Anglo,tech gains offset S.Africa metal share losses
Gains in diversified mining house Anglo American and technology stocks like Dimension Data matched falls in precious metal miners to balance the South African market in opening trade on Monday.
By 0730, the all-share was at 9,437.39, virtually unchanged from Friday’s close.
IT services firm Dimension Data was the second most heavily traded stock by deals, rising 2,8% to R3,70 after US technology stocks zipped higher in Wall Street on Friday.
An upbeat outlook from Dell Computer Corporation boosted hopes for the industry.
Mining giant Anglo, which accounts for nearly one fifth of the overall market, shuffled 1,2% higher to R125 — the top traded stock by deals.
Its gains helped offset losses at subsidiary Anglo American Platinum (Angloplat), which slipped 0,9% to R325 after releasing disappointing results last week and as analysts expected more of the same from peer Impala Platinum.
Impala, which reports results on Thursday, was flat at R535.
Gold shares also eased as a steady metal price failed to offer any boost. Gold Fields slipped 2,1% to R115 and AngloGold fell 0,8% to R499.
Bank stocks like Standard Bank were treading cautiously ahead of key consumer inflation data due on Tuesday, which is only expected to move the market significantly if the inflation rate does not moderate as expected.
Standard was flat at R29,60.
A Reuters poll of economists predicted the targeted CPIX inflation rate would ease to an annual rate of 9,6% in July after rising 9,8% in June. – Reuters