HomeBase MetalsMiners and resources drive JSE rally

Miners and resources drive JSE rally

Johannesburg, South Africa — 30 November 2012 – The gold and resources gauges led the rally on the Johannesburg Stock Exchange (JSE) yesterday due to stronger commodity prices on a softer dollar, and the local bourse almost touched its all-time record reached a week ago.  

Fin24 reports that at 17:00‚ the All Share  index closed 1.26% higher at 37,909.31 points‚ with the Top 40 – index gaining 1.32% to 33,664.60. Gold and resource stocks rallied 4.26% and 2.33% respectively.

Gold miners rallied after Gold Fields announced that it was to split its South African and foreign assets which would unlock value for investors.

“Other gold miners such as AngloGold Ashanti rose on the Gold Fields news‚ while Harmony was stronger due to the recovery in the gold price‚ with commodity prices higher on some positive news with regards to the US fiscal cliff issue‚” said Andrew Flavell‚ senior portfolio manager at Consilium Securities.

At 17:05 local time the gold price was quoted at US$1,724.75 from $1,722.39 the previous day.

Source: Fin24. For more information, click here.