South African stocks continued to rally and were 639 points firmer by noon on Thursday, with strong mining counters continuing to provide steady support.
By 12.01pm, the JSE all-share index had gained 3,30%, with resources adding 4,15%. Platinum miners were up 3,45% and gold counters firmed 5,25%.
Banks put on 3,51%, financials collected 2,88% and industrials firmed 2,51%.
The rand was last bid at 9,65 to the dollar from 9,91 when the JSE closed on Wednesday. Gold was quoted at $930,25/oz a troy ounce from $895,10/oz at the JSE’s last close, and platinum was at $1 056/oz from its previous close of $1 057/oz.
“We are up nicely following on from Wall Street’s close last night. The dollar has weakened significantly and the rand is strong on the back of
that. Banking counters are up nicely and the resources are also doing well,” a trader said.
“It’s an expected broad-based rally. There is still potential for more upside movements before we start to come down again.
“Locally, our retailers and interest rate-sensitive stocks have picked up nicely on yesterday’s news that the MPC will meet earlier. There is buying in mining houses and gold has jumped on the weak dollar. There is a potential for some profit taking to come in later among these gold stocks.
“Generally, it’s quite positive out there. Investec is up nicely after a positive trading statement,” he said.
Anglo American was up R8,74, or 5,67%, to R162,75 and BHP Billiton put on R6,90, or 3,88%, to R184,80.
BHP Billiton earlier announced that it had priced a two tranche Global Bond under its debt shelf registration statement, which has been previously
filed with the US Securities and Exchange Commission. The Global Bond comprises $1,5-billion 5,5% Senior Notes due 2014 and $1,75-billion 6,5% Senior Notes due 2019, the company said in a statement.
Petrochemicals group Sasol gained R7,39, or 2,91%, to R261,14.
Paper group Sappi collected 18 cents, or 1,07%, to R16,93 but rival Mondi lost R3,25, or 10,08%, to R29.
ArcelorMittal rose R1,56, or 2,52%, to R63,39 and Kumba Iron Ore was up R1,59, or 1,05%, to R152,59, but Highveld Steel lost R1, or 1,49%, to R66.
Among gold miners, AngloGold Ashanti was up R17,02, or 5,12%, to R349,33, Gold Fields collected R5,48, or 4,89%, to R117,48 and Harmony rose R7,50, or 7,08%, to R113,50.
Platinum miner Anglo Platinum gained R5,28, or 1,16%, to R459,78, Impala Platinum firmed R6,79, or 4,75%, to R149,84 and Lonmin was up R9,79, or 5,62%, to R184.
In diversified miners, African Rainbow collected R5,65, or 4,81%, to R123 and Exxaro rose 1,51% to R65,50.
SABMiller added 56 cents to R135,80, Barloworld collected 69 cents, or 2,23%, to R31,70, Remgro put on R1,49, or 2.,2%, to R68,74, Bidvest firmed R2,91, or 3,38%, to R88,91 and Imperial was up R1,53, or 3,31%, to R47,79.
Standard Bank put on R3,23, or 4,24%, to R79,33, Nedbank gained R1,76, or 2,35%, to R76,66, Absa was up R2,99, or 3,39%, to R91,15 and FirstRand put on 34 cents, or 2,95%, to R11,88.
Financial services group Old Mutual collected 35 cents, or 6,03%, to R6,15, Sanlam was up 37 cents, or 2,52%, to R15,07 and Investec jumped R2,27, or 7,11%, to R34,20.
Truworths collected R1,09, or 3,59%, to R31,49, Massmart gained R3,62, or 5,32%, to R71,63, Foschini put on R1,76, or 4,40%, to R41,76 and Mr Price added R1,25, or 5,21%, to R25,25. – I-Net Bridge