JSE stocks advance for third consecutive day as platinums shine

The JSE was higher at midday on Thursday as platinums put in another day of strong gains.

At 12pm the all share was up 1.35% to 51‚653.10 points. The blue-chip top 40 added 1.42%.

The spot price of platinum was 0.43% higher at $953.41. The index jumped 6.92%‚ marking the fourth consecutive day of gains.

The World Platinum Investment Council said on Wednesday that the metal had come under heavy price pressure in recent months despite years of deficit.

"Prices suffered from perceptions that above-ground platinum supply was plentiful. However‚ the current price is being set by momentum‚ with a tightened correlation between the gold and platinum prices‚" the council said.

The platinum index has risen a little more than 65% so far this year‚ tracking the sharp rally in gold shares‚ which are up 91%.

Banks and financials rose 3.13% and 1.30% respectively. Gold miners firmed 1.54% and resources gained 3.75%. Industrials were up 0.68%.

European stock markets were flat as investors awaited the US nonfarm employment report due out on Friday.

At noon (CAT)‚ the London FTSE 100 and the Paris CAC were little changed from closing levels. The German DAX 30 was down 0.14%.

Among individual shares on the JSE‚ BHP Billiton saw its share price rally 5.86% to R178. The company said it had reached agreement with Brazilian authorities over the Samarco dam disaster.

Under the terms of the agreement‚ Samarco‚ which is jointly owned by Vale and BHP‚ will pay more than $5bn over the next 15 years for the restoration of the environment and communities affected by the a dam failure on November 5 2015.

Impala Platinum surged 9.28% to R41.80. Lonmin rocketed 17.12% to R25.99.

Standard Bank climbed 5.97% to R121.86.

PPC rose 6.04% to R12.46‚ and MTN Group was 10.79% higher at R150.40.

Aspen Pharmacare‚ which is expected to release interim results today‚ added 2.09% to R302.54.

Taste Holdings tumbled 5.29% to R2.15.