JSE edges up as diversified miners rebound

Picture: Siphiwe Sibeko/Reuters via The Conversation
Picture: Siphiwe Sibeko/Reuters via The Conversation.

The JSE edged up at lunchtime on Tuesday‚ boosted mainly by diversified miners‚ which shook off their losses of the past two days.

The all share index was up 0.29% to 52‚984 points‚ with the blue-chip top 40 gaining 0.41%‚ but gold and platinum stocks lagged following a trading update by Impala Platinum‚ warning of weaker financial results.

The world’s second-largest platinum producer said late on Monday that it expected headline earnings per share (HEPS) in the year to June to drop between 56% and 75%.

Outside the resources market‚ corporate earnings dominated individual shares‚ with transport and logistics group

Imperial dropping more than 4% while Shoprite perked up after its year-end results.

Europe’s leading markets were higher at midday‚ after a relatively subdued session in Asia‚ where Japan’s Nikkei 225 settled 0.61% lower.

Analysts at Momentum SP Reid Securities said the somewhat range-bound tone across global markets was likely to persist until Friday‚ when US Federal Reserve chair Janet Yellen was expected to provide guidance on the US interest-rates outlook.

Anglo American was up 3.86% to R154.03‚ with BHP Billiton gaining 3.31% to R189.88. Kumba Iron gained 3.37% to R143.43.

Impala Platinum shed 3.62% to R59.57 and Anglo American Platinum lost 2.83% to R403.24. Gold Fields was off 1.27% to R82.93.

Imperial was off 4.25% to R163.92 after it reported a 5% drop in full-year net profit. — TMG Digital/BDlive


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