Johannesburg - The JSE was flat at
noon‚ after having started the day on a positive note. General
resource shares‚ however‚ continued to make good gains.
“There is a view that resources
present the best value compared to retailers‚ which appear fully
priced at current valuations‚” said David Shapiro‚ director at
European stock markets‚ along with
their Asian peers‚ were firmer despite economic news remaining
At 12:42 local time the JSE all-share
index was flat at 35‚468.39 points.
Among the big movers‚ Anglo American
[JSE:AGL] gained R6.70‚ or 2.72%‚ to R252.70 and BHP Billiton
[JSE:BIL] added R3.07‚ or 1.24%‚ to R249.87.
Stanlib said in a note that given that
BHP Billiton and Anglo together comprised over 20% of the top-40
index‚ a recovery in mining shares may be needed to push this index
to a new record high.
Lonmin [JSE:LON] lifted R2.34‚ or
2.50%‚ to R96.08.
Coal of Africa Limited [JSE:CZA] was up
19 cents or 5.44%‚ to R3.49 after company announced it had raised
$44m through an equity placement to fund the ramp-up of its Vele
Colliery in Limpopo.
The proceeds will also be used for
pre-mining right capital expenditure at its Makhado project‚ also
in Limpopo‚ and for additional drilling activities.
African Bank Investment [JSE:ABL] was
down R1.30‚ or 3.49%‚ to R35.90