South African stocks were weaker at midday on Wednesday mainly due to a pull back in resources stocks — the darlings of the JSE on Tuesday. However, platinum stocks were a feature on the strong platinum price.
By noon, the all-share index was down 0,39%, with the resources index off 0,82%.
However, platinum miners were up 2,5%, with the gold mining index flat (+0,05%). Banks were up 1,84%, financials advanced 0,27% and industrials were flat (down 0,06%).
The rand was bid at 8,01 to the US dollar from 8,00 when the JSE closed on Tuesday, while gold was quoted at $882,95 a troy ounce from $883,75/oz at the JSE’s last close.
Traders said platinum stocks were being supported by a sharp rise in platinum prices. Platinum was last quoted at $2 081,50 an ounce, up 1,19%, or $24,50/oz from the previous close.
The bulliondesk.com is reporting that looming strike action in South Africa has helped boost the PGMs over the past 24-hours, with rhodium trading above the $10 000/oz mark on Tuesday, while platinum has pushed to challenge chart resistance at $2 090 this morning and palladium has edged up to $466.
Among platinum shares, Impala Platinum was up 2,99%, or R8,99, to R309,50 and Anglo Platinum was 2,15%, or R29,55 better, at R1 401,05.
Resources were experiencing a pull back after their strong run on Tuesday, the trader said.
Anglo American was down R9, or 1,64%, at R538,50, while BHP Billiton had dipped R6,45, or 2,11%, to R298,80. Sasol dipped R1,25 to R473.
Industrial heavyweight Barloworld was up R3,34, or 3,98%, at R87,35, but brewer SABMiller dipped 28 cents to R186,25.
Among banks Absa gained R2,92, or 3,54%, to R84,52, while Standard Bank rose R1,45, or 1,85%, to R79,85. – I-Net Bridge