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Resources, platinums keep JSE firmer

May 07 2013 11:14
I-Net Bridge
Johannesburg - The JSE All Share [JSE:J203] index was slightly higher in early Tuesday morning trade‚ as gains in resources and platinum counters offset losses in the industrial and retail spaces.

At 9:47‚ the JSE All Share index was 0.13% firmer at 39 880.33 points‚ with the Top 40 - (Tradeable) [JSE:J200] blue-chip index lifting 0.14%.

The resources and platinum indices added 0.74% and 0.53% respectively‚ while general retailers gave back 0.26% and industrials slipped 0.16%.

There were very few global and local data releases scheduled for today to provide the market with direction‚ Rand Merchant Bank said in a morning note.

“That said‚ global monetary policy has turned somewhat more supportive with the Reserve Bank of Australia’s interest rate cut this morning‚” the bank said.

In Europe‚ London’s FTSE 100 index was flat (0.08%) soon after its open.

In the East‚ Japanese stocks surged on Tuesday‚ hitting a fresh multi-year high‚ while the Australian dollar fell after the Reserve Bank of Australia cut interest rates‚ Dow Jones Newswires reported.

The Nikkei Stock Average jumped 3.55% on its first trading day after the four-day Golden Week break‚ climbing above the 14 000 point mark for the first time since June 2008.

Tokyo was catching up with a number of market-positive events from last week that it missed due to the public holidays - such as the European Central Bank's interest rate cut‚ as well a positive labour report from the US.

Corporate earnings will be a focus in Japan‚ with major companies including Toyota Motor Corporation and Nissan Motor Corporation both due to report this week.

At 9:32 local time Hong Kong's Hang Seng Index was up 0.43%‚ continuing a strong run that has seen the market rise for nine of the last eleven sessions.

The market was waiting for the earnings of the Hang Seng's single largest constituent‚ HSBC Holdings - scheduled to come out after the market closes. Shares in the lender were flat‚ said Down Jones Newswires.

Among individual shares on the JSE‚ BHP Billiton (BIL) gained 1.42% to R263.50‚ while Merafe Resources (MRF) shed 4% to 72c.

Bullion counter Harmony (HAR) added a further 2.56% to R41.99 after surging 4.97% on Monday‚ after having suffered some heavy losses last week following its issue of a disappointing production report.

Platinum counter Lonmin (LON) picked up 1.92% to R40.28‚ while diamond miner Trans Hex (TSX) shed 4.24% to R3.16 and Coal of Africa (CZA) slipped 2.53% to R1.54.

Retailers Steinhoff (SHF) retreated 1.02% to R23.40‚ the JD Group declined 1.34% to R30.83‚ while Lewis bucked the trend‚ picking up 2.09% to R56.68.

Among banks Capitec (CPI) added 1.49% to R204.50.

In the construction sector Basil Read Holdings (BSR) dropped 1.77% to R10.56‚ Stefanutti Stocks (SSK) gave up 2.22% to R8.80‚ Aveng was off 1.95% to R29.65 and WBH Ovcon (WBH) relinquished 1.42% to R153.72.

Among financial services Discovery (DSY) was off 1.93% at R82.86.

Altech ((ALT) gave back 3.03% to R33.94 after having soared over 10% on Monday.

Transaction Capital (TCP) was down 1.35% to R6.60 despite it announcing on Tuesday morning headline earnings per share rose by 10.5% to 39.9c for the half year ended March.

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markets; jse

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