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Gold pushes JSE higher
27/02/2002 10:00 - (SA)
Johannesburg - Gains in gold stocks pushed the JSE Securities Exchange higher in early trade on Wednesday after the bullion price rallied in New York, dealers said.
Gold opened higher in a flurry of catch-up and short covering trade in Asia on Wednesday and following New York's options' expiry-led rally overnight.
The all-share index gained 0.49% or 52.7 points to 10887.9 by 09:32, lifted by strong buying in the world's largest gold producer AngloGold and peer Gold Fields. The gold index was 4.58% higher.
"Gold stocks are stronger on the back of a firmer gold price, and some resources are looking good as well... The rest of the market is quiet ahead of the producer inflation data release," a trader said.
Spot gold was trading at $297.50, unchanged from New York's close, and from London's late fix of $294.20.
AngloGold climbed 3.5% or R18 to R532, and Gold Fields jumped 5.5% or 520c to R99.
Harmony Gold surged 7% or 760c to R116.80.
Anglo Platinum gained 2% to R464 on a firmer platinum price.
Heavyweight miner Anglo American edged up 0.4% to R206.
Statistics South Africa unveils January producer price index (PPI) inflation data at 11:30, and traders said the market would monitor the figures for further direction.
- Reuters
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