JSE up on solid US earnings

The JSE closed marginally higher on Thursday following positive earnings reports out of the US.

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The JSE closed marginally higher on Thursday following positive earnings reports out of the US.

At 17:00 local time, the JSE all-share index was up 0.17% at 34,106.92 points, with resources 0.40% higher, and industrials gaining 0.19%.

Platinum miners were down 1.01%, banks fell 0.86% and financials gave up 0.23%.

Gold miners were flat (-0.03%).

The rand was trading at 7.83 to the US dollar, from 7.80 at the JSE's close on Wednesday. Gold was quoted at US$1,649.60 a troy ounce from US$1,644.70/oz at the JSE's previous close, while platinum was at $1,582/oz, from $1,576/oz at the previous session.

A local trader said the JSE started the day in positive territory until the US released some data, after which there was “a bit of a pullback”.

The local bourse bounced in and out of positive territory on the day, she added. “It's been quite a volatile afternoon and we're trading off our highest levels”.

US stocks traded higher after a handful of upbeat earnings reports, as investors shrugged off disappointing readings on the domestic jobs and housing markets, Dow Jones Newswires reported.

The Dow Jones Industrial Average added 0.3% to 13,072 in mid-morning trade. Standard & Poor's 500-stock index gained 0.3% to 1,389 and the Nasdaq Composite tacked on 0.8% to 3,057.

Among the Dow components that rose the most were those that reported first-quarter results. Shares of Bank of America advanced 0.3% after the bank's first-quarter earnings topped expectations, helped by reduced loan-loss provisions as credit quality improved.

The number of Americans filing for unemployment benefits was higher than expected, a sign of lost momentum in the labour market, as 386,000 initial claims were filed in the week ended April 14, more than the 375,000 economists predicted, according to a Dow Jones Newswires poll. The prior week's figure was revised sharply higher.

The four-week moving average of initial jobless claims rose by 5,500 to a seasonally adjusted 374,750, the highest level since January 28, the Labor Department said.

On the JSE, Anglo American (AGL) was up R1.09 to R293.59. The global resources giant earlier issued a strong production report for the quarter ended March 2012.

BHP Billiton (BIL) advanced R2.71, or 1.11%, to R246.34 and Sasol (SOL) was up R1.27 to R366.78.

Among gold stocks, AngloGold Ashanti (ANG) shed 46 cents to R262.67 and Gold Fields (GFI) added 16 cents to R99.35 and Gold One International (GDO) was five cents, or 1.23%, higher at R4.10.

Among platinum shares, Impala Platinum (IMP) was down R1.78, or 1.20%, to R146.50, Northam Platinum (NHM) was down 41 cents, or 1.23%, R32.99. Aquarius (AQP) up 28 cents, or 1.63%, to R17.43.

Among other miners, Exxaro (EXX) was down R2.72, or 1.30%, to R207. Assore (ASR) lifted R3.49, or 1.38%, to R256.99.

SABMiller (SAB) was up R3.12 to R329.17. Earlier, the global brewing giant reported lager volumes were 3% ahead of the prior year on an organic basis for both the year and the fourth quarter. Soft drinks volumes were 7% higher than the prior year, and 12% higher in the final quarter, both on an organic basis.

British American Tobacco (BTI) was up R6.94, or 1.74%, to R405.94, while Barloworld (BAW) was down R2.50, or 2.57%, to R94.70.

Altech (ALT) was up 99 cents, or 1.89%, to R53.25.

MTN Group (MTN) gained R1.90, or 1.43%, or R134.90, while Vodacom (VOD) shed R1.36, or 1.26%, to R106.60.

The Foschini Group (TFG) was R2.75, or 2.19%, weaker at R122.94. The JD Group (JDG) garnered R1.35, or 2.79%, to R49.75.

Murray & Roberts Holdings (MUR) shed 44 cents, or 1.57%, to R27.56, but Basil Read Holdings (BSR) gained 18 cents, or 1.15%, to R15.80.

Trans Hex (TSX) rose 11 cents, or 4.10%, to R2.79. - I-Net Bridge

Source: http://www.iol.co.za/jse-up-on-solid-us-earnings-1.1280154

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