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Platinum miners, resources buoy JSE

The JSE remained firm on Monday as platinum mining and resources stocks posted good gains. Sentiment was generally positive, in line with global markets.

By 11.49am, the all-share index was up 1,90%. Resources added 2,47% and the platinum mining index was up 5,06%. However, the gold mining index shed 1,90%.

Banks inched up 2,34%, financials gained 2,16% and industrials were 1,15% better.

The rand was bid at 7,67 to the US dollar from 7,70 when the JSE closed on Friday, while gold was quoted at $863,35 a troy ounce from $854,27/oz
at the JSE’s last close.

“We are generally firmer across most of the sectors. However, golds are still on the weaker side, but there have been nice gains for the platinum stocks,” said a trader.

“Across the board we are seeing a generally firmer undertone, but world markets are contributing to that — even the banks are looking better,” the trader added.

Dow Jones Newswires reported that US stock futures paused on Monday after the last session’s run-up, with oil futures back on the move as the fighting between Russia and Georgia intensified over the weekend.

S&P 500 futures eased a half point to 1 291,70 while Nasdaq 100 futures rose three-quarters of a point to 1 924,70. Dow industrial futures fell nine points.

US stocks ended higher on Friday as strength in the dollar triggered losses for commodities, notably oil. Transport and housing stocks led the advance. The Dow industrials rallied 302 points, the S&P 500 rose 30 points and the Nasdaq Composite added 58 points.

In London, the FTSE was up 20,8 points. On the JSE, Anglo American was up R11,33, or 2,85%, to R409 and BHP Billiton rallied R7,01, or 3,17%, to R228,31.

Sasol added R4,06, or 1,01%, to R408. Platinum miner Anglo Platinum jumped R59,99, or 6,63%, to R965, Impala Platinum was R10,45, or 5%, at R219,45.

Among gold miners, AngloGold Ashanti was down R4,60, or 2,01%, to R224,40 and Gold Fields dropped R1,33, or 1,88%, to R69,50.

Among industrials, brewer SABMiller was up R2,37, or 1,43%, to R168,17 and PPC was R1,08, or 3,43%, higher at R32,58. Bidvest collected R2,49, or 2,45%, at R103,99.

Among banks, Standard Bank was up R2,43, or 2,79%, at R89,58, Nedbank collected 96 cents to R106,76 and Absa added R2, or 2%, to R102.

Construction firm Group Five rallied 80 cents to R43,90. It earlier reported fully diluted headline earnings per share of 398 cents for the year ended June from 233 cents a year ago.

Delta Electrical was up 26 cents, or 2,6% at R10,25. Earlier it reported attributable diluted headline earnings per share of 73,5 cents for the six months ended June from a loss of 60,6 cents a year ago. – I-Net Bridge

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