The JSE Securities Exchange South Africa (JSE) kicked off the first trading day of the week in the red, with activity subdued at the start.
At 0918 the all share index was 0,24% weaker, the all share industrial index slipped 0,27%, the financial index gave up 0,23%, the resources index fell 0,23%, the gold index was 0,13% weaker, the platinum index shed 0,11% and the banks index was down 0,37%.
The rand was trading at 7,8850 to the dollar, the same as the previous closing level, while gold was quoted at $357,45 an ounce from $357,38 at the previous close.
“Equities are trading lower across the board on the back of slightly weaker European markets, with the rand offering little direction in early trade. There has been very little activity thus far and I think this will continue ahead of a decision on US interest rates on Wednesday,” a dealer commented.
Shares to move at the opening included resources giant Anglo American (AGL), which shed 79 cents to R127, and Impala Platinum, which was R1 lower at R504.
AngloGold was R1,10 weaker at R252, Sappi slipped 95 cents to R106,05 and SABMiler was 1,08% or 60 cents softer at R55.
FirstRand fell 7 cents to R7,65, Absa lost 1,14% or 40 cents to R34,60, while Nedcor added 50 cents to R91.
Two noteworthy advancers were telecommunications parastatal Telkom and cellular company MTN Group, with both shares rising more than 4%.
Forty minutes into trade Telkom was 4,71% or 1,71% firmer at R38 after releasing better than expected results before the opening.
The group reported a 33,5% increase in headline earnings per share of 292,6 cents for the year to March 31, 2003, while operating profit rose 55,4% to R6,514-billion.
MTN continued to take cheer from the good results it released last week, with the share 4,10% or 64 cents firmer at R16,25. On Thursday the company reported a 97% increase in adjusted headline earnings per share to 142.8 cents for the year ended March. – I-Net Bridge