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Platinums‚ banks push JSE firmer

Mar 26 2013 18:33
I-Net Bridge
Johannesburg - Gains in the platinum and banking sectors pulled the local bourse higher on Tuesday‚ spurred by some investors using the previous session’s declines to buy back into the market‚ after uncertainties about the Cyprus bailout waned somewhat.

The All Share [JSE:J203] index closed 0.61% firmer at 40 253.25 points‚ with the Top 40 - (Tradeable) [JSE:J200] index also improving 0.61%. The platinum and bank indices picked up 1.90% and 1.24% respectively. Gold counters gave back 1.01% due to the risk-on trade environment.

“Platinums came under a lot of pressure recently due to labour issues and banks gained after losses because of the recent current account deficit print that was much higher than expected‚” said Jonathan Fisher‚ portfolio manager at PSG Wealth in Sandton.

On the international front‚ European markets edged higher on Tuesday. This follows on Eurogroup head‚ Jeroen Dijsselbloem‚ backtracking from his comments on Monday that the Cyprus bailout was likely to be a template for future bank rescues‚ Barclays Research said in a global note.

The London FTSE 100 index was seen 0.22% firmer at 6 392.45 points at 16:49 local time and the Dow Jones Industrial index was 0.56% firmer at the same time.

US stocks rose on Tuesday after Monday’s slide‚ as a reading on big-ticket manufactured-goods purchases topped expectations‚ Dow Jones Newswires reported. Businesses' spending on durable goods rose 5.7%‚ the Commerce Department reported‚ topping the 4% median increase forecast by economists in a Dow Jones Newswires poll. A jump in civilian aircraft and parts purchases‚ which tend to vary widely from month to month‚ accounted for much of the increase.

Meanwhile local stock movers on the JSE included bellwether Anglo American (AGL) adding 1.32%.

SA’s third largest pharmaceutical group‚ Cipla Medpro SA (CMP) closed 0.77% firmer at R9.20 despite reporting on Tuesday a 32% decline in diluted headline earnings per share from 55c to 37.5c for the year ended December.

Coal of Africa (CZA) surged 4.43% to R2.12 after a co-operation agreement with Haohua Energy International (Hong Kong) was signed on Tuesday.

Other local upward movers were Kumba Iron Ore (KIO)‚ which leapt 4.27% to R487.50 and Exxaro (EXX) which gained 2.57% to R166.15.

Lonmin (LON) closed 3.51% higher at R43.07 and Anglo American Platinum (AMS) lifted 1.75% to R401.92.

Among banks Absa (ASA) gained 2.56% to R160 and Nedbank (NED) advanced 1.44% to R195.57.

Bullion miners Harmony (HAR) shed 2.18% at R57.12 and Gold Fields (GFI) dipped 1.29% to R71.

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