midday, platinum miner Anglo Platinum lifted R29, or 2,89%, to R1 031 and Impala Platinum advanced R9, or 3,83%, to R244. Aquarius Platinum collected R2,50, or 3,23%, to R80.
In the gold-mining sector, AngloGold Ashanti shed R2,85 to R310,05 and Goldfields lost R1,67, or 1,52%, to R108.
Resource group BHP Billiton recovered R2,14 to R225, Anglo American improved R1,14 to R449,25 and Sasol climbed R5,50, or 1,62%, to R346.
Diversified mining group Metorex lifted 44 cents, or 1,91%, to R23,44 after it said it had added platinum to the list of commodities it produces. The company on Friday said it was to acquire Phoenix Platinum Mining, a company incorporated in the United Kingdom, and its subsidiary for about R110-million.
Paper and pulp producer Mondi and Mondi Plc said on Friday that its €525-million Syktyvkar project is to go ahead, to modernise and expand the Syktyvkar pulp and paper mill in the Komi Republic in Russia. Mondi Plc increased R1,70, or 2,94%, to R59,45.
Among industrials, diversified industrial group Barloworld lifted R3,20, or 3,03%, to R108,80 and Remgro was up R5,75, or 2,83%, to R208,76. Brewer SABMiller shed 50 cents to R190,30, and Tiger Brands eased 90 cents to R177,90 after its CEO, Nick Dennis, said that he intends to take early retirement because it is “in the best interest of the company”.
Elsewhere, fixed-line operator Telkom pocketed R1,27 to R158,27 and cellphone operator MTN Group added 51 cents to R136,50.
Among banks and financials, Investec Plc collected R1,40, or 2,01%, to R71,10 but FirstRand was off 25 cents, or 1,17%, to R21,20.—I-Net Bridge
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