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Johannesburg - The bullish trend on the JSE continued into the first day of the new month‚ with the bourse supported mainly by the resources sector. Platinums made good gains after being under pressure for some time now.
At 12:44‚ the All Share [JSE:J203] index was up 0.65% to 40 747.33 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.74% to 36 371.03‚ while the platinum and resource indices gained 4.27% and 1.10% respectively.
“Risk-on trade is still prevalent as investors move from a low yield risk free environment into equities‚” said Gerhard Lampen‚ head of Sanlam iTrade. “Money continues to flow into resources which look cheaply valued while fully priced shares like retailers look vulnerable.”
The All Share index gained over 3% last month‚ underpinned mainly by financials and industrials.
The key global event risk later in the day is the US non-farm payroll data for February. Consensus expectations are that 160 000 jobs in the world’s biggest economy were created in the month.
Leading European shares were firmer‚ with London’s FTSE 100 gaining 0.69% by 12:29.
On the JSE‚ Anglo American (AGL) lifted 1.11% to R271.99‚ Impala Platinum (IMP) rallied 4.50% to R169.70‚ Lonmin (LON) surged 6.17% to 53.67% and Aquarius Platinum (AQP) gained 4.76% to R9.46.
Gold Fields (GFI) was up 1.83% at R105.66‚ but Harmony Gold (HAR) continued its downward spiral‚ losing 1.92% to R57.70.
In the industrial sector‚ Barloworld (BAW) was up 2.43% to R86.04 and Richemont (CFR) rallied 2.19% to R75.72.
