The JSE Securities Exchange South Africa was unable to lift itself out of the doldrums by midday on Friday, with the bourse stuck in flat territory as gains in heavyweight resources counters were evened out by losses in gold stocks.
At 1204 the all share index was flat (+0,01%), the industrial index added 0,27%, the financial index fell 0,04%, the resources index slumped 0,14%, the gold index plummeted 2,47%, the platinum index shed 0,58% and the banks index was 0,02% lower.
The rand was trading at 7,4550 to the US dollar from a previous close of 7,3350 while gold was quoted at $352,95 an ounce from a previous close of $344,50 and an intraday high of $357,30.
“The market has been pretty quiet today, with many players disheartened by the late sell-off in the US overnight. Also, people are reluctant ahead of the release of a slew of US economic data this afternoon,” a dealer said.
US data expected includes the July unemployment rate, July non-farm payrolls, July UoM consumer sentiment, June personal income and spending, June construction spending and July vehicle sales.
“Some heavyweight dual-listed stocks are taking advantage of the weaker rand, while the weakness in bullion is playing havoc with gold counters,” he added.
Anglo American led the upside of the market, with the share advancing 80 cents to R129,80, followed by BHP Billiton which picked up 30 cents to R44,60.
Gold counters, however, dominated the downside. Gold Fields slipped 2,80% or R2,50 to R86,70, AngloGold shed 2,67% or R6,50 to R237 and Harmony lost 1,78% or R1,64 to R90,75.
Before the opening Gold Fields reported net earnings per share, excluding gains and losses from financial instruments as well as foreign debt, of 48 cents for the June quarter from 101 cents in the March quarter. Analysts had been expecting 75,4 cents.
For the year to June, Gold Fields headline earnings per share were 507 cents from 662 cents a year ago. The company declared a final dividend of 100 cents, making a total of 250 cents for the year.
The I-Net Bridge consensus forecast had been for EPS of 513,5c and a dividend of 265 cents.
Sasol fell 73 cents to R80,25, AngloPlat surrendered 1,27% or R3 to R233 and FirstRand was 5 cents lower at R8,04.
Advancers included Standard Bank, which picked up 24 cents to R34,15, SABMiller added 25 cents to R51,65, Richemont gained 5 cents to R13,45 and MTN Group was 15 cents stronger at R16,65. – I-Net Bridge