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Johannesburg - The resources sector continued its strong run on the JSE on Friday morning, after some profit taking on Thursday, but that seems to be the only sector where there is some action.
The three biggest diversified resource giants, Anglo American [JSE:AGL], BHP Billiton [JSE:BIL] and Glencore [JSE:GLN], all traded at new 52 weeks highs again.
The resource sector was back above the level of 60 000 on Tuesday morning and by midday it traded 1.21% higher on 60 699 points.
However, the overall market did not change much as the All-share index was only 0.14% higher on 51 694 points and the Top 40 index traded 01.6% higher on 46 524.
The other indices moved only marginally with the industrial index 0.38% lower, while the financial index lost only 0.02%.
The strong run in the resource sector took place despite a strong rand, which traded slight stronger at R10.54 to the dollar.
The sector did receive another boost on Thursday when the banking giant HSBC said its preliminary purchasing managers' index of manufacturing activity in China for July jumped to 52.0 from a final reading of 50.7 in June.
This is the highest level in eighteen months and it is good news for the producers of commodities used in the Chinese manufacturing sector.
There was also good news about the American economy. The initial jobless claims last month were recorded at 284 000, substantially below an anticipated reading of 308 000. American company results also continued to be strong.
Among the top stocks Anglo American breached the level of R290.00 and it traded 2.86% higher on R290.50, breaching Tuesday’s record of R287.21. BHP Billiton gained 1.03% to a new high of R372.58.
During Friday morning trade Glencore was 1.45% higher on a high of R67.67. The share is now 34% higher than the 52 week low of R49.49 which was reached on November 21 last year.
At Friday’s level the share had almost made up all of the losses of last year, when it tumbled to a 52 week low. It is now only 0.1% lower than a year ago.
Wall St continued to edge higher, but Imara SP Reid said in its daily market snapshot that the gains are becoming more modest as investors are becoming more concerned about valuations. The Nasdaq-index is particularly overbought.
According to Imara SP Reid the strong rand has a dampening effect on the local market, particularly the big double-listed industrials, which earn a major part of the income abroad.
Richemont [JSE:CFR] was 2.12% lower on R102.82 and Naspers [JSE:NPN] lost 0.5% to R1 287.92. The exception was SAB Miller [JSE:SAB], which gained 0.86% to R595.78 after the company announced an increase in lager sales due to a strong performance in Africa.
- Fin24
The three biggest diversified resource giants, Anglo American [JSE:AGL], BHP Billiton [JSE:BIL] and Glencore [JSE:GLN], all traded at new 52 weeks highs again.
The resource sector was back above the level of 60 000 on Tuesday morning and by midday it traded 1.21% higher on 60 699 points.
However, the overall market did not change much as the All-share index was only 0.14% higher on 51 694 points and the Top 40 index traded 01.6% higher on 46 524.
The other indices moved only marginally with the industrial index 0.38% lower, while the financial index lost only 0.02%.
The strong run in the resource sector took place despite a strong rand, which traded slight stronger at R10.54 to the dollar.
The sector did receive another boost on Thursday when the banking giant HSBC said its preliminary purchasing managers' index of manufacturing activity in China for July jumped to 52.0 from a final reading of 50.7 in June.
This is the highest level in eighteen months and it is good news for the producers of commodities used in the Chinese manufacturing sector.
There was also good news about the American economy. The initial jobless claims last month were recorded at 284 000, substantially below an anticipated reading of 308 000. American company results also continued to be strong.
Among the top stocks Anglo American breached the level of R290.00 and it traded 2.86% higher on R290.50, breaching Tuesday’s record of R287.21. BHP Billiton gained 1.03% to a new high of R372.58.
During Friday morning trade Glencore was 1.45% higher on a high of R67.67. The share is now 34% higher than the 52 week low of R49.49 which was reached on November 21 last year.
At Friday’s level the share had almost made up all of the losses of last year, when it tumbled to a 52 week low. It is now only 0.1% lower than a year ago.
Wall St continued to edge higher, but Imara SP Reid said in its daily market snapshot that the gains are becoming more modest as investors are becoming more concerned about valuations. The Nasdaq-index is particularly overbought.
According to Imara SP Reid the strong rand has a dampening effect on the local market, particularly the big double-listed industrials, which earn a major part of the income abroad.
Richemont [JSE:CFR] was 2.12% lower on R102.82 and Naspers [JSE:NPN] lost 0.5% to R1 287.92. The exception was SAB Miller [JSE:SAB], which gained 0.86% to R595.78 after the company announced an increase in lager sales due to a strong performance in Africa.
- Fin24
