/ 18 March 2008

JSE remains down, investors eye Fed

The JSE was little changed at its softer levels by midday on Tuesday as investors took to the sidelines ahead of the United States Federal Open Market Committee's rates decision later in the day. By noon, the JSE's broader all-share index was down 0,86%. Resources fell 2,26%, the gold mining index dropped 1,76% and the platinum mining index shed 0,76%.

The JSE was little changed at its softer levels by midday on Tuesday as investors took to the sidelines ahead of the United States Federal Open Market Committee’s rates decision later in the day.

By noon, the JSE’s broader all-share index was down 0,86%. Resources fell 2,26%, the gold mining index dropped 1,76% and the platinum mining index shed 0,76%.

Industrials edged up 0,12%, financials gained 1,25% and banks advanced 1,92%.

The rand was bid at 8,09 to the US dollar from 8,13 when the JSE closed on Monday, while gold was quoted at $1 005,35 a troy ounce from $1 011,60/oz at the JSE’s last close. The yellow metal had hit a fresh all time high on Monday of $1 032,40/oz.

“There is not much happening on the JSE — I think the market is waiting for the Fed decision later,” an equities trader said.

He added that financials were looking much better after they sold off quite sharply on Monday, while industrials were up slightly.

“But these gold and resource stocks are pulling the market down,” he said.

Among resources, Anglo American weakened R20,75, or 4,19%, to R475, BHP Billiton lost R6,50, or 2,63%, to R240,50 but Sasol improved R3,48 to R405,48.

Gold miner AngloGold Ashanti retreated R4,45, or 1,6%, to R273 and Gold Fields gave up R1,97, or 1,46%, to R133,03.

Platinum producer Anglo Platinum was off R16,26, or 1,33%, to R1 203,64 and Impala Platinum shed 78 cents to R321,72.

Building and construction counter Group Five gained R1,80, or 3,67%, to R50,79 and Murray & Roberts increased 99 cents, or 1,11%, to R89,99.

Brewer SABMiller was unchanged at R165,50 and Richemont pulled back 66 cents, or 1,47%, to R44,34.

Media group Naspers lifted R4,70, or 3,59%, to R135,69 and Avusa collected 55 cents, or 1,43%, to R38.90.

Investec climbed R1,10, or 2,16%, to R52, FirstRand was 30 cents, or 1,95% better, at R15,70 and Standard Bank gained R1,97, or 2,21%, to R91,27.

Fixed-line operator Telkom shed 19 cents to R139,41 but mobile operator MTN Group was R1,05 higher, at R125,70. – I-Net Bridge