JSE firm ahead of futures close-out

The JSE continued on its upward path by midday on Thursday, unaffected by surprisingly better PPI data but encouraged by the futures market close-out.

By 1158am, the JSE’s all-share index had improved 0,83%. The platinum mining index climbed 3%, and the gold mining index added 0,94%, while resources rose 0,43%. Industrials were 1,33% higher, banks collected 1% and financials were up 0,69%.

The rand was bid at 6,95 to the US dollar, from 6,89 when the JSE closed on Wednesday, while gold was quoted at $801,35 a troy ounce from $800,95/oz at

the JSE’s last close.

“The JSE is looking very good. It is close-out day on the futures market and the guys are stock-picking,” said a Cape Town-based equities trader.

He added that stocks like Impala Platinum and Telkom were looking very strong.

“PPI didn’t really affect the market,” he said, adding that for Thursday, the futures close-out was the major event. Close-out starts at 12 noon and ends at

1.20pm, according to the trader.

“However, the volumes are extremely low, and after today’s close-out, as well as with the guys going away on holiday for the festive season, we can expect the JSE to be dead,” he concluded.

Among platinum mining stocks on the JSE, Anglo Platinum advanced R36,01, or 3,83%, to R976,01 and Impala Platinum lifted R6, or 2,76%, to R223. The platinum price is trading around lifetime highs.

Gold miner AngloGold Ashanti collected R7,07, or 2,51%, to R289,07 and Harmony added 55 cents to R67.

Melbourne-based resource group BHP Billiton shed 70 cents to R206 and Anglo American lost R2,50 to R402, but petrochemicals group Sasol gained R3,60, or 1,13%, to R322,10.

Among industrial stocks, building and construction group Raubex shot up R2, or 4,88%, to R43, while brewer SABMiller inched up 62 cents to R181,30.

Retailer Ellerines was five cents lower at R78,70 and African Bank Investments Limited shed 15 cents to R31,35, after the Competition Tribunal unconditionally approved Abil’s acquisition of Ellerines.

Fixed-line operator Telkom (TKG) added R2,49, or 1,79%, to R141,55 and MTN Group strengthened R4,15, or 3,45%, to R124,40.

Absa was up R1,18, or 1,09%, to R109,50 and Nedbank grew R3,01, or 2,38%, to R129,71.

Life insurance group Liberty pocketed R3,74, or 4,5%, to R86,88 and Liberty Holdings advanced R7,25, or 3,43%, to R218,88. – I-Net Bridge

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Advertisting

Nehawu launches urgent court bid over protective gear for health...

The health workers’ union says the government has rebuffed its attempts to meet about mitigating risks to workers

Stay at home, Cyril said. But what about the homeless?

In Tshwane, forcing homeless people off the street resulted in chaos and the abuse of a vulnerable population. In Durban, a smooth, well-planned operation fared far better

Press Releases

Everyone’s talking about it. Even Kentucky

Earlier this year South African fried chicken fast-food chain, Chicken Licken®, launched a campaign for their wallet-friendly EasyBucks® meals, based on the idea of ‘Everyone’s talking about it.’

New energy mix on the cards

REI4P already has and will continue to yield thousands of employment opportunities

The online value of executive education in a Covid-19 world

Executive education courses further develop the skills of leaders in the workplace

Sisa Ntshona urges everyone to stay home, and consider travelling later

Sisa Ntshona has urged everyone to limit their movements in line with government’s request

SAB Zenzele’s special AGM postponed until further notice

An arrangement has been announced for shareholders and retailers to receive a 77.5% cash payout

20th Edition of the National Teaching Awards

Teachers are seldom recognised but they are indispensable to the country's education system

Awards affirm the vital work that teachers do

Government is committed to empowering South Africa’s teachers with skills, knowledge and techniques for a changing world