Miners boost JSE on weaker rand

The JSE pushed higher on Monday‚ with most miners benefiting from a weaker rand.

The currency fell sharply at the weekend‚ extending losses on Monday.

Global equity markets and risk assets have been under pressure since last week‚ when fear of a financial crisis in Turkey began to rattle markets.

This eased somewhat on Monday‚ although a cautious tone remains.

Rand hedges were up on the day‚ and diversified miners performed well.

Gold and platinum miners were lower‚ due to sharp falls in precious metal prices.

Banks and retailers fell sharply‚ but pared losses as the rand recovered somewhat shortly before the JSE closed.

The all share gained 0.32% to 57‚885.3 points and the top 40 0.47%.

Resources gained 1.2% and food and drug retailers 0.55%. Platinums lost 2.1% and banks 1.58%.

Analysts expect the rand to recover as the week progresses‚ barring any further spikes in risk.

“It is completely overdone and I have no doubt in my mind that come the end of the week we will be wishing we had sold every last dollar at our disposal‚” Standard Bank currency dealer Warrick Butler said.

Diversified miner Anglo American gained 3.43% to R307.50‚ BHP 2.03% to R309.69 and Glencore 1.74% to R58.50.

FirstRand slipped 3.52% to R63.05. Naspers added 0.99% R3‚405. –