By Alison Maltz

The JSE Securities Exchange put in a strong showing on Tuesday, bolstered by a softer rand and firmer European markets. Gold stocks led the market's downside on the back of a lower bullion price.

JSE证券交易所星期二强烈信息显示，世界市场被更柔和的兰特和更坚定欧洲市场支持。 黄金储备在导致世界黄金价格有下降趋势。

The all share and all share industrial indices closed 1.23% and 1.18% stronger respectively. Resources rallied 1.39% and the platinum mining index jumped 1.78%, but the gold mining index slid 1.49%. Financials firmed 1.02%, but the banks index was flattish (+0.08%).

The rand was quoted at 6.53 per dollar from 6.33 when the JSE closed on Thursday, while gold was quoted at US$406.90 an ounce from $420.15/oz at the JSE's last close. Platinum was quoted at $930.50 an ounce, up almost $25 from when the JSE closed previously.

On the all share index, 79 shares were up, 40 were unchanged and 44 were down. There were 28 advancers on the Top 40 index, 12 decliners, while one share was unchanged.

While volumes on the JSE were much lower than in previous days, they picked up considerably in the afternoon after a very slow start and were reasonable if one considers that with public holidays on Friday and
Monday because of the Easter weekend and again on Wednesday because of the elections, many players were absent.

"We had a very strong market, driven by the rand and also strong European markets. The US had a good run yesterday, which triggered the European recovery today and helped spur our market on," a dealer said.

The rand came under pressure on Tuesday on the back of short covering out of London ahead of Wednesday's election as well as dollar strength against the euro. The rand tends to follow the euro because the Eurozone is South Africa's largest trading partner.

The dollar hit its best level of the year against the euro on Tuesday as US retailers reported a robust March, according to AFX.

US retail sales rose 1.8% in March, the Commerce Department estimated Tuesday. Excluding autos, sales increased 1.7%, the biggest increase in four years.

The gains well topped Wall Street expectations of 0.7% for total sales and 0.6% for ex-auto sales.

However, the dollar's rally caused the gold price to tumble putting pressure on gold stocks.

On the JSE's upside, Swiss-listed luxury goods group Richemont (RCH) was one of the star performers, surging 3.51% or 60 cents to 17.70 rand.

"Richemont is celebrating the statement out of LVMH last week," the dealer explained.

LVMH, the world's largest luxury goods group, said on Thursday that it expects a "significant increase" in full-year operating profit after reporting a 2% increase in first-quarter sales to 2.849 billion euro from 2.801 billion euro a year earlier, according to AFX.

Other industrials to put in a strong showing included telecoms group Telkom (TKG), which surged 2.98% or 2.50 rand to 86.50 rand - a lifetime high.

London-listed beverages group SABMiller (SAB) strengthened 2.02% or 1.47 rand to 74.20 rand and media group Naspers (NPN) climbed 2.17% or 95 cents to 44.70 rand.

On the downside, cellular network operator MTN Group slipped 25 cents to 34.90 rand and retailer Edcon (ECO) retreated 2.16% or three rand to 136 rand.

Resources to shine included London-listed Anglo American (AGL), which advanced 2.02% or 3.15 rand to 159.15 rand. BHP Billiton (BIL) was 1.6% or 95 cents better at 60.45 rand and synthetic fuels group Sasol (SOL) soared 3.01% or 2.85 rand to 97.50 rand.

Impala Platinum (IMP) leaped 2.48% or 12.50 rand to 517.50 rand and AngloPlat (AMS) added 2.50 rand to 277.50 rand.

"If you look at the platinum price today, platinum stocks - particularly AngloPlat - put in a disappointing showing," the dealer commented.

With markets in London closed for Easter on Monday, the platinum price was pushed up sharply in New York on thin volumes. On Tuesday, it touched a 24-year high of $944.50/oz on continued speculative buying.

On the gold mining index, AngloGold (ANG) slumped 2.59% or 6.55 rand to 246 rand. Harmony (HAR) lost 1.41% or 1.24 rand to close at 86.66 rand, while Gold Fields (GFI) gave up 80 cents to finish at 81.20 rand.

On the financial front, London-listed financial services group Old Mutual (OML) jumped 2.39% or 29 cents to 12.44 rand. Sanlam (SLM), South Africa's second largest financial services group, surged 2.52% or 24 cents to 9.76 rand. It earlier traded at 9.85 rand - its best level since January 2002.

Real estate company Liberty International Plc (LBT) was 2.16% or 1.90 rand firmer at 89.70 rand.

Shares in niche banking group Investec were also looking robust, with Investec Plc (INP) rocketing 3.82% or five rand to 136 rand and Investec Ltd (INL) running up a 2.7% or 3.55 rand gain to close at 135 rand.

While banking group ABSA (ASA) added 25 cents to 48.45 rand, Standard Bank (SBK) strengthened 21 cents to 43.51 rand and Nedcor (NED) rose 50 cents to 61.50 rand, FirstRand (FSR) fell five cents to 10.25 rand. However, its intraday high of 10.45 rand was its best level since July 1998.

Value traded 2.077 billion rand
Volume traded 98.770 million shares

Five most active shares by value traded:
Anglo 159.15 rand up 3.15 rand
BHP Billiton 60.45 rand up 0.95 rand
Sasol 97.50 rand up 2.85 rand
Impala 517.50 rand up 12.50 rand
MTN Group 34.90 rand dn 0.25 rand

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