South African stocks remained in the black at midday on Wednesday, buoyed by resources and mining
By noon, the all-share index was up 1,27%, led by a 2,65% rise in the resources index, a 2,48% gain in the gold mining index and a 0,45% increase in the platinum mining index.
Financials were up 0,23%, but banks were off 0,29% and industrials were unchanged.
The rand was bid at 7,75 to the US dollar from 7,82 when the JSE closed on Tuesday, while gold was quoted at $808,25 a troy ounce from $794,40/oz at the JSE’s last close.
“There was quite a nice bounce in some commodities overnight and the Far East markets were up and Europe has followed suit, so we are also looking
better today,” said a local equities trader.
The trader added, however that volatility in commodities prices was making the market nervous and that volumes on the JSE have been lighter than
On the JSE, resource giant Anglo American was up R5,38, or 1,38%, at R396,03 and BHP Billiton added R10,36, or 4,70%, to R230,61.
Synthetic fuels maker Sasol recovered R13,76, or 3,56%, to R400,51.
Gold miner AngloGold Ashanti was R6,34, or 3,14%, firmer at R208,50, Gold Fields was up 85 cents, or 1,25%, to R69,10 and Harmony climbed R2,05, or 3,56%, to R59,60.
Among platinum miners Anglo Platinum was up R15,01, or 1,81%, to R846,01, but Impala Platinum fell 79 cents to R210,21.
Among industrials, brewer SABMiller was off R3,49, or 2,13%, at R160,51, but Bidvest was R1,20, or 1,15%, higher at R105,20.
Banking group Standard Bank gained 26 cents to R84,75 but Nedbank shed 70 cents to R103,30 while Absa lost R2,62 or 2,44%, to R104,68.
Grindrod was up 70 cents, or 3%, at R24. The company reported a 95% jump to 242.8 cents in headline EPS for interim period to June compared with 124,6 cents a year ago.
An interim ordinary dividend of 68 cents was declared — up 100% on the same period a year ago. A preference dividend of 589 cents per share was
declared, up from 498 cents a year ago.
The group expects full year headline EPS to rise between 80% and 100% on the 263,1 cents per share reported for the twelve months to December 31 2007.
Pallinghurst Resources, the investment fund chaired by South African and former BHP Billiton CEO Brian Gilbertson, which debuted on the JSE this morning, was last at R9. Its first trade was at R8. – I-Net Bridge