Buoyant platinum miners push JSE up

The JSE opened higher on Friday morning led by platinum miners, and is set for its second consecutive week of gains.

The local bourse tracked the US market, which closed higher on Thursday on hopes that the US Federal Reserve may cut interest rates and that Mexico and the US may resolve issues around illegal migration.

In Asian markets, China and Hong Kong were closed for holidays, and the Japanese Nikkei 225 was little changed. 

At 10.15am, the all share had gained 0.89% to 57,601 points and the top 40 was up 1.03%. Platinum miners had climbed 2.33% and Resources 1.93%, while banks and financials had fallen 0.7% and 0.26% respectively.

Among platinum miners, Anglo American gained 2.8% to R784.89, Impala 2.56% to R65.02, Lonmin 1.72% to R14.76, Royal Bafokeng 1.29% to R31.45 and Northam 0.9% to R60.30.

Absa was down 0.95% to R163.00, Firstrand 0.93% to R64.89, Nedbank 0.53% to R253.69 and Standard Bank 0.37% to R191.68.

Naspers gained 1.57% to R3,427.94. 

Rand hedges pushed higher, with BAT climbing 3.65% to R574.85, AB InBev SA 1.85% to R1,277.00 and Richemont 1.28% to R118.61.

Omnia had fallen 0.23% to R43.40, after the chemical and fertiliser company’s chair, Rod Humphris, stepped down with immediate effect on Thursday. Humphris’s exit comes a week after the company said it needed to raise equity to cut debt.

Attacq was down 0.61% to R12.95. The property developer is scheduled to provide a year-to-date update to shareholders on Friday.

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Source: businesslive.co.za