The JSE Securities Exchange South Africa (JSE) opened in negative territory on Friday, despite a bounce in gold counters. Rand-hedge stocks were under pressure as the currency retained its firm tone.
At 0919 the all share was 0,86% weaker, the industrial index lost 1,45%, the financial index gave up 0,82%, the resources index fell 0,67%, the platinum index was flat and the information technology (IT) index was 1,58% lower. However, the gold index reversed the trend seen in recent day and added 1,70%.
The rand was trading at 8,5525 to the dollar from 8,5675 at the New York close, while gold was quoted at $371,20 an ounce from $369,88 at the previous close.
“The gold index was once a noteworthy feature at the open, and for a change it was its gains, not its losses, that attracted attention. Bullion is once again flirting with the $370 an ounce level, bolstering gold stocks which have been taking a beating of late,” a dealer said.
Gold Fields (GFI) moved up 2,16% or R2,44 to R115,64, Harmony (HAR) added 1,43% or R1,89 to R134,50 and AngloGold (ANG) firmed 1,81% or R5,50 to R310.
AngloGold this morning reported a 10% increase in headline earnings per share (HEPS) to 460 cents in the December 2002 quarter from 417 cents in the previous quarter. The I-Net Bridge consensus of analysts for AngloGold’s December 2002 quarter was R3,89.
Gold output during the December quarter declined 2% to 1,549-million ounces from 1,587-million ounces in the September 2002 quarter. During the year to December 31, 2002, AngloGold’s HEPS increased 53% to R17,67 from R11,.56 in the 2001 financial year. The I-Net Bridge consensus of analysts was R17,65.
However, gold output for the 2002 financial year was down 15% to 5,939-million ounces to 6,983-million ounces in the 2001 financial year due to the sale of AngloGold’s Free State mines.
Among rand-hedge counters Anglo American (AGL) slumped 2,02% or R2,45
to R119, BHP Billiton (BIL) lost 1,23% or 50 cents to R40 and Sasol (SOL) declined 1,87% or R1,75 to R91,70.
Industrial counters retraced after yesterday’s gains. Richemont (RCH) surrendered 2,88% or 43 cents to R14,50, SABMiller (SAB) was 1,25% or 70 cents weaker at R55,30 and Sappi (SAP) gave up 3,23% or R3,99 to R119,51.
Among financial stocks Absa (ASA) lost 1,22% or 40 cents to R32,30 and Old Mutual (OML) was down 1,30% or 15 cents to R11,40.
IT heavyweight Didata (DDT) was 3,01% or 11 cents softer at R3,55. – I-Net-Bridge