Heavyweight resources stocks Anglo American and BHP Billiton were propping up the JSE Securities Exchange South Africa (JSE) in thin noon trade on Friday. Overall, the market’s performance was stodgy, with decliners outnumbering advancers on the Top 40 index by two to one.
At 12.00pm, the all-share index was up a marginal 0,19%. Resources were 0,56% stronger, with the platinum mining index jumping 0,92% and the gold mining index inching up 0,12%. The banks index was 0,23% better. The all-share industrial index was flat (-0,03%) while financials fell 0,36%.
The rand was trading at R7,35 to the dollar, little changed from when the JSE closed on Thursday, while gold was quoted at $371,95 an ounce from $370,05/oz at the JSE’s last close.
A dealer said that Anglo and BHP Billiton, and to a lesser extent Impala Platinum, were holding the market up.
“We are seeing buying of Anglo and Billiton out of London. We are also seeing some demand for Impala, but volumes are fairly low,” he explained.
The dealer said that Impala’s results on Thursday showed the group was performing better than rival platinum producer AngloPlat, which had led to institutional buying of the stock.
Impala shares leapt 1,61% or R9,00 to R567,00, Anglo added 50 cents to R137,40, while BHP Billiton was 1,05% or 50 cents better at R48,10.
Impala on Thursday reported basic headline earnings per share for the year to June of 5 140 cents down from 6 877 cents previously.
Analysts polled by I-Net Bridge had expected the company to declare headline earnings per share of 5 030 cents.
Other advancers included synthetic fuels group Sasol, which was 70 cents stronger at R84,00.
London-listed beverages group SABMiller was up 35 cents at R54,35, hospital group Netcare jumped 2,44% or 10 cents to R4,20 and London listed IT group Dimension Data rocketed 3,79% or 11 cents to R3,01.
Advancers on the financial front included banking group FirstRand, which firmed 1,05% or eight cents to R7,68.
Nedcor was 40 cents in the black at R83,60, while life assurance and financial services group Sage surged 2,33% or five cents to R2,20.
On the downside, London-listed financial services group Old Mutual lost eight cents to R11,10, Remgro retreated 60 cents to R61,00 and Sanlam slipped 1,37% or 10 cents to R7,19.
Services group Bidvest slumped 2,02% or 90 cents to R43,60, Barloworld fell 1,31 or 78 cents to R58,72 and retailer Metcash was 3,56% or eight cents in the red at R2,17.
Gold miner Gold Fields gave up 50 cents to R98,00 and diversified miner Kumba was down 1,43% or 50 cents at R34,50.
“There is not a lot of volume going through. Ahead of the Labour Day weekend in the US, it is going to be slow and soft — there is not enough interest in the market,” the dealer concluded. — I-Net Bridge