The JSE Securities Exchange (JSE) was easier in noon trade on Thursday as the record high oil price weighed on global markets. Resources were up, however, on the back of higher commodity prices.
By 12.01pm, the all-share index was off 0,18%. Industrials and financials fell 0,62% and 0,86% respectively, while the banks index was 1,51% in the red. On the upside, resources rose 0,75% and the gold-mining index gained 1,05%.
The rand was bid at R6,39 per dollar from R6,37 when the JSE closed on Wednesday, while gold was quoted at $438,06 troy ounce from $436,40/oz at the JSE’s last close.
“There has been a bit of a retracement in the market, but it is not hugely down,” a dealer said.
He added that the main driver was the oil price, with crude futures reaching a record above $65 a barrel.
While the oil price was weighing on world markets, all commodity prices were looking better, which was boosting resources stocks.
The dealer added that there was an element of caution in the market ahead of the South African Reserve Bank monetary policy committee decision on interest rates due just after 3pm, although no change is expected.
On the resources index, petrochemicals group Sasol was R2,01 stronger at R212 after earlier trading at a record high of R213,50.
London-listed resources group BHP Billiton was up 80 cents at R97,30 and Anglo American added R1,34 to R169,50.
Gold Fields jumped 2,88% or R1,99 to R71 and Harmony was 20 cents higher at R51,70. Junior miner Western Areas rocketed 7,32% or R1,50 to R22.
AngloGold Ashanti, however, weakened 1,14% or R2,51 to R217.
AngloPlat inched up one rand to R311, but Impala dipped four rand to R627.
Retailer Mr Price was a bright spot among industrials, advancing 1,42% or 20 cents to R14,30.
Illovo Sugar climbed five cents to nine rand.
Swiss-listed luxury goods group Richemont eased five cents to R24,40 and London-listed brewer SABMiller was off 30 cents at R115,20.
Brand-management group Barloworld slumped 2,5% or R2,59 to R101,15.
Mittal Steel was 1,09% or 60 cents softer at R54,40.
MTN Group surrendered 40 cents to R49,30 and Telkom gave up 50 cents to R125.
On the financial index, investment company VenFin was 25 cents firmer at R32,75.
Financial-services group Sanlam gained 12 cents to R13,21.
Although it earlier traded at a lifetime high of R77,50, Standard Bank was 1,56% or R1,20 in the red at R75,80.
FirstRand fell 1,83% or 31 cents to R16,61, Absa was off 60 cents to R98,55 and Nedbank slipped 20 cents to R91,55.
Liberty Group was 1,52% or R1,01 lower at R65,50 after it reported that it had lifted headline earnings per share by 93% from 157,3 cents to 303,4 cents for the six months ended June.
An interim dividend of 126 cents per share was declared, as opposed to an interim dividend of 162 cents previously. This is in line with the group’s newly adopted dividend policy, as communicated in the 2004 year-end results, which indicated that the interim dividend would be based on 40% of the 2004 full-year dividend of 315 cents. — I-Net Bridge