Rand-hedge stocks boost JSEComment on this story
Johannesburg – The rand-hedge stocks boosted the JSE at noon after the currency fell to its weakest point to the US dollar in about eight weeks.
At 12.38pm‚ the all share index was up 0.49% at 40‚106.53 points‚ with the top 40 index gaining 0.52% to 35‚673.11 while gold and resource indices lifted 1.36% and 1% apiece.
“Rand weakness is the broader theme in the absence fresh drivers‚” said Ryan Wibberley‚ equity dealer at Investec Asset Management.
The rand‚ which also weakened sharply against the British pound and the euro - was at R8.9591 to the green back from R8.8436 previously - the weakest level since November 23.
A weaker rand boosts SA’s competitiveness.
Among some of the rand-hedge shares‚ BHP Billiton (BIL) rallied 2.01% to R298.28‚ AngloGold Ashanti (ANG) was up 1.46% to R263.31 and Gold Fields (GFI) gained 1.23% to R109.02.
British American Tobacco (BTI) was up 1.26% to R455.92 and Richemont (CFR) lifted 2.46% to R72.75.
Elsewhere‚ leading European shares were marginally higher‚ with London’s FTSE 100 up 0.21% while US futures pointed to a flat open on Wall Street later during the day. - I-Net Bridge