Platinums push JSE to fresh highs

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Johannesburg‚ Dec 6 (I-Net Bridge) - Platinum stocks helped push JSE all share and top 40 indices to fresh record intra-day highs‚ amid positive global market sentiment.

At 12.40pm‚ the all share index was up 0.24% to 38‚280.84 points‚ with the top 40 index edging up 0.23% to 34‚006.42. Platinum stocks rallied 2.17%.

Andrew Kinsey‚ head of risk at GT247.com‚ said the continued strength of the market continued to confound investors. "Since January‚ the ALSI has risen consistently‚ seemingly unfazed by poor economic growth numbers‚ strike action and political uncertainty."

He added there had been very few‚ short lived pullbacks for clients to buy into. "As a result the average age of the positions is lengthening substantially."

European markets were higher at noon‚ with London's FTSE 100 gaining 0.28%.

There was a positive change of sentiment regarding the talks to avert the US fiscal cliff‚ said Devin Shutte‚ a trader at stockbrokerage‚ Newstrading.

Among individual shares‚ Amplats (AMS) lifted 2.68% to R410.70 and Lonmin (LON) rallied 4.73% to R39.82.

Exxaro (EXX) was up 2.64% to R158.82.

Absa (ASA) jumped 4.20% to R147.65 after it announced it was in the process of purchasing 100% of Barclays Africa for R18.3 billion.

Nedbank (NED) rose 1.39% to R182.50.

-I-Net Bridge


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