Resources give JSE a boost

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IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

Johannesburg - The JSE was stronger on Tuesday morning with resources leading the upside after their Australian counterparts strengthened this morning on positive sector discussions in that country.

At 9.25am‚ the all share index was again in record territory‚ up 0.48% at 38‚861.09 points‚ with the top 40 index gaining 0.50% to 34‚448.88 points. Resources gained 0.97%‚ while gold miners dipped 0.30% after a strong run for most of last week.

Eastern market were mixed with the Japanese Nikkei 225 closing 1.9% higher‚ while the Hong Kong Hang Seng index was down 0.15% at 9.10am local time.

“The rand is trading at R8.55 to the greenback and that strength seems to be filtering into other local markets. The rand usually strengthens at the end of the year because exporters brings cash back from offshore‚” Reuben Beelders‚ portfolio manager at Gryphon Asset Management in Cape Town said.

“There has been a rumour in the market that some local infrastructure payments were made in mid-December by government and that has also boosted the rand‚” Beelders said.

On the JSE‚ Anglo American (AGL) was 1.6% stronger at R259.15 and BHP Billiton (BIL) increased 1.24% to R294.76.

Aquarius Platinum (AQP) gave up 2.78% to R6.65‚ while Exxaro (EXX) gained 3.31% to R162.89 and Coal of Africa (CZA) jumped 6.29% to R1.69.

Rand hedge British American Tobacco (BTI) was down a bit on the stronger currency. The counter gave up 1.34% to R449.69.

In construction Basil Read Holdings (BSR) was off 2.13% to R10.57.

Retailers Truworths (TRU) was up 3% to R106.34 and Mr Price (MPC) added 2.60% to R135.78. - I-Net Bridge

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