JSE bounces into positive territory

The JSE rebounded strongly into positive territory at noon, in line with the performances of the international markets.

|||

The JSE rebounded strongly into positive territory at noon, in line with the performances of the international markets.

A local trader said that markets were moving up nicely with things looking rather positive across the board and maybe a bit of bargain hunting coming through.

By 12:00 local time, the JSE all-share index had added 1.71%, with platinum miners adding 2.21%, resources up 2.02% and gold miners gaining 1.13%.

Banks picked up 2.31%, financials lifted 1.85% and industrials rose 1.40%.

The rand was bid at 7.20 to the dollar, from 7.19 at the JSE's close on Thursday. Gold was trading at US$1,750.58 a troy ounce from US$1,759.94/oz at the JSE's previous close, while platinum was at US$1,791/oz, from US$1,781/oz previously.

Dow Jones Newswires reported earlier that European stocks traded flat-to-lower in another volatile session, with market participants responding warily to short-selling restrictions in parts of Europe amid lingering concerns about the lack of prompt solutions to the ongoing euro-zone debt crisis. But by noon SA time, markets had lifted, with London's FTSE 100 up 1.47% and Paris's CAC-40 2.20% higher.

On Thursday, regulators in France, Spain, Belgium and Italy announced plans to ban all short selling of specific financial stocks for 15 days starting Friday morning.

“Whether such a strategy has made a difference in the past is still debatable in our view,” said Deutsche Bank's strategist Jim Reid.

In Asia, the Hang Seng index closed up 0.1%, but the Nikkei 225 index was down 0.2%.

On the JSE, Anglo American (AGL) lifted 4.50 rand, or 1.61% to 283.50 rand, while BHP Billiton (BIL) gained 4.99 rand or 2.18% to 233.99 rand. Sasol (SOL) rose 10.24 rand, or 3.34%, to 317.25 rand.

Among gold shares, AngloGold Ashanti (ANG) rose 3.46 rand or 1.07% to 325.46 rand and Harmony (HAR) gained 1.31 rand, or 1.28%, to 103.30 rand.

Among platinum stocks, Amplats (AMS) was up 13.93 rand or 2.63% to 543.93 rand, while Northam Platinum (NHM) added 60 cents, or 1.8%, to 33.60 rand.

Impala Platinum (IMP) was 3.61 rand or 2.16% higher at 170.74 rand. The world's second largest platinum producer, on Friday advised that it expected its full year earnings per share (EPS) and headline earnings per share to be 37% and 42% higher than last year as dollar prices for metals increased and sales volumes improved.

The company anticipates that EPS and HEPS will be between 10.75 rand and 11.15 rand for the year to end June 2011. This compares to the previous financial year's EPS and HEPS of 7.86 rand.

Implats' annual audited financial results will be released on August 25.

Kumba Iron Ore (KIO) was 9.49 rand or 1.90%, off at 489.51 rand.

Among industrial stocks, SABMiller (SAB) was 3.06 rand or 1.28% up at 242.06 rand, Richemont (RCH) collected 1.01 rand, or 2.56%, to 40.41 rand and Barlowolrd (BAW) was up 1.23 rand, or 2.04%, at 61.50 rand.

Standard Bank (SBK) was 2.10 rand or 2.22% up at 96.60 rand, while Nedbank (NED) collected 5.38 rand, or 4.09%, to 136.89 rand. RMB Holdings (RMH) was up 86 cents or 3.61% to 24.71 rand.

Retail stocks saw Mr Price (MPC) gain 2.24 rand or 3.22% to 71.73 rand, while Shoprite (SHP) lifted 1.71 rand or 1.68% to 103.73 rand.

Lewis (LEW) shaved off 20 cents to 80.20 rand. The furniture retailer said on Friday that sales for the four months ended July 2011 increased by 6% over the corresponding period.

In construction, Aveng (AEG) gave up 80 cents or 2.30% to 34 rand, and Basil Read Holdings (BSR) shed 27 cents or 2.25% to 11.75 rand. WBHO (WBO) was 38 cents weaker at 101.52 rand.

Telecommunications group Telkom (TKG) gained 24 cents to 35.10 rand.

Media group Naspers (NPN) lost 2.31 rand to 346.70 rand. - I-Net Bridge

Source: http://www.iol.co.za/jse-bounces-into-positive-territory-1.1116756

Cheltenham festival Amir Khan Petrofac Human rights Newspapers & magazines Manchester City