The JSE all share closed marginally higher yesterday, up 0.14% (29 627.64) as a strong performance in Financials outweighed falling Resources (-2.10%). Financials (2.4%) were favoured by positive international sentiment following from fund raising plans by oversees institutions, announced yesterday.
The Efficeint Group reports that banks improved a firm 2.48%. Standard Bank gained an impressive 4% (R91.69) and First Rand added 1.3% (R16.20). Resource giants BHP Billiton (R236.35) and Anglo American (R470) shed 1.1% and 2.2%, respectively. The Gold mining index retreated nearly 5% as the gold price fell under $900/oz.
Gold Fields gave up a massive 7% (R106.99) and Harmony closed 5.6% lower (R91.80). The Platinum mining index was 0.85% softer with Anglo Platinum marginally lower (-0.1%, R1189) and Impala Platinum dropping 0.8% (R310.50). Industrials had a good run, up 2.66%, and Construction gained 2.12%. Barloworld added 4.8% (R113) and Remgro was 1.57% stronger (R199).
The gold price came under pressure yesterday as the U.S. dollar appreciated against the Euro ($/€ 1.56) and the oil price was softer ($99.46). Gold was quoted at $883.32/oz earlier and platinum $1912.50/oz. The rand has firmed somewhat due to a softer Euro and rumours that the Zimbabwean president might be on his way out.
The rand is trading at R7.93 against the U.S. greenback, R12.46 against the Euro and R15.75 against the British pound. The R153 bond gained an impressive 6 points yesterday, supported by the stronger currency. Its yield is currently on 9.66%.