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JSE stocks up, resources under pressure

Johannesburg - Stocks on the JSE rose on Monday even though resources shares came under pressure as Anglo American Platinum said it was reviewing options for its Rustenburg operations after a crippling five-month strike that ended last week.

A painful restructuring has been expected in South Africa's platinum sector, which is struggling with rising costs and depressed prices for the precious metal used for catalytic converters in automobiles.

"A big story coming through there and not surprising that the guys are deciding to cash in given that the sector has been very problematic," said Martin Lentsoane, managing director of brokerage Lehumo Capital.

Amplats [JSE:AMS] was down 0.31% to R461.07. Rival Impala Platinum [JSE:IMP], which was also hit by the strike, ended 1.04% lower at R106.88.

The Top-40 rose 0.7% to 45 969 and the All-share index gained 0.63% to 50 945.

Generic drug maker Aspen Pharmacare [JSE:APN] was the top gainer of the Top-40 index, rising nearly 4% to R298.89 after it said comments made during a pre-closed period conference call with investors were "misconstrued" in the media.

The company's shares fell 9% last week from an intra-week peak of R318.36 on Tuesday amid media reports that management had "guided for a softer second half in South Africa".

The firm said the remarks were taken out of context and were consistent with previous management statements.

Trade was relatively slow with about 132 million shares changing hands, according to preliminary bourse data. Advancers outpaced decliners, 202 to 130.
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Rand - Dollar
18.88
+0.3%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.32
+0.2%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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