/ 15 May 2009

JSE up as market looks ahead

The JSE traded higher by noon on Friday as the JSE looked beyond a current mixed global economic picture.

By noon, the JSE all-share index had added 1,32%, with resources up 1,67%. Platinum counters advanced 0,17% and gold miners edged 0,45% higher.

Banks profited 2,11%, financials increased by 1,26% and industrials were up 0,88%.

The rand was last bid at 8,55 to the dollar from 8,57 when the JSE closed on Thursday. Gold was quoted at $925,05/oz a troy ounce from $926,20/oz at the JSE’s last close, and platinum was at $1 111,50/oz, from $1 109/oz at its previous close.

A local trader said: “On balance we are trading well. The JSE looks like it may consolidate amid mixed global economic news. It may be that local
markets are looking ahead of bad news that is still filtering through the system, like the retail figures in the US and house price index.

“It may mean we have seen the worst, with interest rates coming down, we are seeing a good yield, representing good value for long-term investment.

“The market is still volatile, but we seem to be trading on positive sentiment,” he said.

Anglo American added R3,95, or 2,09%, to R193 and BHP Billiton picked up R3,09, or 1,70%, to R184,50.

Petrochemicals group Sasol gained R11,60, or 4,08%, to R295,60, as Brent added $1,92 or 3,39% to $58,61.

Among gold miners, AngloGold Ashanti added 22 cents to R312,43. South Africa’s largest gold producer earlier reported improved earnings on the back of stronger gold prices.

Gold Fields picked up R1,20, or 1,14%, to R106,20.

Platinum miner Anglo Platinum gained R8,54, or 1,78%, to R488,54, while Impala Platinum shed R1,25 to R168,75.

Lonmin added R3,08, or 2,05%, to R153,08. Kumba Iron Ore advanced R1,67 to R186,67, with diversified miner Exxaro adding R1,06, or 1,45%, to R74,06, and Metal giant, ArcelorMittal up R1,50, or 1,74%, to R87,50.

Among industrials, brewer SABMiller lost 75 cents to R159,50 and Imperial shed R1,65, or 3,07% to R55,35.

Tiger Brands gained R2,46, or 1,93%, higher to R129,76 but British American Tobacco gave up R2,50, or 1,12%, to R220,50.

Electronics company Reunert added R1,88, or 4,95%, to R39,88, while pharmacare group Aspen picked up R2,20, or 4,44%, to R51,80.

Standard Bank added R1,20, or 1,48%, to R82,50, with Nedbank advancing R1,52, or 1,77%, to R87,52 and Absa picking up R2,79, or 2,94%, to R97,79.

Santam gained R1,95, or 2,60%, to R77. Retailers were largely unmoved, with Lewis up R1,21, or 2,78%, to R44,70, and Foschini up R1,20, or 2,66% to R46,30.

Financial services and insurance group Liberty Holdings lost R2,99, or 4,67%, to R61,01. The group said earlier that its core businesses are performing well despite the difficult market conditions. – I-Net Bridge