The JSE Securities Exchange South Africa (JSE) presented a mixed bag in noon trade on Friday, although the market’s main focus was on the slightly weaker rand.
Profit-taking and softer gold stocks were dragging on the downside, but the rand lifted heavyweight dual-listed stocks, propping the market up, dealers said.
At 12.04pm, the all-share index was up a marginal 0,13%, while the all-share industrial index was 0,72% stronger. Financials were flat, with the banks index easing 0,22%. Resources retreated 0,23%, with the gold mining index falling 1,86% and the platinum mining index down 0,72%.
The rand was trading at R7,50 to the dollar from R7,48 when the JSE closed on Thursday, while gold was quoted at $360,25 an ounce, from $361,60/oz at the JSE’s last close.
“The market is fairly mixed and the currency is the main focus point for now,” a dealer said.
He continued that after its rally over the past few days, the market seemed to have run out of steam going into the weekend. However, the rand was underpinning it.
“The move up yesterday was driven by basket buying, It is not surprising that the market has come back to normal levels,” he asserted.
Leading the upside was London-listed diversified resources group Anglo American, which added 1,14% or R1,60 to R141,70.
It was followed by Swiss-listed luxury goods group Richemont, which rallied 1,72% or 25 cents to R14,75.
London-listed beverages group SABMiller surged 1,85% or one rand to R55,10.
BHP Billiton was up 20 cents at R48,30.
On the financial index, New Africa Capital jumped 4,17% or 25 cents to R6,25, while Liberty International climbed 65 cents to R79,50.
On the JSE’s downside, synthetic fuels group Sasol slumped 1,94% or R1,70 to R85,75.
AngloGold lost 2,14% or six rand at R274,00, Gold Fields gave up 2,16% or R2,10 to R95,00 and Harmony was off 1,84% or R1,87 at R100,00.
“Gold shares were weaker in New York overnight after the gold price fell below the $360 level, although it has since moved above this again. They have also had a fantastic rally,” the dealer commented.
Harmony was down 3,74% in New York overnight, AngloGold lost 3,9%, while Gold Fields plummeted 6,8%.
AngloPlat was 1,23% or R3,50 weaker at R280,50 and diversified miner Kumba lost 2,78% or one rand to R35,00.
Cellular network operator MTN Group eased 1,61% or 30 cents to R18,30, while Naspers N shares were down 1,69% or 49 cents to R28,50.
Retailer Woolies was 2,19% or 15 cents weaker at R6,70.
VenFin led the downside of the financial index, falling 1,36% or 25 cents to R18,15.
Liberty Group lost 1,13% or 60 cents to R52,30. — I-Net Bridge