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TMS: Commodities rally lifts JSE and global markets
 
The JSE was firmer at midday on Thursday in line with global markets amid risk-on trade‚ as a softer dollar buoyed oil and commodity prices.

Recent softer US economic data contributed to expectations that the US Federal Reserve would not raise interest rates anytime soon‚ spurring risk-on sentiment.

A sharp fall in the US dollar on Wednesday boosted oil and other dollar-denominated commodities‚ which become cheaper for foreign buyers as the dollar weakens.

Brent crude oil gained 0.9% earlier on Thursday to $35.38 a barrel‚ but dipped again‚ down 0.82% at $35.10 a barrel in midday trade.

Most Asian markets rose as commodity prices gained after a stronger overnight close on Wall Street.

At 12.23pm the all share was 2.23% higher at 49‚617 points and the blue-chip top 40 was up 2.06%.
Platinum miners led the gainers‚ surging 14.88% amid a firmer platinum price‚ followed by gold miners‚ gaining 8.47%. Resources were up 7.06%.

Despite recent gains in oil prices‚ analysts say the rally in oil prices is likely to be short-lived unless a solution to the supply glut can be reached‚ Dow Jones Newswires reported.

Stock markets look set to remain volatile until energy prices find longer-term stability and investors achieve clarity on plans by the world’s central banks‚ the newswire said.

The Federal Reserve will closely watch Friday’s jobs report as it contemplates the course for US interest rates this year.

On Wednesday‚ Federal Reserve Bank of New York president William Dudley said that financial conditions were reshaping the outlook in a way that could cause the Fed to delay additional rate raises‚ the newswire said.

Concerns around the Chinese economy and its currency‚ volatility in oil prices‚ lacklustre earnings and slowing global growth have weighed heavily on financial markets from the start of the year.

Among individual shares on the JSE‚ Anglo American surged 11.47% to R70.54 and rival BHP Billiton gained 8.01% to R162.54.

Sasol added 6.28% to R424.64 amid firmer oil prices.

Among gold stocks‚ gold miner Harmony leapt 14.52% to R37.78. The company said on Thursday it managed to stem losses in the first half of the 2016 fiscal year‚ citing greater production and a higher gold price in rand terms as the reason.

In the six months to December 31 2015‚ Harmony reported a net loss of R445m compared with the loss of R1bn in the previous year.

The diluted headline loss per share narrowed to 103c from 175c in the year-earlier period.

Shares in South32 surged 11.71% to R12.40 after the miner announced on Thursday major restructuring plans for its South African manganese division‚ which included laying off 620 employees.

Platinum counters Impala soared 18.34% to R37.87 and Lonmin leapt 12.81% to R12.42.

Source