• Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

  • Don't take us for fools

    It's time for businesses to stop thinking consumers are gullible, says Mandi Smallhorne.

All data is delayed
See More

Banks‚ financials underpin JSE

Feb 28 2013 13:20
I-Net Bridge
Johannesburg - Investors’ strong appetite for banking and financial stocks kept the JSE in positive territory on Thursday‚ offsetting weakness in the general resources sector.

Gold stocks were particularly under pressure as a result of a lower gold spot price as well as caution ahead of the National Energy Regulator of SA’s decision on Eskom’s tariff hikes application‚ due this afternoon. Mining houses are already under pressure from rising costs.

At 12:26 the All Share [JSE:J203] index was 0.41% higher at 39 435.75 points‚ with the Top 40 - (Tradeable) [JSE:J200] index regaining 0.44% at 35 005.73.

Banks and financials lifted 1.89% and 1.31% respectively while gold stocks lost 2.02%.

“Resources continue to lag as a lower gold price weighs on gold stocks while strong results from Liberty Holdings boosted financial stocks‚” said Nedbank Capital strategic research head Mohammed Nalla said.

Nalla said that after some value-buying in the resource sector‚ earnings of mining companies had disappointed after production cuts and labour unrest‚ leading this index weaker.

“Signs of economic recovery globally remain uncertain and this is causing concern‚ resulting in a moderation in risk appetite‚” he said.

Leading European markets were broadly firmer at noon‚ with London’s FTSE 100 up 0.3%.

On the JSE‚ FirstRand (FSR) rallied 3.31% to R30.91‚ RMB Holdings (RMH) gained 3.63% to R41.37 and Discovery (DSY) was up 3.28% to R74.96. Liberty Holdings (LBH) was up 1.57% to R116.80.

Among miners‚ AngloGold Ashanti (ANG) lost 1.99% to R218.85 and Harmony Gold (HAR) dropped 2.43% to R55.48.

The spot price of gold was down 0.53% to US$1‚588.74 per ounce at 13:00.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

jse  |  markets



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote