/ 27 June 2008

JSE turns higher on miners

South African stocks were mixed with a firmer bias at noon on Friday, supported by miners on firm metal prices, while shaky overseas markets weighed on other stocks, traders said.

By noon, the all-share index was up 0,20%, thanks to a massive 3,55% rise in the gold-mining index. Resources added 1,11% but platinum miners weakened 0,30%.

Banks recovered 0,69% but financials gave up 0,20% and industrials were 1,07% in the red.

The rand was bid at 7,93 to the dollar from 7,87 when the JSE closed on Thursday, while gold was quoted at $922,15 a troy ounce from $912,15/oz at the JSE’s last close.

After starting mostly in the red following an overnight slump on Wall Street, the local bourse turned the corner just before midday, mainly on the back of commodity stocks on rising prices and while bargain hunters picked up banks after Thursday’s bad PPI-induced losses.

“There are some buying opportunities in the mining sector because gold is right up there and platinum is firm as well,” one trader said.

Gold miners were the blue chips’ top gainers as the price of gold continued to climb. Harmony soared R5,90, or 6,56%, to R95,90, AngloGold Ashanti climbed R8,02, or 3,16%, to R261,50 and Gold Fields added R2,45, or 2,62%, to R95,95.

Among resources, Anglo American added R5,11 to R522,60 and BHP Billiton was up R2,05 to R288,74.

Sasol surged R11,50, or 2,50%, to R471,50 as the price of crude oil continues to break records on the upside. It was last trading at $140,30, little changed from its overnight close but still at elevated levels.

Platinum miner AngloPlat shed R9,05 to R1 310,95 and Implats lost 45 cents to R305,60.

Among banks, Standard Bank was up 84 cents, or 1,13%, to R75,39 but Nedbank was off 80 cents to R91,15.

Life insurer Old Mutual shed seven cents to R14,49 and Sanlam was down 40 cents, or 2,40%, at R16,30.

Elsewhere, industrial giant Barloworld eased R2,17, or 2,65%, to R79,73 and brewer SABMiller fell R3, or 1,68%, to R175,50. — I-Net Bridge