Modest gains in heavyweight South African stocks like South African Breweries (SAB) and miner Anglo American kept the wider market firm on Tuesday, but volumes were thin and interest lacking, traders said.
”The market is absolutely dead,” said one trader.
Fears that there are more accounting booboos to come out of corporate America, a lack of economic data at home and rangebound rand and metal prices are keeping players sidelined.
Dual-listed and commodity stocks gained some strength from early rand weakness, but the rand had firmed by late morning and was seen capping any further gains in companies that draw a hefty chunk of earnings abroad.
SAB, the most traded stock by deals, sucked up a 2,2% or 175 cents gain to R81,50 by 0913 GMT, nudging the wider all-share 0,2% or 16,06 points higher to 10,636.55.
Diversified miner Anglo American, which accounts for some 18% of the total bourse, dug out a 0,3% or 55 cent advance to R175.25.
Its subsidiary, world number one platinum producer Angloplat, slipped 0,1% or 50 cents to R379 after earlier pushing higher on the back of a reported agreement with the government over mining rights, traders said.
Traders said Angloplat was benefiting from a Business Day report on Tuesday that the miner had reached an agreement with the government on processing six applications for mining authorisations, avoiding a court battle.
Gold producer Gold Fields zipped 0,9% or 106 cents higher to R122.05.
Losers included life assurance group Sanlam, which slipped 2,4% or 20 cents to R8,15, outstripping losses at peers like Old Mutual, which shed 1,1% or 15 cents to R14.
After a storming run on Monday, when it climbed more than eight percent, African Bank Investments Limited (Abil), was flat at R6.50 as the market awaited an announcement on any plans for Saambou’s small loans book. – Reuters