Resources push JSE to yet another high

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JSE1 Independent Newspapers The JSE. Photo: Simphiwe Mbokazi.

Johannesburg – The JSE was trading at an all-time high early on Wednesday morning‚ boosted by platinum and general resource counters‚ while gold miners weighed a bit due to negative sentiment in the gold mining sector.

At 9.42am the JSE all share index was up 0.20% at 40‚733.14 points‚ with resources adding 0.39%‚ platinums gaining 0.28% and gold miners giving back 0.42%.

In Asia the Japanese Nikkei 225 closed 2.28% stronger‚ while the Hong Kong Hang Seng index was last 0.77% higher.

On the local front the rand’s recovery has come in the absence of any further negative local news‚ Rand Merchant Bank said in a morning note.

“There is nothing obvious that is likely to shock today although the slightest thing can set the market off again. The international backdrop is very favourable. US consumer confidence figures disappointed slightly yesterday but home prices saw another rise and Wall Street is leading global equities higher. Risk currencies are rallying‚” RMB said.

“Global markets could potentially be volatile today‚ with Eurozone consumer and business confidence and US GDP numbers due. The Fed will announce its policy decision this evening with no fireworks expected‚” it said.

On the JSE Anglo American (AGL) added 0.68% to R274.87. The stock closed 2.15% higher on Tuesday after it said expenditure for its Minas-Rio iron ore project in Brazil was projected to increase to $8.8 billion. The higher capex was not as high as market participants had expected‚ which boosted the share price.

Rival BHPBilliton (BIL) was trading 0.62% higher at R305.52.

Northam Platinum (NHM) picked up 0.67% to R36.24 and Aquarius (AQP) surged 4.66% to R9.43 after the platinum miner closed 6.15% lower on Tuesday.

Yesterday it reported a 2% rise in attributable production from its operating mines in the quarter ended December to 78‚987 ounces.

Goldfields (GFI) dipped 1.04% to R104.50‚ while Harmony (HAR) lifted 2.30% to R62.40.

ArcelorMittal (ACL) advanced 0.82% to R34.54‚ Exxaro (EXX) picked up 0.91% to R173.99 and Kumba Iron Ore (KIO) added 1.72% to R591.01. - I-Net Bridge


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