Picture: REUTERS
Picture: REUTERS

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.

Image: Iress

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.”