The JSE Securities Exchange South Africa was slightly weaker at the opening on Friday, with only the gold index managing to post gains. However, the market turned around in the first half hour, with the all share index sneaking into the black.
At 0935 the all share index was 0,15% firmer, while the industrial index was off 0,06%. The financial index shed 0,32% and the banks index was down 0,18%.
However, the resources index added 0,57%, the platinum index was 0,68 higher and the gold index firmed 0,46%.
The rand was trading at 7,9650 to the dollar from 7,8832 at the previous close, while gold was quoted at $359,90 an ounce from $362,00/oz at the previous close.
Dealers said as expected, the stock market had started on a quiet note in contrast to Thursday’s busy activity on futures close out day. Dual listed stocks were a tad firmer on Friday as the rand weakened from its levels seen in late trade yesterday.
After trading above the R8 per dollar on Thursday, the dollar was sold off in late trade which brought the rand back below the 7,90 level again. It was back above that level in early trade on Friday morning.
Anglo American (AGL) added 95 cents to R128 and BHP Billiton was up 40 cents to R43,8.
Among gold counters, Anglogold (ANG) was up 90 cents to R262 and Gold Fields (GFL) added 30 cents to R101.
Platinum miner Angloplat (AMS) was 400 cents higher, or 1,47%, to R277 and Impala (IMP) collected 125 cents to R504,25.
IT counter Softline (SFT), which early Friday reported an 8% increase in headline earnings per share for the year to March 2003 to 23 cents from 21,3 cents previously, was up 4 cents, or 2,58%, to 159 cents.
Revenue increased by 31% to R636-million to R487-million while headline earnings rose 10% to R90-million from R82-million. – I-Net Bridge