JSE seen consolidating at noon

The JSE remained firm by midday on Friday, with a trader saying that the market was consolidating after hitting record levels earlier this week.

Starting from Wednesday, the bourse had two consecutive days of hitting all-time highs, but failed to close at its record peak of 32 130,75 points.

By midday on Friday, the JSE’s broader all-share index was 0,28% in the black. The platinum mining index advanced 1,26%, the gold mining index gained 0,63% and resources rose 0,44%. Industrials improved 0,24%, but banks shed 0,12% and financials eased 0,14%.

The rand was bid at R7,79 to the dollar from R7,80 when the JSE closed on Thursday, while gold was quoted at $938,00 a troy ounce from $942,40/oz at the JSE’s last close.

“We are seeing construction stocks looking strong today in the top 40, but in terms of the overall market, it is slightly up,” a trader said.

He said that the JSE looked as though it was following the trend in world markets, as they were fractionally higher.

Japan’s Nikkei was up 0,58% and the United Kingdom’s FTSE 100 added 0,39%.

“There’s actually not too much happening at the moment, and markets seem very quiet. I’d say the market is consolidating after the strong upward movements in resource stocks in the last few days. It’s more than likely that the JSE is waiting for the United States to give it some kind of direction,” he said.

On the JSE, resources group Anglo American improved R7,05, or 1,33%, to R538, but BHP Billiton fell two rand to R281,07 and Sasol dipped R1,98 to R447,50.

AngloGold Ashanti added R1,14 to R290,14, Gold Fields gained 70 cents to R117,50 and Harmony increased R1,75, or 1,88%, to R94,75.

Anglo Platinum lifted R10 to R1 360, Impala Platinum was R5,52, or 1,68% higher, at R335,01 and Lonmin lifted R11, or 2,24%, to R503.

Building and construction group Aveng advanced R1,76, or 3,09%, to R58,81, Murray & Roberts perked up R2,50, or 2,81%, to R91,50 and Wilson Bayly Holmes-Ovcon was up R3,90, or 3,08%, to R130,50.

Brewer SABMiller strengthened R1,70 to R183,35 and distiller and vintner Distell rallied R2,79, or 5,51%, to R53,45.

Fixed-line operator slipped 55 cents to R128,99 and MTN Group fell R1,46, or 1,08%, to R133,37.

Absa declined 30 cents to R100 and FirstRand was four cents softer, at R15,96.—I-Net Bridge



blog comments powered by Disqus

Client Media Releases

MTN zero rates access to university online content.
Soweto communities to benefit from eKasiLabs programme
Sentech achieves clean audit again
NWU to offer Indigenous Language Media in Africa course