The JSE was in positive territory by noon on Monday with banking and financial stocks leading the upside as market participants looked for bargains after last week’s heavy losses.
By 11.55am, the JSE all-share index had put on 0,83%, resources edged up 0,35% and gold miners firmed 1,13%, but platinum counters lost 0,92%.
Banks were up 3,45%, financials gained 2,31% and industrials collected 0,78%.
The rand was last bid at 9,98 to the dollar from 10,20 when the JSE closed on Friday. Gold was quoted at $987,45/oz a troy ounce from $996,77/oz at the JSE’s last close, and platinum was at $1 083,50/oz from its previous close of $1 078,50/oz.
“There is definitely some bargain-hunting in the market, although it is still very shaky,” a Johannesburg-based trader said.
“Banks are recovering after being oversold recently. The paper companies remain under pressure on profit-taking.
“Shares across the board have been very oversold recently,” he said.
“We are seeing world markets pick up and we are following that movement,” another trader said.
“Banks and industrials are up, coming off very oversold levels.
“The rand is strengthening. It seems the flight to safety assets is fading and there is now an appetite for riskier assets,” he added.
On the JSE, resources giant Anglo American added R3,59, or 2,34%, to R157,09 but BHP Billiton edged down 13 cents to R169,37.
Petrochemicals group Sasol lost R2,02 to R261,94.
Highveld Steel was up R4,15, or 6,30%, to R70, ArcelorMittal added R1,57, or 2,07%, to R77,57 and Kumba Iron Ore put on R1,57 to R160,57.
Among gold miners AngloGold Ashanti gained R7,01, or 2,16%, to R332, Gold Fields edged up 31 cents to R115,66 and Harmony collected 50 cents to R130.
Platinum miner Anglo Platinum fell R16, or 3,48%, to R444 and Lonmin was up R2,43, or 1,60%, to R153,93.
In diversified miners African Rainbow was off R7,86, or 6,84%, to R107,09.
The group earlier reported a 201% increase in headline earnings and headline earnings a share to R2,2-billion or R10,55 a share for the six months to end December 2008.
Among industrials, brewer SABMiller eased 55 cents to R154,10 and Barloworld gave up 34 cents, or 1,06%, to R31,77.
However, Bidvest was up R1,36, or 1,57%, to R88 and Famous Brands put on 20 cents, or 1,33%, to R15,20.
Banker Standard Bank was up R2,15, or 3,41%, to R65,15, Nedbank put on R2,20, or 2,85%, to R79,45, Absa firmed R3,65, or 4,24%, to R89,65 and FirstRand collected 45 cents, or 3,81%, to R12,26.
Financial services group Old Mutual gained 23 cents, or 3,76%, to R6,35, Sanlam added 26 cents, or 1,68%, to R15,76 and Investec put on R1,43, or 4,61%, to R32,42.
Media group Naspers lost R2,01, or 1,26%, to R157,99.
Among retailers Woolies added 50 cents, or 4,17%, to R12,48and Nu Clicks was up 21 cents, or 1,48%, to R14,39.
However, Pick n Pay lost 79 cents, or 2,52%, to R30,61 and Steinhoff lost 14 cents, or 1,16%, to R11,94.
Construction group Aveng firmed R1,01, or 4,27%, to R24,66 and Group Five was up R1,08, or 4,04%, to R27,83, but WBHO gave up R1,30, or 1,51%, to R84,70.
Cement manufacturer Pretoria Portland Cement (PPC) lost 85 cents, or 2,74%, to R30,15.
Telecommunications group MTN Group collected R4,25, or 5,07%, to R88,15 and Telkom was up R2,30, or 2,20%, to R107. — I-Net Bridge