A recovery in the platinum price triggered improvements in the platinum-mining and resources indices, which helped reverse the JSE’s morning losses and lift it into the black by midday on Friday.
By 12.03pm, the JSE’s broader all-share index was up 0,35%. The platinum-mining index collected 1,57% and resources gained 1%. The gold-mining index declined 1,38%, banks were off 1,06% and financials retreated 0,6%. Industrials were 0,12% lower.
The rand was bid at eight to the United States dollar from 8,01 when the JSE closed on Thursday, while gold was quoted at $946,25 a troy ounce from US$947,77/oz at the JSE’s last close. The platinum price was up $2,50 from its close, at $2 035.
“The market is recovering. We were down this morning but commodities are ticking up again … it’s quiet today [Friday]. Everyone is winding down after such a crazy and volatile week, so we aren’t expecting to see any wild swings today,” said an equities trader.
He added that positive Dow futures, which were indicating a firmer US open, were also “propping the market up”.
“We should track sideways from here on out, with maybe a little bit more firmness going into the US session, but it’s a quiet, lacklustre day,” he said.
On the JSE, Anglo American lifted R10,75, or 2,23%, to R493, while BHP Billiton firmed R3,40, or 1,44%, to R240,10 but Sasol gave up R5,22, or 1,29%, to R399,53.
AngloGold Ashanti was unchanged at R266 and Gold Fields pulled back R3,16, or 2,68%, to R114,64.
Anglo Platinum recovered R22,25, or 1,82%, to R1 247,25 and Impala Platinum added R4,48, or 1,52%, to R323,79.
Diversified industrials group Barloworld decreased R1,49, or 1,3%, to R113,50 and Bidvest was off R1,80, or 1,55%, to R114,20.
Brewer SABMiller gained 50 cents to R180,50, while Richemont eased 35 cents to R45,35.
Absa fell R1,42, or 1,34%, to R104,78 and Standard Bank gave up R1,50, or 1,6%, to R92. — I-Net Bridge