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JSE holds on to gains on world markets

The JSE held on to gains at midday on Tuesday as investors chased after bargains following Monday’s sharp losses amid strong metal prices and firmer overseas markets.

By 11.59am, the broader all-share index had added 0,82% to 27 860,790 thanks to a 3,27% gain in the platinum-mining index. Resources gained 1,25% but the gold-mining index fell 0,34%. Industrials added 0,68%, banks improved 0,92% but financials were off just 0,05%.

The rand was bid at 7,77 to the United States dollar from 7,83 when the JSE closed on Monday, while gold was quoted at $920,05 a troy ounce from $920,30/oz at the JSE’s last close

“There’s an element of bargain-hunting and we also have a strong platinum price in the mix,” a Johannesburg-based trader said.

The market further found support from an upbeat tone in overseas markets following overnight gains on Wall Street, traders said.

Platinum miners were among the bourse’s top gainers on a higher white metal price, which topped $1 950/oz — the level being seen as enough to offset production losses, the trader said.

“Even if production comes down, platinum miners will still be able to make profits because of the strong platinum prices,” the trader said.

The world’s number one platinum producer, Anglo Platinum, surged 3,41%, or R39,20, to R1 187,20 and Impala Platinum rallied 3,17%, or R9, to R293.

On the resource index, Anglo American inched up R1,55 to R444,50 and rival BHP Billiton was up 1,16%, or R2,60, to R226,60.

Synthetics fuels maker Sasol climbed 2,49%, or R9, to R371.

Among gold miners AngloGold Ashanti edged up R1,37 to R269,87 but Gold Fields lost 1,24%, or R1,30, to R103,90.

Elsewhere, consumer foods and healthcare products group Tiger Brands was the worst casualty among the JSE’s top 40 stocks on news that its healthcare unit, Adcock Ingram, — which it plans to spin off — might face prosecution for fixing prices of pharmaceutical products with rivals.

Shares in the company fell 5,51%, or R7,90, to R135,60.

London-listed brewer SABMiller lost 84 cents to R161,81 but luxury goods group Richemont added 40 cents to R42.

Among banks, Standard Bank was up 1,31%, or R1,11, to R86,11 and Absa advanced 1,86%, or R1,81, to R98,87. — I-Net Bridge

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Tiisetso Motsoeneng
Tiisetso Motsoeneng works from Johannesburg. Deputy Editor: Business Day in Johannesburg, home to Africa’s deepest capital market. Tiisetso Motsoeneng has over 285 followers on Twitter.

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