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Johannesburg - The JSE started the week on a strong note‚ buoyed by rand hedge stocks as the currency moved back above the key R10/$ level once again.
At 9:40 the JSE All Share [JSE:J203] index was up 0.38% to 40 967.13‚ with resources up 0.39% and platinum miners 0.46% firmer The industrial index added 0.56%.
Asian markets were strong‚ with the Nikkei closing up almost 5%‚ but in London the FTSE100 was down 11 points in early trade.
A local equities trader said it was the rand hedge stocks that were providing support‚ with notable moves in Billiton and Exarro.
The rand has weakened sharply since Friday and was last bid at R10.18/$ from R10.0545 at the overnight close.
“The currency has had a big infuence on the equity market recently‚ and it is weakening further this morning‚” she added.
She also noted that some stocks which had been hit quite badly last week‚ were firmer this morning.
She said Aspen Pharmaceuticals was an example of stocks that were attracting some bargain hunting.
BHP Billiton (BIL) was up 0.49% to R284.40 and Exarro (EXX) was 0.88% firmer at R154.67.
SABMiller (SAB) advanced 1.04% to R511.64 and British American Tobaaco (BTI) collected 1.83% to R556.
Sappi (SAP) was up 2.5% to R25.90‚ while Apen (APN) collected 2.22% to R192.19.
