The JSE Securities Exchange South Africa (JSE) was stuck in flat territory, albeit with a more positive bias than this morning, just after midday on Wednesday. Dealers said that direction was being determined largely by futures players, while rand strength was continuing to weigh on the downside.
At 12.18pm the all-share index was 0,25% higher, the all-share industrial index added 0,46%, the resources index was 0,26% firmer and the gold index inched up 0,07%. The platinum index fell 0,49%, the banks index lost 0,32% and the financial index was flat (-0,05%).
The rand was trading at R6,89 to the dollar from R6,93 when the JSE closed on Tuesday, while gold was quoted at $387,60 an ounce from $388,10/oz at the JSE’s last close.
“The market has been quiet thus far, with many players sitting on their hands until they can gauge the overall reaction of financial markets to the mini-budget, due for release this afternoon. Many people are still undecided on the currency and prefer to remain cautious,” a dealer commented.
Anglo American added to the upside, moving R1,25 rand higher to R142,80 while BHP Billiton was 26 cents better at R52,60.
MTN Group was the most active share by value traded, with the counter gaining 2,55% or 60 cents to R24,10. By noon 3,3-million shares worth R79,2-million changed hands in 293 deals.
Other industrial shares to advance included SABMiller, which was 61 cents in the black at R62,61, Barloworld added 1,45% or 90 cents to R63,10 and Telkom picked up 1,87% or R1,05 to R57,25.
Telkom has been gaining momentum in recent weeks, hitting a series of all-time highs, and today was no exception, with the counter touching its best-ever level of R58,00 since listing in March.
Gold Fields defied the weak trend on the gold index, adding 30 cents to R91,80, as did Avgold, which soared 6,15% or 60 cents to 10,35%.
Retailer Edcon was shining on the back of sterling results released before the opening, adding 2,82% or R3,00 to R109,50.
Headline earnings per share soared 73% to a record 501 cents for the six months ended September 30 from 290 cents a year ago. A record interim dividend of 247 cents was declared, up 101% from 123 cents a year ago.
On the downside, Sasol slipped 1,11% or R1,00 to R89,00 and Richemont gave back 6 cents to R15,45.
Impala was R4,00 weaker at R598,00 and AngloPlat declined R1,00 to R296,00.
Standard Bank shed 14 cents to R34,15, Absa fell 25 cents to R38,85 and Old Mutual was 4 cents softer at R11,76. — I-Net Bridge