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JSE buoyed by recovering mine stocks

The JSE opened in the black on Friday‚ with miners leading the way after shedding value on Thursday due to labour issues in the sector.

Retailers shed more value after taking a dip on Thursday‚ after Mr Price issued a worse-than-expected trading update.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

At 9.56am‚ the all share index was 0.60% stronger at 40‚202.93 points‚ with platinums adding 2.01% and resources 1.37% higher‚ while retailers gave back 0.23%.

Eastern markets were firm after a positive Chinese fourth quarter GDP print‚ with the Japanese Nikkei closing 2.86% stronger and the Hong Kong Hang Seng Index trading 1.08% higher at 9.41am local time.

“China’s fourth quarter GDP (growth) came in at 7.9% year on year‚ up from 7.4% in the third quarter‚ confirming the much discussed economic acceleration. Full year 2012 growth was 7.7%‚ the weakest since 1999. December industrial production‚ retail sales and investment all beat expectations and point to further economic acceleration‚” Rand Merchant Bank said in a morning note.

“US data was equally as good — weekly jobless claims fell to a five-year low and housing starts jumped to a four-year high. Focus is now on the University of Michigan Consumer Confidence Index to be released this afternoon‚” RMB said.

“On the local front listed retail trading updates support our view for a moderation in household consumption growth‚” it said.

“Mr Price’s sales updated for the quarter ending December 2012 were disappointing‚ with like-for-like sales growth of only 4.4% year-on-year‚” RMB said.

On the JSE‚ Anglo American (AGL) added 1.56% to R268.93 and rival BHP Billiton (BIL) garnered 1.44% to R295.00.

Impala Platinum (IMP) gained 2.13% to R172.50‚ Harmony (HAR) added 1.08% to R66.25 and Gold Fields (GFI) grew 1.30% to R106.72.

Retailer Mr Price (MPC) added 0.8% to R122.22‚ after shedding 3.3% on Thursday.

In construction Murray and Roberts (MUR) gained 2.10% to R24.81.

Spar (SPP) was off 2.13% at R119.21. - I-Net Bridge

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