The JSE Securities Exchange South Africa (JSE) was drifting aimlessly in noon trade on Tuesday in an exceptionally quiet market. Traders said that with little incentive to enter the market, people were taking to the sidelines and waiting for US markets to open for direction.
At 1201, the all share index was flattish (-0,18%) as was the resources index (+0,17%) and the banks index (-0,21%). The all share industrial and financial indices were 0,32% and 0,62% weaker respectively. The gold mining index was 2,30% stronger, while the platinum mining index was up 1,42%.
The rand was trading at 7,6100 to the dollar, little changed from when the JSE closed on Thursday, while gold was quoted at $333,50 an ounce from $326,60/oz at the JSE’s last close.
Volumes were dismal — less than R200-million worth of shares had changed hands.
“Players are coming back from the long weekend and there is not much data coming out now, so they are waiting for markets in the States to open,” a dealer said.
BTM-UBS Warburg Chain Store Sales and Redbook Retail Sales for last week are both due out this afternoon.
“People are watching the rand, but no one is keen to pump money into this market until the US opens,” the dealer continued.
He noted that volumes on the JSE have been dropping off for the last few weeks.
“I don’t think they’ll pick up too soon. There is not much to get people excited about this market,” the dealer concluded.
A stronger bullion price and a solid performance by the ADRs on Monday saw gold stocks lead the JSE’s upside on Tuesday, with AngloGold (ANG) adding 2,95% or R6,49 to R226,50. Gold Fields (GFI) gained 1,96% or R1,60 to R83,25, while Harmony (HAR) surged 3,53% or R3,20 to R93,90.
Impala Platinum (IMP) also had a strong morning and was up 1.79% or seven rand at R397, while AngloPlat (AMS) was 1.17% or R2,62 firmer at R225,62.
Industrials to gain ground included London-listed beverages group SABMiller (SAB), which inched up 16 cents to R51, while retailer Nu Clicks (NCL) was up 1,66% or nine cents to R5,50.
London-listed diversified resources group Anglo American (AGL) led decliners, shedding 1,31% or R1,46 to R109,70, while financial services group Old Mutual Plc (OML) fell 1,57% or 17 cents to R10,63.
Life assurer Sanlam (SLM) slipped 1.60% or 10 cents to R6,15, while Swiss-listed luxury goods group Richemont (RCH) was 10 cents in the red at R11.
Another London-listed share to come under pressure was Liberty International (LBT), which was 40 cents weaker at R67,85. Its intraday low of R67,50 was its worst level since November 2001. – I-Net Bridge