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Johannesburg - The JSE was higher at noon on Thursday‚ with platinum counters in the lead due to a higher platinum price.
Trade was quiet on the JSE‚ with market players awaiting the medium-term budget policy statement being tabled in Parliament at 14:00.
At 12:26‚ the JSE All Share [JSE:J203] index was up 0.31% at 37 067.59 points‚ with the Top 40 - (Tradeable) [JSE:J200] adding 0.33% and platinum shares lifting 1.22%. Financials added 0.67% and resources gained 0.32%.
“World markets are in positive territory‚ with Dow Jones futures trading higher‚ pointing to a higher Dow opening this afternoon‚ and this positive sentiment has filtered through to our markets. The platinum sector is performing well on the higher platinum price and the gold price is also higher‚” said Hennie Fourie‚ stockbroker at PSG Konsult in Pretoria.
“I do not think the JSE will really have an reaction to the medium-term budget policy statement later today‚ but it might have an affect on the rand. Foreign investors and rating agencies such as Moody’s will keep a close eye on the statement‚ and the rand can move either way‚” he said.
European stock markets were positive‚ with London’s FTSE 100 adding 0.31%‚ while in Asia Japan’s Nikkei 225 ended 1.13% firmer.
Absa Capital said it expected the projected budget deficit to widen slightly from the official estimates made in February due to a gloomier economic outlook and the effect of that on revenue.
“We will also watch out for any policy or tax initiatives being announced. We do‚ however‚ think this is unlikely given that it is a politically sensitive year‚” the bank said.
On the JSE‚ Anglo American slipped 0.11% to R264.22 after the miner said on Thursday it had a solid operational performance for the third quarter ended September.
Kumba Iron Ore added 1.12% to R530.60 after reporting a 14% year-on-year increase in total production for the quarter ended September on Thursday.
Anglo American Platinum gained 0.75% to R403.00 after the miner said on Thursday that it had lost 42‚000 ounces of refined platinum production due to illegal strikes in the quarter ended September.
DRDGold shed 1.02% to R5.85 after it reported an 11% rise in gold production to 35‚815 ounces for the quarter ended September.
Harmony Gold was up 1.23% to R71.52 after the gold miner said on Thursday that it was “pleased and encouraged” that workers at its Kusasalethu operations abided by the ultimatum to return to work by 6am on Thursday to avoid being fired.
Mr Price Group gained 0.95% to R132.50 after the company said on Thursday that for the half-year ended September‚ its basic earnings and headline earnings per share were expected to increase by between 30% and 35%.
