JSE firm as resources buoy market

Resource counters were buoyed by higher commodity prices on Tuesday, which continued to keep the JSE firm by midday trade.

By 11.56am, the JSE’s broader all-share index had lifted 0,64%. The platinum-mining index advanced 2,41%, resources collected 1,26% and the gold-mining index was up 0,55%. Banks gained 0,61%, financials added 0,1% but industrials were off 0,08%

The rand was bid at 7,86 to the United States dollar, unchanged from when the JSE closed on Monday, while gold was quoted at $931,38 a troy ounce from $928,75/oz at the JSE’s last close.

“It’s basically the resources story again. Gold, platinum and oil prices all jumped overnight and our resource stocks — especially the big heavyweights — are pulling this market up,” a trader said.

On the JSE, resources group Anglo American gained R3,40 to R509, BHP Billiton climbed R2,48 to R270,13 and Sasol advanced R11,50, or 2,74%, to R431.

Gold counter AngloGold Ashanti edged up R1,95 to R294 and Gold Fields improved 75 cents to R115,60.

Platinum-mining share Anglo Platinum collected R44,15, or 3,39%, to R1 347,15 and Impala Platinum strengthened R5,99, or 1,87%, to R326,99.

On the industrial front, Remgro fell R2,29, or 1,16%, to R194,71, Bidvest recovered R1,60, or 1,39%, to R116,50 and brewer SABMiller edged up 13 cents to R43,61.

Absa firmed R2,49, or 2,53%, to R101 and Nedbank was up 67 cents to R113,66. — I-Net Bridge

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