The JSE hit a fresh intraday record high in the opening session on Monday‚ lifted largely by gold and banking stocks.
At 9.36am‚ the all share index was up 0.31% to 40‚405.67 points‚ with the top 40 index edging up 0.33% to 35‚910.15‚ while gold and banking stocks rallied 1.15% and 1.03%‚ respectively.
“The flows into global equities point towards the fact people are prepared to take risks even though some of the stock price moves appear to be momentum driven rather than fundamentals‚” said David Shapiro‚ director at Sasfin Securities.
RMB analysts said in a note that the global environment remained supportive as the start of the year had seen a sharp rotation into risk assets.
“Data remain fairly positive‚ although last week’s figures confirm the US economy ended last year on a weak note‚” the analysts said.
Leading Asian markets were mostly firmer‚ with Hong Kong’s Hang Sex index gaining 0.47% while Japanese markets were shut for a public holiday.
Among individual shares on the JSE‚ Anglo American Platinum (AMS) was down 1.72% to R491.50 after the world’s largest platinum producer said its headline earnings per share in the year ended December 2012 were expected to decrease to a loss of between 491 cents and 628 cents‚ from a profit of 1‚365 cents a year ago.
AngloGold Ashanti (ANG) was up 1.50% to R256.67 while Harmony Gold Mining (HAR) garnered 1.02% to R67.08.
Among banks‚ Standard Bank (SBK) picked up 1.15% to R118.85 and FirstRand (FSR) lifted 1.26% to R32.15‚ while retailer Lewis (LEW) fell 3.57% to R72.03. - I-Net Bridge