Mining shares boost stocks as dollar dives
SOUTH Africa’s rand gained as much as 0.9 percent against the dollar yesterday, riding on the greenback’s general weakness after disappointing US jobs data, while stocks were boosted by mining shares.
The Johannesburg Top-40 index gained 0.91 percent to 25 586.73 points. The All-Share index added 0.89 percent to 28 266.54 points.
The rand rallied to a session high of 7.3550 to the greenback, but gave back some of the gains to trade at 7.3725 by 7.30pm (5.34pm GMT), 0.67 percent stronger than Thursday’s close at 7.4225.
The JSE mining and platinum indices increased by 1.2 percent and 1.61 percent, respectively. Other top performing blue-chips included Richemont, the world’s secondlargest luxury goods group, which put on 2.32 percent to R26.01. South Africa’s consumer goods group Tiger Brands climbed 2.05 percent to R174. Laggards included Nedbank Group, down 1.17 percent to R124.03, and African Bank, down 0.67 percent to R29.80.
Government bonds were mixed, with the yield on the 2015 bond adding 2 basis points to 8.585 percent, while that for the 2036 note was flat at 9.045 percent.