Johannesburg - The JSE pared morning gains as rand strength kept dual-listed industrial stocks under pressure‚ offsetting a recovery in the resource share market after more than five days of sharp declines.
At 12:42‚ the JSE All Share [JSE:J203] index was flat (-0.06%) at 38 560.33 points‚ still struggling to recover from the 3.3% loss incurred last week. The blue-chip Top 40 - (Tradeable) [JSE:J200] index also edged down 0.06%‚ while the resource and platinum indices recovered 1.35% and 1.10% respectively.
“The resource sector appears oversold in the short term and is finding some buying interest‚ while industrials struggle amid some profit taking with the stronger rand hurting stocks like Richemont‚ SABMiller and Naspers‚” said Mohammed Nalla‚ head of strategic research at Nedbank Capital.
The rand lifted to its best intraday level to the US dollar since February 28 to trade at 8.95/$ at noon.
Leading European shares were higher at noon‚ with London’s FTSE 100 gaining 0.37%.
On the JSE‚ Anglo American (AGL) gained 1.81% to R231.66 and BHP Billiton (BIL) was up 1.16% to R261.85.
Lonmin (LON) improved 3.15% to R38.94‚ Gold Fields (GFI) lifted 2.15% to R65.60 and Assore (ASR) jumped 6.12% to R290.50.
Luxury goods maker Richemont (CFR) was down 2.70% to R68.40 and MMI Holdings (MMI) lost 2.43% to R22.93.
At 12:42‚ the JSE All Share [JSE:J203] index was flat (-0.06%) at 38 560.33 points‚ still struggling to recover from the 3.3% loss incurred last week. The blue-chip Top 40 - (Tradeable) [JSE:J200] index also edged down 0.06%‚ while the resource and platinum indices recovered 1.35% and 1.10% respectively.
“The resource sector appears oversold in the short term and is finding some buying interest‚ while industrials struggle amid some profit taking with the stronger rand hurting stocks like Richemont‚ SABMiller and Naspers‚” said Mohammed Nalla‚ head of strategic research at Nedbank Capital.
The rand lifted to its best intraday level to the US dollar since February 28 to trade at 8.95/$ at noon.
Leading European shares were higher at noon‚ with London’s FTSE 100 gaining 0.37%.
On the JSE‚ Anglo American (AGL) gained 1.81% to R231.66 and BHP Billiton (BIL) was up 1.16% to R261.85.
Lonmin (LON) improved 3.15% to R38.94‚ Gold Fields (GFI) lifted 2.15% to R65.60 and Assore (ASR) jumped 6.12% to R290.50.
Luxury goods maker Richemont (CFR) was down 2.70% to R68.40 and MMI Holdings (MMI) lost 2.43% to R22.93.