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Mining stocks lift JSE at open

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Mining stocks lift JSE at open
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THE JSE edged up in the opening session on Friday as diversified miners rebounded from a sell-off in the previous session and platinum stocks looked to extend their recovery amid promising signs of an end to the platinum strike.

At 9.26am, the JSE all share was 0.28% firmer at 50‚739.84 points, with the blue-chip top 40 gaining 0.38%. Resource and platinum indices recouped 1.04% and 1.06%, respectively.

Lonmin‚ Impala Platinum and Anglo American Platinum (Amplats) said on Thursday they had reached an “in principle” agreement with leaders of the Association of Mineworkers and Construction Union to end the five-month industrial action, triggering a relief rally in platinum stocks.

Meanwhile, Fitch Ratings has revised the outlook on South Africa’s sovereign credit rating from stable to negative but affirmed the rating at BBB‚ citing the deterioration in South Africa’s growth outlook and rising public indebtedness.

Leading European shares were marginally weaker in early trade, with UK’s FTSE 100 losing 0.35%.

Among individual shares on the JSE, Anglo American recovered 1.68% to R258.99 after dropping nearly 3% after Morgan Stanley cut price targets and earnings estimates for some of the big-cap mining stocks. Sasol was up 1.34% to R626.80.

Amplats gained 2.33% to R481.20, with Lonmin climbing 2.29% to R46.93 after surging in excess of 7% on Thursday.

African Bank Investments gained 1.77% to R7.48, trimming its monthly loss to 12%.

Mr Price was down 1.33% to R178.10, while JD Group gained 5.82% to R25.98.

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