Surge among metal prices boosts JSE

MINING firms were the flavour of the day on the JSE yesterday as the prices of metals like copper, zinc and palladium surged.

This boosted the all-share index, which was further supported by a global commodities rally and a late recovery in industrial shares, despite some rand strength.

At 7.40pm, spot gold was up 0.05% at $1 183.82 an ounce, with platinum rising 0.33% to $915.50 an ounce.

The JSE all-share closed 1.35% higher at 51 740.2 and the blue-chip Top 40 1.61%.

Resources climbed 3.41% and platinum stocks 2.34%. The gold index firmed 1.82% and industrial shares 1.11%.

General retailers were down 2.04%. The South African-listed property index lost 0.27%, and banks 0.16%.

Afrifocus Securities portfolio manager Ferdi Heyneke said it might be too early to say if the solid start to the year by miners would continue throughout the year.

But Heyneke said many mining companies had completed restructuring processes, and with dividends set to be paid out, the market might react more favourably.

Banks still had attractive valuations, although they pulled back yesterday. Retailers were still under pressure, he said.

Anglo American closed 7.2% higher at R205.40 and BHP Billiton 4.16% at R231.59. Barloworld dropped 2.13% to R114.90. AngloGold Ashanti rose 2.31% to R159.75 and Harmony 1.57% to R33.06.

Anglo American Platinum gained 3.84% to R292.52. Northam Platinum rose 2.79% to R46.77.

Standard Bank lost 0.62% to R150.64 and Barclays Africa 1.39% to R167.32.

Woolworths shed 3.97% to R66.20. Lewis lost 4.08% to R37.36.