The JSE Securities Exchange South Africa (JSE) was flat in dull noon trade on Thursday as players took to the sidelines ahead of the September futures closeout, which starts at 2pm. Gold and platinum stocks provided a bright spot on the
bourse on the back of higher precious metals prices.
At 12.10pm, the all-share index was flat (-0,01%). Resources were 0,46% stronger, with the gold and platinum mining indices jumping 1,63% and 0,67% respectively. The all share industrial index was 0,62% weaker, financials eased 0,13%, while the banks index slumped 1,08%.
The rand was trading at R7,40 to the dollar from R7,39 when the JSE closed on Wednesday, while gold was quoted at $377,20 an ounce from $376,40/oz at the JSE’s last close.
“It is very quiet. People are waiting for the closeout. Also, there was not much on foreign markets to give us direction overnight and the rand is only a cent or two weaker, so there is very little to drive the market,” a dealer said.
He continued that the gold and platinum prices were the only real drivers on the day.
Platinum was quoted at $701 an ounce from a New York close of $694,50.
AngloGold advanced 2,77% or R7,89 to R293. Gold Fields gained 1,33% or R1,40 to R106,40 and Harmony was 80 cents higher at R111,30.
Impala Platinum was up 1,42% or R8 at R572, while AngloPlat dipped R1 to R265.
Impala earlier announced that it intended to divest its 27,1% in Lonplats for $800-million.
Diversified resources group BHP Billiton was 30 cents better at R50,40.
London-listed beverages group SABMiller led the upside of the all-share industrial index and was 36 cents higher at R55,31.
Advancers on the financial front included banking group Nedcor, which bounced 2,24% or R1,50 to R68,50.
Its parent company, Old Mutual, was up 1,29% or 15 cents at R11,75.
Nedcor — and to a lesser extent Old Mutual — shares came under pressure on Tuesday following Monday’s announcement that Nedcor CEO Richard Laubscher was to step down by the end of the year.
On the JSE’s downside, Swiss-listed luxury goods group Richemont retreated 2,1% or 31 cents to R15,10.
Synthetic fuels group Sasol slipped 1,43% or R1,29 to R89,11 and pulp and paper producer Sappi shed 2,01% to R97,50.
Banking group Standard Bank slumped 1,65% or 54 cents to R32,15 and FirstRand fell 1,67% or 13 cents to R7,67. — I-Net Bridge