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Miners lift JSE

Feb 13 2013 14:23 I-Net Bridge


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Johannesburg - The JSE was flat at noon on Wednesday‚ with platinum counters providing the most upside due to a higher platinum spot price on future supply concerns; resources and gold stocks also buoyed the market.

Market participants are awaiting President Zuma’s state of the nation address on Thursday evening.

At 12:24 the All Share [JSE:J203] index was up 0.05% at 40 721.15 points‚ with platinum counters gaining 1.56%‚ resources up 0.74% and the gold index lifting 0.59%. Industrials were the biggest losers‚ dropping 0.29%.

“On the local front we are seeing broad-based sector gains today as our market plays catch up to a positive European close last night‚” Shaun Murison‚ market analyst at IG SA said.

“Construction counters are amongst the best performers following upbeat interim results from Group Five. The company has managed to grow its headline earnings per share 63% as well as grow its order book by 19%. The news has been well received by market participants as Group Five’s share price has surged‚” he said.

At 12:22 Group Five (GRF) was 6.93% firmer at R31.31.

“Platinum shares are benefiting from a higher spot price of the precious metal which is now trading firmly above the $1‚700/oz level at $1‚725.50/oz. Impala Platinum has added value so far as the recent 79% drop in headline earnings reported a few days ago appears to have become a distant memory‚” Murison said.

At 12:24 Impala Platinum (IMP) was trading 2.78% firmer at R166.50.

“Retail trade sales figures due out at 13:00 on Wednesday seem to be resulting in tentative intraday movements on local retail counters as investors await further evidence on the health of the sector‚” Murison added.

ArcelorMittal South Africa (ACL) was 0.13% firmer at R31.70‚ after it said on Wednesday morning that it was continuing to assess the extent of the damage caused by a fire at the weekend at its steel making facility in Vanderbijlpark.

Precious metals mining group Pan African Resources (PAN) dipped 3.77% to R2.55‚ after reporting on Wednesday morning a 4.6% decline in headline earnings per share to 11.5c for the six months ended December‚ from 12.06c a year earlier.

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jse  |  markets
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