Miners lead JSE higher as palladium races to record high
Royal Bafokeng Platinum was the bourse’s best performer at 10am, followed by AngloGold Ashanti
Miners led the JSE higher on Wednesday morning, with the resources 10 index rising 2%.
Royal Bafokeng Platinum was the JSE’s best performer at 10am, with an 8.55% gain to R33, followed by AngloGold Ashanti, which rose 7.4% to R213.49.
Palladium cracking the $1,500/oz barrier for the first time cheered the JSE’s platinum miners, helping their index gain 4% to 30.75 points.
Impala platinum rose 3.8% to R50.98 and Anglo American Platinum 3.4% to R760.14.
The miners’ rally helped the top 40 gain 1.31% to 49,602 points and the all share index 1.25% to 55,884 points.
The rand, which during the early hours of Wednesday morning flirted with under R14/$, had weakened back to R14.11/$ by 10.20am.
It was also back over R16/€, and R18.39/£.
“Not too much should be read into the slight rand recovery overnight,” Mercato trader Nico du Plessis said in an e-mailed note on Wednesday morning.
“It was mainly driven by a weaker dollar, not a stronger rand. Rand positioning has been kept conservative for now and will remain that way ahead of the budget announcement.”