The JSE Securities Exchange South Africa (JSE) drifted into the red by noon on Wednesday, taking its cue from weaker world markets. As was the case earlier in the week, the market was very quiet with low volumes.
At 1207, the all share index was down 0,26%, while the all share industrial index was 0,39% weaker. Financials fell 0,66%, the platinum mining index plunged 3,10% and the IT index was down 0,31%. Resources were flat (+0,03%). The gold mining index bucked the weaker trend, bouncing 1,57%.
The rand was trading at 8,3849 to the dollar from 8,4040 at the previous close, while gold was quoted at $347,25 an ounce, up just over $3 from the JSE’s last close.
“Volumes are not treating us well. We are taking quite a bit of strain on the volumes side and the market is pretty dead,” a dealer lamented.
“Gold stocks are moving against the trend and against the gold price,” he said, explaining that despite a weaker gold price overnight, gold ADRs were up in New York.
AngloGold (ANG) was up 1,21% or R3,20 at R267,20, but well off an earlier high of R275. Gold Fields (GFI) gained 2,12% or R2,15 to R103,65 and Harmony (HAR) was 2,16% or R2,61 higher at R123,60.
While bullion was looking slightly better than at Tuesday’s close, it is still hovering at lows last seen in December. The dealer said that in contrast to gold stocks, platinum counters were taking punishment.
AngloPlat (AMS) was down 3,42% or R11 to R311and Impala (IMP) was ,.82% or R15,02 weaker at R518. Synthetic fuels group Sasol (SOL) shed 70 cents to R88,50.
The group announced on Wednesday that it is to list on the New York Stock Exchange on April 9. On the industrial index, mid-cap Reunert (RLO) led the upside, climbing 2,78% or 50 cents to R18,50. It was the heaviest-weighted industrial stock to climb over 1%.
Dragging on the downside was Swiss-listed luxury goods group Richemont (RCH), which was 11 cents weaker at R13,70. Imperial (IPL) was down 2,05% or R1,05 to R50,25.
The financial index was awash with red, with life assurer Sanlam (SLM) slipping 1,85% or 14 cents to R7,42.
VenFin (VNF) was 2,36% or 40 cents weaker at R16,55 and Alexander Forbes (AFB) was down 3,07% or 35 cents at R11,05.
On the upside, Mettle (MEL) rocketed 7,50% or three cents to 43 cents. The share remains down 6,52% this month, however. – I-Net-Bridge