The JSE was weaker by midday on Thursday as market participants consolidated recent gains ahead of the futures close out.
The all-share index had lost 1,06%, with resources giving up 1,69%, gold miners shed 2,67% but platinum stocks were up 1,23%.
Banks edged down 0,26%, financials were off 0,73% and industrials lost 0,84%.
The rand was last bid at R9,79 to the dollar from R9,89 when the JSE closed on Wednesday, while gold was last quoted at $873,75 a troy ounce from $866,58/oz at the JSE’s last close.
The platinum price was at $874/oz from its previous close of $860/oz and Brent crude was at $45,61 per barrel from $45,53 before.
A local trader said that after the recent gains, it was expected that the bourse would consolidate and that volatility was still a factor and it was likely that it could spike around the close out.
“Metal prices are moving on the back of a weaker dollar and the general sentiment is towards the dollar weakening some more,” he said.
“In the short term we are oversold. We have seen some big moves very quickly. It is likely that at some stage the market could find some ground and consolidate around these levels,” he said.
“Banks are up nicely and interest rate sensitive stocks are finding buying interest in the view that interest rates could drop more next year,” he added.
Dow Jones Newswires reports that London stocks edged higher as UK retail sales posted an unexpected gain in November, according to ONS figures.
However, a retail analyst warned that the annual rate of growth slowed significantly and data from the Confederation of British Industry also looked grim.
The FTSE 100 was last up 0,52%.
US stocks are expected to open with modest gains, on the back of positive trading in Europe and Asia, says Mark Outten, trader at GFT Global Markets.
He calls the DJIA to open up 25 points and the S&P 500 up 4,6 points.
On the JSE, Anglo American was off R2,48 to R247,03 and BHP Billiton gave up R1,87 to R193,14.
BHP Billiton’s chairperson, Don Argus, said earlier that BHP Billiton, as a standalone company, is in a strong financial and operating position.
Referring to the decision not to proceed with the acquisition of Rio Tinto, Argus said it was a difficult decision but one he believes is right for BHP Billiton shareholders.
Argus added that BHP Billiton has a portfolio of long-life, low-cost, expandable, tier-one assets.
Petrochemicals group Sasol fell R14, or 4,70%, to R284.
Paper group Sappi was up R1,26, or 3,82%, to R34,26 but Mondi eased 17 cents to R34,33.
Highveld Steel firmed R1,49, or 2,66%, to R57,49 but Kumba Iron Ore gave up R4,95, or 2,95%, to R163,06.
Among gold miners AngloGold Ashanti weakened R2 to R268, Gold Fields was down R5,24, or 5,44%, to R91,11 and Harmony shed R2,76, or 2,71%, to R99,25.
Platinum miner Anglo Platinum added R5,11, or 1%, to R515,11 and Lonmin firmed R2,01, or 1,81%, to R113,02.
In diversified miners African Rainbow was off R5,75, or 5,37%, to R101,25 but Exxaro was up R1,02, or 1,45%, to R71,47.
Elsewhere on the JSE, SABMiller shed R3,54, or 1,99%, to R174,21, British American Tobacco gave up R5,47, or 2,15%, to R248,50 and Barloworld was down R2,74, or 6,16%, to R41,76.
However, Remgro added R1,01, or 1,35%, to R76,01.
Banker Standard Bank eased 70 cents to R86,49, Nedbank lost R2,14, or 2,18%, to R95,86, Absa edged down 20 cents to R110,55 but FirstRand added 16 cents, or 1%, to R16,11.
Financial services group Old Mutual lost 25 cents, or 3,18%, to R7,60 and Investec shed R1,69, or 3,79%, to R42,91.
Retailer JD Group gained R1,72, or 5,10%, to R35,47, Nu Clicks firmed 39 cents, or 2,54%, to R15,75 and Mr Price added 55 cents, or 2,33%, to R24,20.
However, Foschini gave up R1, or 2,04%, to R48 and Woolworths was off 19 cents, or 1,51%, to R12,41.
Among telecommunications groups MTN fell R4,19, or 4,02%, to R99,91 and Telkom lost R2, or 1,80%, to R109. — I-Net Bridge