Overseas markets add support to JSE

Firmer global equities started to give the JSE support during the morning session on Friday, lifting the broader all-share index 0,91% by noon.

Traders said that resource counters were also underpinning gains in the Alsi. By midday, the JSE’s resources index collected 1,59%. The platinum-mining index strengthened 3,07% and the gold-mining index advanced 1,25%. Industrials improved 0,48%, but the financials and bank indices lost 0,39% and 1,02% respectively.

The rand was bid at 7,80 to the United States dollar from 7,79 when the JSE closed on Thursday, while gold was quoted at $925,15 a troy ounce from $928,45/oz at the JSE’s last close.

“The market is not doing too bad, it’s up almost 300 points. Overseas markets are all up and resources are strong, so it’s pushing us up a little,” said an equities trader.

He added that Thursday’s 50 basis points increase in the repo rate was probably already priced into the market, which explained why the bourse was firm on Friday.

Overseas, the United Kingdom’s FTSE 100 had gained 0,57%, while Asia’s Hang Seng collected 1,99% and the Nikkei rose 2,92%.

On the JSE, resource heavyweight BHP Billiton added R2,89, or 1,05%, to R276,89, Anglo American was R4 better at R525 and Sasol advanced R13,10, or 3,16%, to R428,10.

Gold counter AngloGold Ashanti perked up R3, or 1,06%, to R285, Gold Fields climbed R2,10, or 1,87%, to R114,70 and Harmony recovered R1,25, or 1,42%, to R89,03.

Platinum-mining share Anglo Platinum was R33,01, or 2,57% firmer, at R1 318,01, Impala Platinum shot up R12,06, or 3,65%, to R342,06 and Northam Platinum was up 80 cents, or 1,11%, to R72,80.

Paper and pulp producer Sappi edged up 74 cents to R96,99 and Mondi gained R1,83, or 2,71%, to R69,48.

Building and construction group Aveng was 70 cents, or 1,2% higher, at R59 but Group Five declined 25 cents to R54.

Diversified industrial group Imperial fell R2,45, or 2,99%, to R79,50, brewer SABMiller lifted R1,50 to R170,50 and luxury goods group Richemont picked up 13 cents to R44,33.

Retailer Mr Price gave up 50 cents, or 2,7%, to R18 and Truworths inched up one cent to R26,80.

Financial counter Investec recovered 80 cents, or 1,37%, to R59,30, while banking share Absa pulled back R2, or 1,92%, to R102 and FirstRand dipped 26 cents, or 1,56%, to R16,39.

Fixed-line operator Telkom retreated R1,05 to R130,85 and mobile operator MTN Group pocketed R1,45, or 1,06%, to R138,50. — I-Net Bridge

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