JSE toys with all-time high

The JSE kept toying with an all-time high by midday on Wednesday as resources continued to fuel the bourse.

By noon, the JSE’s broader all-share index had risen 1,02% to 31 600,360 points. It reached an intra-day high of 31 700,350 points earlier, just off its all time high of 31 728,180 points hit in October last year.

Resources had lifted 1,66% to 71 860,220 points, which was lower than the record it hit earlier of 72 015 points. The gold-mining index gained 1,18% but the platinum-mining index retreated 0,27%. Industrials added 0,58%, but banks lost 1,19% and financials shed 0,08%.

The rand was bid at 7,98 to the dollar from 7,92 when the JSE closed on Tuesday, while gold was quoted at $934,53 a troy ounce from $928,50/oz at the JSE’s last close.

“The JSE’s resources index has hit a new all-time high and so have the alsi futures, which hit a new record of 30 083, so the JSE is up,” a trader said.

“It looks like the market wants to pull back: the platinum sector has pulled back slightly and Sasol is down, but overseas markets are doing well so the JSE is holding that level,” he said.

Among overseas markets, the United Kingdom’s FTSE 100 had edged up 0,58%, Asia’s Hang Seng had dipped 0,1% and the Nikkei advanced 1,2%. Overnight, the DJIA recovered 0,49%, the Nasdaq was up 0,45% and the S&P 500 climbed 0,46%.

One the JSE, resources group Anglo American collected R12,25, or 2,4%, to R523,25, BHP Billiton climbed R8,81, or 3,2%, to R284,50 and Sasol declined R2 to R439.

AngloGold Ashanti edged up R4,50, or 1,55%, to R294,50 and Gold Fields firmed R1,64, or 1,44%, to R115,89.

Anglo Platinum eased 94 cents to R1 337,06, Impala Platinum dipped R1,65 to R331,85 and Lonmin strengthened R16,41, or 3,35%, to R506,41.

Brewer SABMiller was up 25 cents to R172,25 and luxury goods group Richemont lifted 68 cents, or 1,53%, to R45,10.

Earlier SABMiller reported the group’s lager volume growth was 11% for the year ended March with organic growth of 7%. Revenue grew by 16%, benefiting from price increases and mix improvements, which have offset the impact of higher input costs.

The underlying performance of the group has been good and was at the upper end of management’s expectations, it said.

Retail group Woolworths was 35 cents, or 2,96% higher, at R12,18. It earlier announced that it is going to sell 50% plus one ordinary share of Woolworths Financial Services to the Absa Group for R875-million.

Absa pulled back R1,10, or 1,1%, to R99 and FirstRand fell 33 cents, or 1,98%, to R16,35.—I-Net Bridge

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