Independent Newspapers

The JSE. Photo: Simphiwe Mbokazi.

The JSE opened relatively firmer on Friday, with banking stocks leading the charge, in what is expected to be a choppy session.

At 09:26 local time, the JSE all-share index was up 0.45% to 34,262.99 points, with banks up 0.87%, financials lifted 0.68%, while industrials added 0.40%.

Platinum miners were up 0.30%, resources lifted 0.40% but gold shares shed 0.20%.

“In the absence market moving economic data, I expect markets to be fairly range-bound today,” said Chris Gilmour, analyst at Absa Investments.

The rand was at 7.63 to the US dollar, from 7.69 at the JSE's close on Thursday. Gold was quoted at US$1,776.59 a troy ounce from US$1,776.92/oz at the JSE's previous close, while platinum was at US$1,717.07/oz, from US$1,722/oz.

European stocks are expected to start up overall, following a positive close on Wall Street and after well-received economic data on Thursday, Dow Jones Newswires reports.

On Thursday, The Labor Department reported initial claims for unemployment benefits totalled 351,000 during the week ended February 18, unchanged from last week's revised total. Meanwhile, the German Ifo Survey for February also exceeded expectations.

Asian stock markets were mostly higher as investors weighed positive economic data in Europe and the US against concerns over rapidly rising global oil prices.

On the JSE, Anglo American (AGL) was up R2.01 to R325.76, BHP Billiton (BIL) added R1.56 to R252.95 and Sasol (SOL) edged up 75 cents to R399.25.

AngloGold Ashanti (ANG) was off 39 cents to R331.42, while Gold Fields (GFI) dipped 60 cents to R122.25.

Northam Platinum (NHM) rose 69 cents or 2.10% to R33.60, but Aquarius Platinum (AQP) lost 91 cents or 5.16% to R16.71.

Among other miners, Exxaro (EXX) added R1.20 to R204.20 and Kumba Irone Ore (KIO) lifted R3.03 to R542.

In industrials, Bidvest (BVT) was up R1.78 or 1.03% to R173.78, while Richemont (CFR) added 42 cents to R46.80.

Standard Bank (SBK) lifted R1.16 or 1.05% to 111.17, inching closer to 2007 record levels of R119.50, Nedbank (NED) was up R1.29 to 162.50, Sanlam (SLM) gained 41 cents or 1.35% to 30.74. - I-Net Bridge