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Johannesburg - The JSE closed up on Thursday as gold shares soared on a stronger bullion price.
At 17:00‚ the All Share [JSE:J203] index closed 0.89% higher at 39 128.87 points and the Top 40 - (Tradeable) [JSE:J200] index was 0.86% firmer.
The gold index jumped 4.13%‚ platinums rose 2.28% and resources climbed 1.43%.
“Gold stocks are firmer due to the stronger gold price. The only big gold miner that is being held back is Harmony due to the fire at its Phakisa mine near Welkom‚ which resulted in a halt in production‚” said Kyle Dutton‚ stockbroker at Mercato Financial Services.
“The UK’s GDP print was better than expected and as a result the UK missed a feared triple dip recession leading to risk-on trade being back in play. US jobless claims were lower than expected which boosted its markets. It looks as though everybody is happy again and risk-on trade is the name of the game‚” he said.
At 5pm local time the spot price of gold was up 1.61% to $1 453.51/oz‚ while the platinum spot price added 1.93% to $1 453.50/oz by the same time.
Leading European share markets were higher‚ with London’s FTSE 100 0.25% higher at 16:47 local time.
A reading on economic growth in the UK showed Britain avoided slipping into its third recession in recent years during the first three months of this year‚ as gross domestic product came in at 0.3%‚ beating analysts' expectations of 0.1%‚ Dow Jones Newswires reported.
Across the Atlantic‚ US stocks rose as a measure of US layoffs unexpectedly tumbled. At 5pm local time the Dow Jones Industrial Average was 0.50% firmer.
Dow Jones Newswires reported that the number of Americans applying for jobless benefits fell to 339‚000 last week‚ the second-lowest level since January 2008‚ according to the US Labour Department. Economists surveyed by the newswire had projected that jobless claims‚ a measure of layoffs‚ would rise to 350‚000.
On the JSE Gold Fields (GFI) soared 8.74% to R70.14‚ Anglogold Ashanti (ANG) gained 2.90% to R177.15 and Gold One International (GDO) leapt 17.51% to R2.08. Harmony (HAR) gave back 1.18% to R44.44‚ after being up 3.50% earlier in the day.
Oil giant Sasol (SOL) gained 1.97% at R389.60‚ Kumba Iron Ore (KIO) improved 3.31% to R468‚ while ArcelorMittal (ACL) shed 4.98% to R24.22.
Among platinums Lonmin (LON) jumped 5.97% to R40.80‚ Anglo American Platinum (AMS) added 1.23% to R340.85‚ Aquarius (AQP) leapt 5.81% to R5.83 and Impala Platinum (IMP) garnered 1.48% to R123.71. Jubilee (JBL) bucked the trend‚ giving back 1.67% to R1.18.
Retailer JD Group (JDG) added 3.46% to R34.05 and Shoprite (SHP) gained 2.69% to R170.47.
IT group Altron (ATN) gave back 2.50% to R19.50 and its subsidiary Altech (ALT) tumbled 7.80% to R33.10 after the latter on Wednesday reported a 26% decline in its diluted adjusted headline earnings per share in the year to February.
Aveng (AEG) fared best in the construction sector gaining 2.30% to R31.61.
At 17:00‚ the All Share [JSE:J203] index closed 0.89% higher at 39 128.87 points and the Top 40 - (Tradeable) [JSE:J200] index was 0.86% firmer.
The gold index jumped 4.13%‚ platinums rose 2.28% and resources climbed 1.43%.
“Gold stocks are firmer due to the stronger gold price. The only big gold miner that is being held back is Harmony due to the fire at its Phakisa mine near Welkom‚ which resulted in a halt in production‚” said Kyle Dutton‚ stockbroker at Mercato Financial Services.
“The UK’s GDP print was better than expected and as a result the UK missed a feared triple dip recession leading to risk-on trade being back in play. US jobless claims were lower than expected which boosted its markets. It looks as though everybody is happy again and risk-on trade is the name of the game‚” he said.
At 5pm local time the spot price of gold was up 1.61% to $1 453.51/oz‚ while the platinum spot price added 1.93% to $1 453.50/oz by the same time.
Leading European share markets were higher‚ with London’s FTSE 100 0.25% higher at 16:47 local time.
A reading on economic growth in the UK showed Britain avoided slipping into its third recession in recent years during the first three months of this year‚ as gross domestic product came in at 0.3%‚ beating analysts' expectations of 0.1%‚ Dow Jones Newswires reported.
Across the Atlantic‚ US stocks rose as a measure of US layoffs unexpectedly tumbled. At 5pm local time the Dow Jones Industrial Average was 0.50% firmer.
Dow Jones Newswires reported that the number of Americans applying for jobless benefits fell to 339‚000 last week‚ the second-lowest level since January 2008‚ according to the US Labour Department. Economists surveyed by the newswire had projected that jobless claims‚ a measure of layoffs‚ would rise to 350‚000.
On the JSE Gold Fields (GFI) soared 8.74% to R70.14‚ Anglogold Ashanti (ANG) gained 2.90% to R177.15 and Gold One International (GDO) leapt 17.51% to R2.08. Harmony (HAR) gave back 1.18% to R44.44‚ after being up 3.50% earlier in the day.
Oil giant Sasol (SOL) gained 1.97% at R389.60‚ Kumba Iron Ore (KIO) improved 3.31% to R468‚ while ArcelorMittal (ACL) shed 4.98% to R24.22.
Among platinums Lonmin (LON) jumped 5.97% to R40.80‚ Anglo American Platinum (AMS) added 1.23% to R340.85‚ Aquarius (AQP) leapt 5.81% to R5.83 and Impala Platinum (IMP) garnered 1.48% to R123.71. Jubilee (JBL) bucked the trend‚ giving back 1.67% to R1.18.
Retailer JD Group (JDG) added 3.46% to R34.05 and Shoprite (SHP) gained 2.69% to R170.47.
IT group Altron (ATN) gave back 2.50% to R19.50 and its subsidiary Altech (ALT) tumbled 7.80% to R33.10 after the latter on Wednesday reported a 26% decline in its diluted adjusted headline earnings per share in the year to February.
Aveng (AEG) fared best in the construction sector gaining 2.30% to R31.61.
