South African stocks continued to move in line with strong global markets and extended gains by noon on Friday with miners and financial stocks continuing to give the bourse firm support.
The JSE all-share index had gained 2,26%, with resources up 2,41%. Platinum miners put on 2,56%, but gold counters lost 1,60%. Banks were up 1,76%, financials added 1,95% and industrials collected 2,14%.
The rand was last bid at 9,94 to the dollar from 10,08 when the JSE closed on Thursday. Gold was quoted at $920,32/oz a troy ounce from $927,55/oz at the JSE’s last close, and platinum was at $1 056,50/oz from its previous close of $1 049,50/oz.
“The market is strong today, moving in line with global markets. We were expecting rallies to come especially after the markets have been so discounted,” an equities trader said.
“Most of the bad news has already been discounted and now the market is saying there is some value.
“Dow futures are still up, so it does look like the rally will continue.
It looks like quite a real recovery from very bad levels. “The market has got to a stage where a bit of good news is coming through, and it looks like we are in for more upside for the next while,” he said.
Dow Jones Newswires reports that the FTSE 100 was still rising, looking to go into the weekend on a high while riding the momentum seen out of Asia and the US. “The important question will be, can we remain here or higher and build some kind of support, or will the moves of the last four days come to nothing?” said Simon Denham at Capital Spreads.
There is nothing on the UK economic agenda to provide further direction on Friday. The FSTE 100 was last up 1,66%.
US stocks are expected to rise at the open on the back of rallies seen in Europe and Asia, said David Morrison, strategist at GFT. He called the DJIA to open up 40 points and the S&P 500 up five points.
On the JSE, Anglo American was up R8,20, or 5,40%, to R160 and BHP Billiton added R8,85, or 4,94%, to R188.
Petrochemicals group Sasol gave up R1,25 to R253,77. ArcelorMittal was up R1,89, or 2,84%, to R68,39 and Highveld Steel put on R1,75, or 2,64%, to R68. Gold miner Gold Fields lost R4,50, or 3,64%, to R119 and Harmony weakened R3,79, or 3,34%, to R109,71.
Platinum miner Anglo Platinum firmed R9, or 2,08%, to R441, Impala Platinum collected R4, or 2,88%, to R143 and Lonmin added R6,82, or 3,85%, to R184,07. In diversified miners, African Rainbow gained R1,35, or 1,19%, to R114,85 and Exxaro strengthened R2,01, or 3,21%, to R64,61.
Elsewhere on the JSE, brewer SABMiller was up R3,76, or 2,89%, to R134, Remgro collected R1,40, or 2,15%, to R66,40 and Bidvest put on R3,04, or 3,70%, to R85,15, but British American Tobacco lost R1,10 to R233,90. Among banks Standard Bank was up R1, or 1,33%, to R76, Nedbank added R1,18, or 1,55%, to R77,52 and Absa gained R3,05, or 3,39%, to R93,05.
Financial services group Old Mutual put on 27 cents, or 5%, to R5,67 and Investec firmed R1,05, or 3,25%, to R33,35. Among retailers, Woolies was up 49 cents, or 4,69%, to R10,94, Truworths put on R2,16, or 7,57%, to R30,71 and Lewis added R2,69, or 7,96%, to R36,50.
Telecommunications group MTN Group gained R1,27, or 1,36%, to R94.37 and Telkom was up 92 cents to R100,37. — I-Net Bridge