JSE mildly positive at open

Independent Newspapers

The JSE. Photo: Simphiwe Mbokazi.

The JSE was mildly higher during its opening session on Tuesday‚ tracking positive sentiment on global stock markets.

At 09:22 local time‚ the JSE all-share index was up 0.35% to 33‚769.47 points‚ with resources gaining 0.47%. Gold shares shed 0.83% and platinum counters inched up 0.10%.

Financials lifted 0.35%‚ with banking stocks up 0.30% and industrials firming 0.33%.

The rand was firmer at 8.10 to the US dollar‚ from 8.17 at the JSE’s close on Monday‚ while gold picked up to US$1‚609.42 a troy ounce from US$1‚598.06/oz at the JSE’s previous close and platinum was quoted at $1‚464.50/oz‚ from $1‚444/oz previously.

“The continued rand/US dollar strength signifies the risk-on momentum despite the terrible manufacturing data points on Monday‚” said Drikus Combrinck‚ portfolio manager‚ PSG Konsult. “I think markets are pricing in the possibility of monetary easing from the central banks.”

European stocks started off a touch firmer‚ with London’s FTSE 100 index was up 0.10%.

Hope that policy makers would take action came after data showed that the US manufacturing sector had contracted for the first time since July 2009‚ the Dow Jones Newswires reported.

The data came ahead of the closely watched nonfarm payrolls report on Friday‚ which is seen as a key barometer of the US economy’s health.

In addition‚ the European Central Bank is expected to cut its main rate by 25 basis points‚ while investors are looking for the Bank of England to extend its bond-buying programme. Both central banks meet this week.

In Asia‚ Japan’s Nikkei average ended the session 0.70% higher while the Hang Seng index was up 1.18% by 9.22 SA time.

On the JSE‚ Anglo American (AGL) was up R1.26 to R271‚ BHP Billiton (BIL) lifted R1.17 to R234.79 and Sasol (SOL) garnered R6.39‚ or 1.88%‚ to R346.69.

AngloGold Ashanti (ANG) was down R5.34‚ or 1.92%‚ to R272.42 but Harmony Gold Mining (HAR) gained 22 cents to R75.62.

In platinum stocks‚ Impala Platinum (IMP) garnered 30 cents to R130.20 while Lonmin (NHM) slipped 25 cents to R97.99

Among other miners‚ African Rainbow Minerals (ARI) recovered R1.88‚ or 1.14%‚ to R167.25 and Assore (ASR) climbed R2.99‚ or 1.05%‚ to R289.

In industrials‚ Bidvest (BVT) rose R1.18 to R183.12.

Among banks and financials‚ Standard Bank (SBK) gained 30 cents to R111.30 and Absa (ASA) was up 56 cents to R137.61. - I-Net Bridge