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JSE trades higher‚ awaiting budget

Feb 25 2013 10:59 I-Net Bridge

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Johannesburg - The JSE was in positive territory on Monday with commodity markets that have settled down somewhat after recent major sell-offs‚ and investors now awaiting Wednesday’s budget announcement.

At 9:46 the JSE All Share [JSE:J203] index was trading 0.43% higher at 39 828.03 points‚ with platinum stocks in the lead‚ up 1.14%‚ followed by banks‚ up 0.51%. Resources were 0.33% higher.

The sell-off on Wednesday and Thursday last week was triggered by news that monetary easing in the US might end sooner than expected or the size of the funding might be decreased.

“It’s a star-filled week with numerous events and some data that could bust our local markets out of their ranges‚” Rand Merchant Bank said in a morning note.

SA’s fourth-quarter gross domestic product (GDP) figures will be released on Tuesday‚ it is budget day on Wednesday‚ South African credit and trade data will be released on Thursday and to end the week off‚ local purchasing managers index (PMI) figures on Friday.

“With the rand trading with extreme sensitivity to local factors‚ the local fourth-quarter GDP number could generate some rand weakness if we are correct in our expectation of a weak number. Eyes are also on the budget‚ although we do not expect any major surprises‚” the bank said.

On the JSE‚ Anglo American (AGL) traded 0.15% higher at R264.09‚ while rival BHP Billiton (BIL) was trading flat (-0.09%) at R285.35. Sasol (SOL) gained 1.22% to R392.73.

Anglo Platinum (AMS) added 1.43% to R434.10 and Lonmin (LON) gained 1.59% to R47.89.

Among gold counters‚ DRDGold (DRD) added 1.22% to R6.62.

Banking counters Standard Bank (SBK) gained 0.51% to R118.50 and Nedbank (NED) gained 1.15% to R190.16.

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