Get more Mail & Guardian
Subscribe or Login

JSE off highs as resources weigh

The JSE remained in the black at midday on Thursday, but was off its earlier highs as resources reversed gains and moved into negative territory.

By 11.55am, the all-share index was up 1,49%, led by a 3,37% jump in banks, a 3,51% rise in financials and a 3,18% gain in industrials.

Resources were off 0,29% but the platinum-mining index was up 1,63% and the gold-mining index added 0,26%.

The rand was bid at 7,57 to the dollar from 7,60 when the JSE closed on Wednesday, while gold was quoted at $963,75 a troy ounce from $965,50/oz at the JSE’s last close.

“What we are seeing today [Thursday] is sector rotation, with banks, financials and industrials benefiting,” said a trader.

He added that global markets were better on the back of the lower oil price, and if the oil price keeps retreating then there might be an extended global equity markets rally.

“For now the Dow futures have nudged into positive territory, but all eyes will be on Wall Street later,” he added.

The Dow closed up 2,5% overnight, the Nikkei ended up 1% on Thursday, while in London the FTSE was 1,12% higher.

On the JSE, resource giant Anglo American shed 50 cents to R411 and BHP Billiton declined R1,92 to R240,58.

Sasol fell R8, or 1,91%, to R410. Brent crude was last at $135,51 per barrel, down 30 cents from its overnight close.

Gold miner AngloGold Ashanti gained R7, or 2,63%, to R273, but Gold Fields fell R2,73, or 2,69%, to R98,77.

Among platinum miners, Anglo Platinum was up R29, or 2,79%, to R1 070 and Impala Platinum improved R3,29, or 1,37%, to R244,04.

Among industrials, brewer SABMiller climbed R5,01, or 3,05%, to R169,49, Richemont surged R1,56, or 3,76%, to R43,10 and Barloworld jumped R3,18, or 4,8%, to R69,41. PPC was R1,73, or 6,3%, better at R29,18.

Consumer foods brands maker Tiger Brands was up R5,77, or 4,28%, to R140,57.

MTN advanced R4,14, or 3,44%, to R124,50, but Telkom fell 70 cents to R136,30.

Banks were also in favour, extending their gains from Wednesday. Standard Bank was R2,07, or 2,59%, higher at R82, Nedbank rallied R5,60, or 6,15%, to R96,70, Absa was up R3,65, or 4,04%, to R93,90 and FirstRand recovered 57 cents, or 3,85%, to R15,37. — I-Net Bridge

Subscribe for R500/year

Thanks for enjoying the Mail & Guardian, we’re proud of our 36 year history, throughout which we have delivered to readers the most important, unbiased stories in South Africa. Good journalism costs, though, and right from our very first edition we’ve relied on reader subscriptions to protect our independence.

Digital subscribers get access to all of our award-winning journalism, including premium features, as well as exclusive events, newsletters, webinars and the cryptic crossword. Click here to find out how to join them and get a 57% discount in your first year.

Related stories

WELCOME TO YOUR M&G

If you’re reading this, you clearly have great taste

If you haven’t already, you can subscribe to the Mail & Guardian for less than the cost of a cup of coffee a week, and get more great reads.

Already a subscriber? Sign in here

Advertising

Subscribers only

Fears of violence persist a year after the murder of...

The court battle to stop coal mining in rural KwaZulu-Natal has heightened the sense of danger among environmental activists

Data shows EFF has lower negative sentiment online among voters...

The EFF has a stronger online presence than the ANC and Democratic Alliance

More top stories

Mkhize throws the book at the Special Investigating Unit

It’s a long shot at political redemption for the former health minister and, more pressingly, a bid to avert criminal charges

Pockets of instability in Kenya are underpinned by unequal development

Stability in Kenya hinges on a just, equitable distribution of resources, and a commitment to progress human development for the marginalised

Eastern Cape premier Mabuyane lives large amid province’s poverty

Oscar Mabuyane and MEC Babalo Madikizela allegedly used a portion of state funds for struggle icon Winnie Madikizela-Mandela’s commemoration for their own benefit
Advertising

press releases

Loading latest Press Releases…
×