Johannesburg - Shares ended mixed yesterday as financials rallied on hopes of interest rate cuts while gold stocks slipped on a softer bullion price.
The all share index closed 57,80 points, or 1 percent, higher at 5766,80. The industrial index rose 72,90 points to 6678,80.
The BR-ING Index added 0,99 percent to R92,34. The strongest gainers were Consumption (2,52 percent to R83,08), Empowerment (2,4 percent to R81,17) and Financial (2,35 percent to R92,11).
Only two BR-ING indexes fell: Info Tech, down 0,95 percent to R169; and Commodities, 0,92 percent lower at R87,52.
The JSE started off weaker in line with world markets, but kicked into life as overseas buyers snapped up local blue-chip stocks.
Traders said the mild acceleration in the decline of the central bank's repo rate in the past two days had improved chances for further rate cuts. This translated into greater demand for banking stocks, particularly from foreign investors.
Shares of Absa added R1,15, or 3,9 percent, to R30,30. Nedcor advanced R4,40 to R122,40 on high volumes. Stanbic, one of the country's four biggest banks, gained 85c, or 4,7 percent, to R19,05.
But shares of gold producers slid, with the all gold index dropping 32,70 points, or 3,5 percent, to 905,10. The culprit was the bullion price, which fell almost $2 an ounce to a four-month low under $282/oz in spot trading.
Among gold mine stocks, Driefontein Consolidated slipped R1,60 to R26,20. Anglogold, the world's biggest gold producer, fell R7,40, or 3 percent, to R238.
Elsewhere, shares of Murray & Roberts Holdings, the construction and engineering group, leapt 20c, or 7,1 percent, to R3 on news that it would accelerate its disposal of assets.
Primedia, the media and entertainment group, jumped R1,70, or 13 percent, to R14,70 after it cautioned shareholders yesterday that it was negotiating "several acquisitions".
Autopage Holdings, the provider of products and services to the paging and cellular telephone industries, rose 35c, or 14,6 percent, to R2,75 on news that it was in talks that could affect its stock.