JSE mildly positive

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JSE1

Independent Newspapers

The JSE. Photo: Simphiwe Mbokazi.

The JSE was mildly positive at the start of trading on Tuesday‚ tracking leading European bourses‚ although investor concerns over elevated Spanish bond yields capped the gains.

At 09:23 local time‚ the JSE all-share index was up 0.15% to 34‚491.69 points‚ with gold shares lifting 1.33%‚ while resources were flat (-0.1%) and platinum counters lost 0.31%

Financials were up 0.18%‚ banking stocks rose 0.35% and industrials were 0.23% in the black.

The rand was trading at 8.28 to the US dollar‚ from 8.34 at the JSE's close on Monday‚ while gold was quoted at US$1‚631.74 a troy ounce from US$1‚622.95/oz at the JSE's previous close and platinum was at $1‚490.20/oz‚ from $1‚483.20/oz previously.

Viv Govender‚ market analyst at Vunani Private Clients‚ said:” The commitment by G20 countries to channel resources to the International Monentary Fund was helping market sentiment.”

At the G20 summit in Cannes‚ world leaders agreed to increase the resources of the IMF so that it could serve as a backstop in the event of further deterioration in the eurozone situation.

Along with fellow members of the G20‚ SA announced in Los Cabos yesterday that it had committed to supporting the IMFs firewall fund‚ and would be investing $2 billion of its reserves towards this effort.

Asian shares posted losses as investors shifted their attention back to Spain's financial woes‚ overriding Monday's post-election cheer from the Greek election results.

Borrowing costs in Spain surged with yields hitting 7.13% on 10-year Spanish government bonds on Monday‚ exceeding the 7% point at which other troubled European countries - Greece‚ Portugal and Ireland - lost access to the debt markets‚ Dow Jones Newswires reported.

Japan's Nikkei ended 0.75% lower at the close with the Hang Seng index down 0.22% at 09:08 local time; at the same time in Europe‚ London’s FTSE was up 0.57%.

On the JSE‚ Anglo American (AGL) gained 47 cents to R279.47‚ but BHP Billiton (BIL) slipped 30 cents to R240.19 and Sasol (SOL) was down R2.15 to R370.

AngloGold Ashanti (ANG) added R3.52‚ or 1.16%‚ to R306.60‚ Gold Fields (GFI) rallied R1.36‚ or 1.21%‚ to R113.90 and Harmony Gold Mining (HAR) rose R1.83‚ or 2.15%‚ to R86.75.

In platinum stocks‚ Impala Platinum (IMP) dipped 69 cents to R148.79 and Lonmin (LON) was off 81 cents to R101.21.

Among other miners‚ Kumba Iron Ore (KIO) shaved off R3.44 to R571.55

In industrials‚ British American Tobacco (BTI) was down R1.84 to R408.52.

Among telecoms shares‚ MTN (MTN) added R1.08 to R140.21 and Telkom (TKG) rallied 92 cents‚ or 4.52%‚ to R21.27.

Business Day reported that Telkom’s delisting and renationalisation were expected to be a key outcome of the African National Congress’s policy conference next week as the party and the government battled to improve SA’s broadband services. - I-Net Bridge


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