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Johannesburg - Share prices on the JSE regained their upward momentum of earlier the week on Friday, with resources stocks particularly strong.
The all share index closed slightly lower on Thursday when markets worldwide took a breather after strong gains earlier in the week, but by midday the index was again 0.74% higher at 46 595 points.
The top 40-index traded 0.84% stronger as 42 080 points.
Gold miners and resources were the main gainers‚ adding 2.29% and 2.106% respectively.
Local investors took their cue from the US market last night, where the Dow Jones-index closed substantially higher despite disappointing retail data. The Asian markets also strengthened this morning. The disappointing retail figures were attributed to bad weather in the US which disrupted shopping.
President Jacob Zuma’s State of the Nation address did not influence the market as it contained no announcements on the future economic policy measures. Economists and opposition parties slammed the speech for a lack of vision and innovation.
The rand traded below R11/$ at R10.957.
Zuma did however give a stern warning that labour disputes at mines will not be allowed to hold the economy hostage.
Stronger than expected mining production data on Thursday was also good news for resources stocks.
Among individual shares on the JSE‚ global resources group Anglo American [JSE:AGL] was up 2.11% to R284.90‚ despite reporting on Friday underlying earnings per share of $2.09‚ down 8% on the previous year’s $2.28.
Glencore Xstrata [JSE:GLN] continued its strong performance of the last few days and traded 2.23% higher at R62.00. BHP Billiton [JSE:BIL] added 2.77% to R34.489.
Resources stocks received a boost earlier this week when China announced the biggest trade surplus since 2009 for last month. A strong Chinese economy is good for resources.
Gold shares were supported by a higher gold price, which was $6.40 higher at midday at $1 303. AngloGold Ashanti [JSE:ANG] added 2.46% to R189.55 and Gold Fields [JSE:GFI] rose 3.254% to R42.50‚ after shedding more than 5% on Thursday.
The group reported normalised earnings of $14m for the quarter ended December 2013 compared with $12m in the previous quarter.
The all share index closed slightly lower on Thursday when markets worldwide took a breather after strong gains earlier in the week, but by midday the index was again 0.74% higher at 46 595 points.
The top 40-index traded 0.84% stronger as 42 080 points.
Gold miners and resources were the main gainers‚ adding 2.29% and 2.106% respectively.
Local investors took their cue from the US market last night, where the Dow Jones-index closed substantially higher despite disappointing retail data. The Asian markets also strengthened this morning. The disappointing retail figures were attributed to bad weather in the US which disrupted shopping.
President Jacob Zuma’s State of the Nation address did not influence the market as it contained no announcements on the future economic policy measures. Economists and opposition parties slammed the speech for a lack of vision and innovation.
The rand traded below R11/$ at R10.957.
Zuma did however give a stern warning that labour disputes at mines will not be allowed to hold the economy hostage.
Stronger than expected mining production data on Thursday was also good news for resources stocks.
Among individual shares on the JSE‚ global resources group Anglo American [JSE:AGL] was up 2.11% to R284.90‚ despite reporting on Friday underlying earnings per share of $2.09‚ down 8% on the previous year’s $2.28.
Glencore Xstrata [JSE:GLN] continued its strong performance of the last few days and traded 2.23% higher at R62.00. BHP Billiton [JSE:BIL] added 2.77% to R34.489.
Resources stocks received a boost earlier this week when China announced the biggest trade surplus since 2009 for last month. A strong Chinese economy is good for resources.
Gold shares were supported by a higher gold price, which was $6.40 higher at midday at $1 303. AngloGold Ashanti [JSE:ANG] added 2.46% to R189.55 and Gold Fields [JSE:GFI] rose 3.254% to R42.50‚ after shedding more than 5% on Thursday.
The group reported normalised earnings of $14m for the quarter ended December 2013 compared with $12m in the previous quarter.
