JSE back above 60 000 as rand boosts miners

The JSE all share index climbed back more than 60 000 points on Wednesday morning‚ re-crossing a barrier it first breached on November 3.

The all share index was up 0.55% at 60 059 points at 9:05am.

The top-40 similarly reclaimed the over-53 000 level‚ rising 0.55% to 53 120 points.

The rand weakening back to about R12.50 to the dollar on Wednesday morning — after flirting with under R12.30 per dollar on Tuesday — boosted miners.

The resource-10 index rose 1.3%‚ led higher by BHP which gained 2.28% to R259.30‚ followed by Anglo American which gained R1.96% to R268.50.

Banks suffered from the weaker rand‚ with Rand Merchant Holding falling 1.26% to R76.96 and Standard Bank falling 1.01% to R192.31.

Steinhoff International continued its rebound from Tuesday on the news its accounting irregularities appeared limited to its European operations. Steinhoff rose 9.4% to R5.47.

Steinhoff’s statement said its accounting problems would not affect its South African bonds‚ sending its preference shares up 17% to R33.48 on Tuesday. Its preference shares remained untraded on Wednesday morning.

- BusinessLIVE