• Inside Labour

    Away with empty rhetoric and slogans - labour needs to focus on real issues, says Terry Bell.

  • Wrap-up: Davos insights

    Alec Hogg speaks about the top three issues at this year's World Economic Forum.

  • Netflix and SA video

    Much of Netflix's potential impact on SA has already been made, says Arthur Goldstuck.

See More

JSE strengthens on bargain hunting

Feb 22 2013 13:47 I-Net Bridge

Related Articles

JSE steadies after sell-off

JSE drops to 4-week lows on Fed minutes

JSE resources sell-off continues

JSE at 3-week low as miners weigh

Platinum stocks gain‚ gold miners fall

Industrials buoy JSE‚ retailers weigh

Johannesburg - The JSE was stronger at noon on Friday due to some bargain hunting after selloffs in the market on Wednesday and Thursday which erased all the bourse’s gains since the beginning of the year. 

The selloff was triggered by news that monetary easing in the US might end sooner than expected or the size of the funding might be decreased.

This led to a stronger greenback and a worldwide move out of perceived riskier assets.

At noon the JSE was trading 0.21% firmer at 39 754 points‚ with platinums‚ resources and gold counters‚ which were the hardest hit by the selloff‚ managing to regain same lost value‚ with the indices gaining 2.58%‚ 1.28% and 0.91% respectively.

“We had a very heavy two days of selling with resources bearing the brunt of it‚ but today we have seen a modest retreat due to a bit of a recovery in Wall Street and in European markets and we are taking our lead from these firmer global markets‚” said Ryan Wibberley‚ equity dealer at Investec Asset Management in Cape Town.

“We have seen some bargain hunting today especially in the platinum‚ gold and resource sectors and there is still a lot of caution in the market with industrials and financials treading water‚” he said.

On the JSE‚ global resource player Anglo American (AGL) added 1.71% to R265.30 and Sasol (SOL) lifted 2.16% to R390.88.

Platinum counters Impala Platinum (IMP) surged 3.64% to R141.98 and Anglo American Platinum (AMS) added 1.87% to R435.99.

Northam Platinum (NHM) was trading flat (0.03%) at R37.86 after reporting a 29.9% decline in diluted headline earnings per share to 36.3 cents for the six months ended December from 51.8c a year ago.

Bullion counters Harmony (HAR) garnered 1.22% to R58.25 and DRDGold (DRD) jumped 4.21% to R6.68.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

jse  |  markets



Latest Articles

Fun and inexpensive things to do with the kids Read More...
8 simple ways to earn extra money
6 motivational tips to help you save this year Read More...
Invest for Income

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...