JSE share market stronger

At 9.38pm‚ the JSE all share index was up 0,85 percent at 35 342,97 points‚ with gold miners adding 2,38 percent and platinums up 1,.98 percent.
“We were very oversold yesterday and we see some buyers coming back. The two big factors today are ECB president Mario Draghi speaking later, and also Lonmin saying that it has reached a peace accord at it Marikana platinum mine, which is bullish for platinums,” Mark Wilkes, a stockbroker at Global Trader in Cape Town, said.
“Gold stocks began to rally late yesterday and are continuing to rally today, despite a strike at Gold Fields. The gold price has also gone through US$1 700,” Mr Wilkes said.
At 9.38am the gold price was quoted at US$1 705,08/oz. Absa Capital said in a morning note that the market was eagerly awaiting the details of the ECB’s latest bond-buying programme.
“We believe most of the bond purchases will be concentrated in the sub-three-year area of the yield curve, and we still argue that there is scope for the ECB to cut the refi rate by 25 basis points at today’s meeting,” Absa said.
“The details of the policy statement will be critical, but we suspect that euro could come under some selling pressure in the wake of the announcement because the market has been pricing in additional ECB stimulus over the past month so we could be headed for a classic case of buying the rumour and selling the fact, in this case the euro, ahead of Friday’s critical US payrolls data.
“More specifically, we believe the rand is likely to strengthen against the euro if the ECB manages to meet market expectations, and weaken if the ECB provides more stimulus than expected and strengthen if the ECB provides insufficient additional stimulus,” the bank said.
Platinum counters that showed strong gains were Amplats, up 2,48 percent at R409, with Lonmin rallying 3,63 percent to R74,30 and Impala Platinum 1,7 percent higher at R127,73.
Among gold counters, AngloGold Ashanti was up 2,3 percent at R275,35, Gold Fields added 2,48 percent to R106,52 and Harmony added 2,69 percent to R70,22. — BusinessDay.