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JSE edges up as miners recover

Feb 19 2013 10:21 I-Net Bridge

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Johannesburg - The JSE edged higher in the opening session on Tuesday‚ helped by some recovery in the resources sector after three days of steep losses that saw the All Share [JSE:J203] index wipe off the month’s gains.

At 9:37 the All Share index was up 0.10% at 40 554.17 points‚ with the Top 40 - (Tradeable) [JSE:J200] index nudging 0.11% to 36 132.42 points. The platinum and resource indices were up 0.52% and 0.41%‚ respectively.

Banks led the downside with a 0.62% fall.

“Tentative recovery signs are in play in the mining‚ and platinum sector in particular‚ after the massive knock on Monday following the shooting incident at Anglo American Platinum‚” Newstrading trader Devin Shutte said.

“The weaker rand has cushioned the blow as the market digests the broader implications of the incident.”

Dow Jones Newwires said investors’ focus in the short term would be on the ZEW survey and a Spanish debt auction‚ both due on Tuesday. Further ahead‚ general elections in Italy this weekend are a possible risk factor.

Asian shares were mostly lower‚ with Japan’s Nikkei 225 closing 0.31% weaker.

Among individual stocks on the local exchange‚ Anglo American Platinum (AMS) recovered 0.69% to R445.99 after dropping close to 5% on Monday following the shooting incident at its Siphumelele mine in the Rustenburg area‚ which involved rivalry between unions.

Gold miner Gold Fields (GFI) was up 0.84% at R83.70.

Retailer Shoprite (SHP) was down 2.68% to R173.22 after reporting half-year profit. Fellow retailer Massmart (MSM) was down 2.47% at R184.59. 

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