Gold, platinum nudge JSE to new peak :: Namibia Internet Gateway cc ::

Articles: Gold, platinum nudge JSE to new peak

Posted by admin on Tuesday, March 28, 2006 - 08:15 AM

GOLD and platinum shares nudged the JSEhigher to a fresh peak today, driven by rising prices for precious metals which hit three-week highs.
Reuters

The market’s ascent added onto last week’s gains as investors scrambled back into the resource sector, but banks and retailers drooped as they were dumped by investors in favour of the red-hot mining shares. "Gold, platinum and silver (prices) are all up and these have helped resources, which have benefitted from some rotation from banks and retailers," a trader at Andisa Securities said. Both main indices ended at record closing highs. The blue chip Top-40 index ticked 0,64% higher to 18,429.61 points while the All-share index gained 0,58% to 20,438.48 points. Anglo Platinum led the market higher to close at R575 as platinum rose to its highest in three weeks at $1,066/1,070 an ounce. Rival Impala Platinum (Implats) added 5,6% to R1,225. Both platinum stocks hit fresh all-time peaks. AngloGold Ashanti was the bourse’s second-highest gainer, up 6,16% to R323, while rivals Harmony Gold rose by 4,1% to R98,06 and Gold Fields marched 2,86% higher to R129,50. The shares surged as spot gold rose to three-week highs around $566,00 an ounce, although it later ran into a band of resistance that stretches up to the $570 target overhead. Analysts said comments by a Bank of China official that the country should use part of its fast-growing foreign exchange reserves to buy gold, were also positive for the market.. "It’s all the metals, basically. Gold, the PGMs (platinum group metals) and the base are all up today. It’s getting near the end of the quarter and some of the funds are looking to top up holdings," one London trader said. Base metals like copper raced to fresh highs last week.

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