Publications
Partners
Johannesburg - The JSE opened in positive territory on Tuesday morning‚ with banks and platinums recovering slightly after significant losses yesterday. Gold stocks also rebounded slightly.
“We’ve seen a small bounce in banks and resources but how long it will last is unknown‚” said Investec Asset Management equity dealer Kagiso Matlala.
Labour unrest saw the platinum index lose more than 5% yesterday‚ while a global sell-off saw banks shed 3.3% and industrials lose 2.69%. After a three-week sell-off that saw the rand fall to R10.28/$ on Friday‚ the local currency rebounded on Monday to close at R9.81/$.
“Usually when we see the currency move as much as we did yesterday‚ the banks would gain‚ but because of the general sell-off‚ which was a global phenomenon‚ they were the big surprise. Today there seems to be a bit of a correction and they are up a bit. Away from that we’ve been very quiet.”
At 9:21 the JSE All Share [JSE:J203] was up 0.32% to 41 090.25‚ with the platinum and gold counters up 0.97% and 0.63% respectively‚ while banks gained 0.67%.
“Resources have recovered somewhat but are still slightly under pressure‚ and industrials are flat‚” said Matlala.
Among the platinum stocks‚ Northam Platinum (NHM) was up 2.03% to R35.14‚ and Aquarius (AQP) was up 2.11% to R6.77. Beleaguered miner Lonmin (LON) gained 1.38% to R43.30 after closing 7.15% down to R42.72 on Monday following news that one person had been shot dead at its Wonderkop hostel near Rustenburg.
