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JSE flat‚ but general miners pick up

The JSE was flat at noon‚ after having started the day on a positive note. General resource shares‚ however‚ continued to make good gains.

“There is a view that resources present the best value compared to retailers‚ which appear fully priced at current valuations‚” said David Shapiro‚ director at Sasfin Securities.

The JSE. Photo: Simphiwe Mbokazi. Credit: Independent Newspapers

European stock markets‚ along with their Asian peers‚ were firmer despite economic news remaining fairly light.

At 12:42 local time the JSE all-share index was flat at 35‚468.39 points.

Among the big movers‚ Anglo American (AGL) gained R6.70‚ or 2.72%‚ to R252.70 and BHP Billiton (BIL) added R3.07‚ or 1.24%‚ to R249.87.

Stanlib said in a note that given that BHP Billiton and Anglo together comprised over 20% of the top-40 index‚ a recovery in mining shares may be needed to push this index to a new record high.

Lonmin (LON) lifted R2.34‚ or 2.50%‚ to R96.08.

Coal of Africa (CoAL) was up 19 cents or 5.44%‚ to R3.49 after company announced it had raised US$44m through an equity placement to fund the ramp-up of its Vele Colliery in Limpopo.

The proceeds will also be used for pre-mining right capital expenditure at its Makhado project‚ also in Limpopo‚ and for additional drilling activities.

Abil (ABL) was down R1.30‚ or 3.49%‚ to R35.90. - I-Net Bridge

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