The JSE was higher at noon on Thursday, erasing earlier losses induced by profit-taking as firmer overseas markets stimulated a fresh round of buying, traders said.
At 12.07pm, the all-share index was up 0,60%, with resources 0,98% higher and gold shares 0,58% firmer. The platinum mining index however was off
0,06%.
Banks recovered 0,49%, industrials gained 0.35% but financials were 0,15% in the red.
The rand was bid at 7,43 to the US dollar, unchanged from when the JSE closed on Wednesday, while gold was quoted at $882,55 a troy ounce from $881,40/oz at the JSE’s last close.
“We’re watching Europe, there isn’t much happening locally and that’s probably the reason why the volumes are so light,” one trader said.
Dow Jones Newswires reports that oil companies, mineral extractors and a turnaround in Barclays shares helped London to modest gains on Thursday
morning, with BP and Anglo American performing well amid some renewed strength in oil and gold prices.
Overall, the FTSE 100 index rose 0,5% to 5 513, roughly in line with the rest of Europe.
In the United States, the DIJA closed 40,3 points firmer at 11 656.1, while the technology-laden Nasdaq added 28,54 at 2 378,37 and the S&P 500 index ticked up 4,31 at 1 289,19.
On the JSE, London-based resource giant Anglo American was up R9,55, or 2,37%, to R413,15 and BHP Billiton gained R1,63 to R229,10.
Sasol was off 49 cents to R397,50.
Gold miner AngloGold Ashanti gave up 50 cents to R230 but Gold Fields added R1,49, or 1,99%, to R76,49.
Among platinum counters, Aquarius Platinum climbed R2,67,or 4,03%, to R69. It earlier reported a 26,3% increase in its net profit to $236,5-million, or 91,98 US cents a share, for the full year to end June 2008 from $187,2-million, or 72,84 US cents a share, in 2007.
Takeover target Lonmin lost R5,31, or 1,07%, to R492,69.
It earlier reiterated its rejection of global diversified miner Xstrata’s $10-billion proposed offer for all its shares.
Anglo Platinum was R21,99, or 2,19%, higher at R1 024,99 and Impala Platinum eased R2,50. or 1,09%, to R227,50.
Among banks, Absa recovered 75 cents to R102,50. It earlier reported a 9,2% increase in diluted headline earnings per share from 610,2 cents to 666,2 cents for the six months ended
“I personally think Absa’s results were not bad, but I think the market was expecting a little bit more,” one trader said. – I-Net Bridge