BD: JSE firmer on gold miner and resources support
THE JSE was firmer at midday on Tuesday taking its cue from stronger Asian markets and finding support from higher gold mining and resources shares.
At 12.20pm the all share was up 0.15% at 51,684.60 points and the blue-chip top 40 gained 0.25%.
The gold index led the upside on the bourse, adding 2.96 amid a firmer gold price, followed by resources increasing 2.53% after recent strong declines and an oversold position. Platinums led the decliners, down 2.98% after recent strong gains.
Global stocks rose on Tuesday as investors expected more stimulus from the European Central Bank (ECB) at its meeting on December 3, Dow Jones Newswires reported.
"ECB action on Thursday is probably the world’s worst kept secret," said Neil Williams, group chief economist at Hermes Investment Management, pointing to a possible expansion of the bank’s bond-buying programme and noting that further cuts to the already negative deposit rate look inevitable.
Shares also saw a boost from downbeat Chinese manufacturing data, which raised concerns about the strength of the Chinese economy, while lifting hopes for easier monetary policy, the newswire said.
Among individual shares on the JSE, Anglo American lifted 0.43% to R88.20 and rival BHP Billiton gained 3.32% to R175.95.
Gold counters AngloGold Ashanti added 2.95% to R94.01 and smaller player Sibanye surged 5.97% to R20.05.
