The JSE continued its positive trend, with investors “focusing on better fundamentals that are still out there”.
|||The JSE continued its positive trend into Friday midday, with investors “focusing on better fundamentals that are still out there”, according to local trader Ferdi Heyneke, portfolio manager at Afrifocus Securities.
At 12:04 local time, the JSE all-share index was 0.70% firmer at 33,718.93 points. Resources were 1.60% higher, gold miners added 0.86%, and financials rose 0.47%.
Banks were 0.27% higher, while industrials lifted 0.23%. Platinum shares were flat (0.08%).
The rand was trading at 7.66 to the US dollar, from 7.75 at the JSE's close on Thursday. Gold was quoted at US$1,664 a troy ounce from US$1,652.36/oz at the JSE's previous close, while platinum was at $1,639/oz, from $1,628.20/oz from the previous session.
Heyneke said there was “very strong buying” in the market, including in industrials, banking, and retailers.
Dow futures were also higher, he said.
European stock markets rose on Friday, amid growing hopes that eurozone finance ministers will be able to make some progress in lifting the clout of the region's rescue fund at the latest euro group meeting, while strong economic data out of France added further support, Dow Jones Newswires reported.
The benchmark Stoxx 600 index was higher by 0.4% at 261.82. London's FTSE 100 was up 0.3% at 5,756.69, Frankfurt's DAX was higher by 0.7% at 6,922.17 while Paris's CAC-40 was 0.8% higher at 3,406.48.
Hopes grew on Friday that eurozone finance ministers would approve combining the eurozone's two bailout funds at a meeting in Copenhagen scheduled for later on Friday.
On the JSE, Anglo American (AGL) rose R6.67, or 2.36%, to R289.66, while BHP Billiton (BIL) lifted R4.78, or 2.07%, to R236.25 and Sasol (SOL) gained R4.10, or 1.11%, to R373.25.
Among gold stocks, Gold Fields (GFI) was up R1.52, or 1.45%, to R106, and DRD Gold (DRD) was 16 cents, or 2.89%, higher at R5.69.
Impala Platinum (IMP) was 50 cents lower at R153.88. Lonmin (LON), however, garnered R2.65, or 2.08%, to R130.05, and Aquarius (AQP) lifted 61 cents, or 3.48%, R18.16.
Among industrials, Barloworld (BAW) added R1.69, or 1.73%, to R99.60. Tiger Brands (TBS) was R4.38, or 1.66%, better off at R268.88, while PPC (PPC) rose 54 cents, or 1.67%, to R32.89.
Altron (ATN) was 34 cents, or 1.39%, down at R24.06.
Mobile services provider MTN Group (MTN) said on Thursday it would oppose a claim filed against it by the Turkish mobile phone operator Turkcell Iletisim AS (Turkcell) in the US federal courts.
The South African group said that while the claim had not been served on MTN, it understood that a claim had now been filed by Turkcell in the US courts against MTN and its wholly owned subsidiary, MTN International (Mauritius) Limited, in which Turkcell was claiming no less than US$4.2 billion, plus interest and punitive, consequential and other damages in connection with the award of the second GSM licence in Iran to Irancell.
MTN Group (MTN) shed R2.78, or 2.02%, to R134.62.
Financial services saw Nedbank (NED) fall R3.63, or 2.14%, to R165.85, while Standard Bank (SBK) lifted 79 cents to R111.13. First Rand (FSR) was six cents in the black at R24.06.
Standard & Poor's has revised the outlooks of two of the country's major banks - Standard Bank and FirstRand Bank - to negative from stable.
JD Group (JDG) added 98 cents, or 2.03%, to R49.23, while Mr Price (MPC) gained R1.44, or 1.55%, to R94.26. - I-Net Bridge
Source: http://www.iol.co.za/better-fundamentals-lift-jse-1.1267484
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