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Platinum stocks lead JSE recovery

The JSE snapped a four-day losing run on Monday amid optimism on world markets that US budget talks were headed in the right direction.

At 12.39pm‚ the all share index was 0.73% higher at 37‚088.93 points‚ with the top 40 index recovering 0.84% to 32‚855.34. The platinum sector surged 3.52% amid some bargain hunting following a heavy knock recently.

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

“The big macro theme at the moment is the perceived progress on the US fiscal cliff‚” Investec Asset Management equity dealer Ryan Wibberley said. “It is early days but there are hopes of a framework being agreed on by the US authorities.”

Leading European shares were on the front foot at noon‚ with the UK’s FTSE 100 rallying 1.03%‚ while US stocks looked to set to open higher later in the day.

Among individual stocks on the JSE‚ Impala rose 3.88% to R148.33‚ while Lonmin (LON) climbed 5.18% to R70 and Aquarius Platinum (AQP) added 6.30% to R5.74.

Harmony (HAR) gained 2.96% to R69.60.

Among companies in focus‚ Barloworld (BAW) added 3.17% to R75.42 after reporting a 46% rise in headline earnings per share to 680 cents for the year ended September.

African Bank (ABIL‚ ABL) gained 3.13% to R30.68 after reporting an 18% rise in headline earnings per share to 342.5 cents. - I-Net Bridge

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