/ 25 August 2003

JSE weaker in dead quiet trade

The JSE Securities Exchange South Africa was weaker at midday on Monday, taking its cue from world markets. Volumes were extremely light due to the bank holiday in the United Kingdom and dealers said that lack of liquidity was also playing a role in any moves.

The JSE Securities Exchange South Africa (JSE) was weaker at midday on Monday, taking its cue from world markets. Volumes were extremely light due to the bank holiday in the United Kingdom and dealers said that lack of liquidity was also playing a role in any moves.

At 11.59pm, the all-share and all-share industrial indices were down 0.68% and 0,84% respectively. Financials fell 0,67%, while the banks index was 0,55% in the red. Resources retreated 0,59%, the platinum mining index fell 1,39%, but the gold mining index gained 0,50%.

The rand was trading at R7,47 to the dollar, little changed from when the JSE closed on Friday, while gold was quoted at $363,55 an ounce, up more than $2 from the JSE’s last close.

“With the London holiday, the market is absolutely morgue-like. There is nothing happening,” a dealer said.

He continued that the JSE had taken its cue from world markets, which had come under pressure following news of the bomb blasts in India. The Dow also closed weaker on Friday night.

“I think that if anything is up or down, it may also be because of lack of interest,” the dealer commented.

He noted that gold shares had ticked up on the back of a higher bullion price.

Shares to decline in early trade include Swiss-listed luxury goods group Richemont, which was 1,71% or 25 cents weaker at R14,40.

London-listed diversified resources group Anglo American lost 50 cents to trade at R140,00, while BHP Billiton was down 1,30% or 63 cents at R47,75.

Synthetic fuels group Sasol slipped 1,12% or 95 cents to R84,20.

Telecommunications group Telkom tumbled 1,97% or 80 cents to R39,80, and pulp and paper producer Sappi shed 1,19% or R1,18 to R97,80.

London-listed beverages group SABMiller was 35 cents softer at R54,40.

Food group Tongaat-Hulett was off 1,38% or 50 cents at R35,70 after going ex-dividend (interim of 40 cents), while services group Bidvest surrendered early gains to trade 10 cents in the red at R46,00. It earlier traded as high as R46,70.

Before the opening, Bidvest reported a 9,8% increase in headline earnings per share to 479 cents for the year ended June 30 from 436,2 cents a year ago. A final distribution per share of 112 cents was declared, up from 100 cents a year ago, making a total distribution of 220 cents compared with 190 cents before.

The I-Net Bridge consensus forecast was for HEPS of 498 cents and a distribution of 217,7 cents per share.

On the financial front, Liberty Group shares lost 3,13% or R1,65 to R51,00 after going ex-dividend of 162 cents per share (interim).

Standard Bank was off 30 cents at R33,40, FirstRand fell four cents to R7,70 and Absa was 30 cents in the red at R36,55.

On the JSE’s upside, Gold Fields gained 37 cents to R96,40, AngloGold added 50 cents to R275,50 and Harmony was 80 cents higher at R101,00.

Durban Roodepoort Deep jumped 3,68% or 70 cents to R19,70.

Steel producer Iscor was 1,46% or 29 cents stronger at R202,00. — I-Net Bridge