Resources push JSE to another high

Jan 29 2013 18:38
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Johannesburg – The JSE closed at an all-time high on Tuesday boosted by general resource counters‚ while gold miners and platinums lost ground on a stronger rand and negative sentiment in those sectors.

At 17:00 the JSE All Share [JSE:J203] index was up fractionally (0.09%) at 40 652.96 points‚ with resources adding 0.89%‚ while gold and platinum miners gave back 0.52% and 0.09% respectively.

Elsewhere‚ the main European stock markets were mixed in late trade‚ with London’s FTSE 100 0.26% firmer at 16:50 local time‚ while Paris’s CAC 40 index had dipped 0.23%. The Dow Industrial index was 0.25% stronger at 17:00 local time.

“With the rand a bit stronger at R9.03 to the greenback from R9.13 earlier in the day‚ gold and platinum miners have been negatively affected. Their revenue is dollar based and that is why they lost value today‚” a local trader said.

On the JSE Anglo American (AGL) closed 2.15% higher at R273.01 after the company said on Tuesday that capital expenditure for its Minas-Rio iron ore project was projected to increase to $8.8 billion. The higher capex was not as high as market participants had expected‚ which boosted the share price.

Aquarius Platinum (AQP) was down 6.15% to R9.01 after reporting on Tuesday a 2% rise in attributable production from its operating mines in the quarter ended December to 78‚987 ounces.

Gold Fields (GFI) retreated 1.48% to R105.60 and Harmony (HAR) finished down 1.83% at R61.

Platinum counter Amplats (AMS) bucked the trend closing 0.92% firmer at R444 after it agreed to postpone by 60 days its plans to retrench up to 14‚000 employees to allow for “detailed consultation”.

In construction Murray & Roberts (MUR) was 0.08% softer at R24.98 after it said on Tuesday it had sold its Union Carriage & Wagon Company business to the CTE Consortium‚ which includes CTE Investments and the Industrial Development Corporation (IDC). Rival Group Five (GRF) dipped 2.38% lower to R30.75.

Barloworld (BAW) shed 3.09% to R85.30.

Among banks‚ Absa (ASA) added 2.14% to R171.75 and Investec Plc (INL) gained 1.86% to R66.95‚ while Standard Bank (SBK) gave back 1.18% to R117.35.

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jse  |  markets



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