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Johannesburg - Mining stocks pushed higher on Monday‚ pulling the broader market to five-day intraday highs‚ as the sector continued to recover from last week’s weakness.
Gold shares led the upside as the metal continued to rally above the $1 400 ounces (oz) level‚ after sliding to $1 321.22oz last Tuesday - the lowest level since 2011.
“Mining stocks and gold stocks in particular are bouncing off oversold positions after a tumultuous week‚ assisted by the uptick in gold prices and rand weakness‚” Investec Asset Management equity dealer Ryan Wibberley said.
At 12:33‚ the JSE All Share [JSE:J203] index was up 0.42% at 38 582.3‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.46% to 33 997.42 points. Gold shares leapt 3.35% and resources rallied 1.22% but financial shares slipped 0.33%‚ weighed by a 4% drop in Sanlam (SNL) as the stock went ex-dividend.
Spot gold was up 2% at $1 435.20oz‚ while the rand was at R9.2662/$‚ from 9.2194 on Friday.
Major European stock markets were broadly firmer at noon‚ with London’s FTSE 100 up 0.75%‚ while US stock futures pointed to a positive opening on Wall Street later in the day.
Among individual shares on the JSE‚ Anglo American (AGL) gained 1.03% to R227.32 and Sasol (SOL) recovered 2.21% to R393.92.
Aquarius Platinum (AQP) was up 3.06% at R5.72‚ AngloGold Ashanti (ANG) gained 3.01% to R177.01‚ Gold Fields (GFI) jumped 3.71% to R63.24 and Harmony Gold Mining (HAR) rallied 4.08% to R46.72.
Kumba Iron Ore (KIO) improved 2.3% to R452.60.
Industrial stocks also gained‚ with Barloworld (BAW) up 1.81% at R95.60. Construction counter Group Five (GRF) gained 3.24% to R35.
