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Johannesburg - The JSE powered to a multi-week high on Thursday‚ more than offsetting last month’s wobble in the benchmark index‚ amid a generally positive global market backdrop.
At 12:29‚ the JSE All Share [JSE:J203] index was up 0.35% 40 597.31‚ lifted by bargain hunting in gold stocks‚ with the index up 2.03%. The top 40 blue chip index garnered 0.37%.
“There is a general sense of positivity‚ with most equity markets moving in quite a uniform fashion after the wild swings we saw last months. US equity benchmarks - which continue to reach record levels almost every day‚ has brought calm to the markets‚” said Devin Shutte‚ a trader at Newstrading.
Major European stocks were marginally weaker at noon‚ with London’s FTSE 100 flat (-0.05%).
Among the stocks in focus on the JSE‚ Sappi (SAP) was down 4.32% to 24.59 after the pulp and paper producer reported slowing profit growth in the three months to March from the similar period a year ago.
Cashbuild was down 5.12% to R123.50 after the building materials retailer reported a just 1% rise in its revenue in the three months to March from the same period a year earlier.
Diversified miners continued their steady recovery after a recent selloff‚ with Anglo American regaining 1.14% to R234.90 and BHP Billiton (BIL) rising 1.07% to R270.54.
Gold shares also gained favour‚ albeit off a low base‚ with Gold Fields (GFI) recovering 3.24% to R62.82 and Harmony (HAR) up 3.17% to R43.33.
Standard Bank (SBK) added 1.06% to 114.96 and Nedbank (NED) gained 1.16% to R183.50
