JSE extends gains on world markets

South African stocks extended gains at midday on Monday, climbing to more than 3% in tandem with overseas markets amid hopes that the United States economy will begin to recover this year, traders said.
But volumes remained light as some traders are yet to return from the festive season holidays.
“The US’s stimulus packages are at the forefront of everyone’s mind at the moment, and there’s also a bit of short covering. But it’s probably going to take us a week or so to get into the swing of things,” said Andrew Todd, a trader at BoE Private Clients.
Dow Jones Newswires reports that European stocks are stable on Monday after opening higher in the wake of Asian gains. Analysts noted an increase in investors’ willingness to take on risk and optimism about President-elect Barack Obama’s economic stimulus plans.
At midday, the all-share index was up 3,12% at 22 443,710. Resources jumped 3,77%, and the gold and platinum mining indices were up 0,51% and 4,18% respectively. Industrials added 2,83%, financials gained 2,25% and banks were up 2,63%.
The rand was last bid at R9,46 to the dollar, from R9,36 when the JSE closed on Friday, while gold was last quoted at $863,73 a troy ounce from $874,05/oz at the JSE’s last close.
Platinum was at $933,50/oz from $931/oz when the JSE closed on Friday.
Among equity movers on the JSE, resource giant Anglo American was up R11,11, or 4,96%, to R235 and BHP Billiton climbed R5,99, or 3,24%, to R191.
Synthetic fuels maker Sasol gained R17,90, or 6,13%, to R310.
Among gold miners, AngloGold Ashanti added R2,29 to R260,04 and Gold Fields inched up 37c to R90,88.
World number one platinum miner Anglo Platinum surged R13,13, or 2,40%, to R560,13 and Impala Platinum gained R7,26, or 5,14%, to R148,53.
Elsewhere, brewer SABMiller was up R3,99, or 2,49%, at R164,50 and Tiger Brands rose R4,97, or 3,48%, to R147,98.
Among banks, Standard Bank was R3,10, or 3,80%, better at R84,60, Nedbank improved R4,27, or 4,51%, to R98,87 and Absa (ASA) added R1,75, or 1,62%, to R110. – I-Net Bridge

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Tiisetso Motsoeneng
Tiisetso Motsoeneng works from Johannesburg. Deputy Editor: Business Day in Johannesburg, home to Africa’s deepest capital market. Tiisetso Motsoeneng has over 285 followers on Twitter.

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