Market report

JSE follows world markets higher

9 September 2010

The JSE closed in the black on Wednesday in line with firmer global markets.

The JSE's all share index lifted 0.89 percent and closed at 27 911.14 points.

Resources collected 1.70 percent while the platinum and gold mining indices climbed 0.75 percent and 0.43 respectively.

Banks and financials rose 1.13 percent and 0.23 percent respectively while financials gained 0.73 percent.

Resources heavyweight BHP Billiton lifted 2.23 percent to 212.18 rand. Synthetics giant Sasol collected 1.12 percent to 287.00 rand.

Meanwhile Anglo American earlier announced that Godfrey Gomwe, executive director of Anglo American South Africa, has been appointed to the group's executive committee with immediate effect. The group's share price jumped 2.71 percent to 281.50 rand.

Among gold counters, AngloGold Ashanti climbed 1.57 rand to 322.07 rand, DRDGold jumped 3.00 percent to 3.20 rand while Goldfields rose 1.00 rand to 108.15 rand.

Among platinum miners, Impala Platinum gained 1.49 rand to 177.00 rand, Anglo platinum added 2.95 rand to 649.00 rand while Lonmin shot up 3.19 percent to 181.10 rand.

Meanwhile, Northam Platinum earlier announced that a strike by over 8000 workers at Northam Platinum had entered its third day with "no resolution in sight". The group's share price slipped 21 cents to 44.18 rand.

Diversified miner African Rainbow eased 1.00 rand to 163 rand, however Exxaro bucked the weaker trend added 1.13 percent to 117.60 rand.

Exxaro said it has tabled a final improved wage offer of 8.5 percent in a bid to end a strike at its KZN Sands operations. The company has given the National Union of Mineworkers until Monday next week to review the offer, engage with its members and make a decision.

Iron ore miner Kumba eased 1.25 rand to 344.75 rand, however, steel giant ArcelorMittal edged up 20 cents to 81.89 rand.

ArcelorMittal, the parent company of ArcelorMittal South Africa, said it and resources giant BHP Billiton have scrapped plans to enter into an iron ore joint venture in Africa after they were unable to reach a commercial agreement.

The companies have ended preliminary discussions to combine the two companies' iron ore mining and infrastructure interests in Liberia and Guinea into a single joint venture.

Banking giant Standard Bank gained 1.01 rand to 103.61 rand, Absa collected 1.66 percent to 126.06 rand, while FirstRand added 1.33 percent to 19.76 rand.

Sapa