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Resources lift JSE

Johannesburg - The JSE ended slightly firmer on Thursday, defying weaker global equities as local resource counters helped push the bourse higher. Volumes were thin one trading day before the year-end.

At 17:00, the JSE all share index was up 0.27%, with platinum miners rising 0.89% and resources adding 0.51%. But gold miners fell 0.41%. Banks were up 0.66% and financials picked up 0.31%, while industrials (0.02%) were flat.

The rand was bid at 6.64 to the dollar from 6.64 at the JSE's close on Wednesday. Gold was quoted at US$1 405.93 a troy ounce from US$1 408.47/oz at the JSE's previous close, while platinum was at $1 758.20/oz from $1 746.50/oz before.

A dealer said resource stocks were fairly strong, looking more attractive than any other asset classes like bonds.

"I think we will consolidate around these levels," the dealer said.

Dow Jones Newswires reported that US stocks opened slightly lower on Thursday as data pointing to slowing manufacturing growth in China weighed, but a better-than-expected jobs report limited the drop.

The Dow Jones Industrial Average shed 10 points, or 0.1%, to 11 575.

Initial unemployment claims declined by 34 000 to 388 000 in the week ended December 25, the first time the figure has dropped below 400 000 since July 2008, the Labor Department said.

The previous week's figures were revised up slightly to 422 000 from 420 000. Economists had expected last week's claims would fall by just 2 000.

The four-week average of new claims, which aims to smooth volatility in the data, also fell to its lowest point since July 2008. That more closely watched figure decreased by 12 500 to 414 000.

 

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Rand - Dollar
18.88
+0.3%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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