The JSE Securities Exchange South Africa (JSE) was flat in noon trade on Thursday in a market that was quiet ahead of the decision on interest rates by the South African Reserve Bank monetary policy committee (MPC) due just after 3pm. Gold stocks dominated the market’s downside.
At 11.54am, the all-share index was flat (+0,08%) as was the financial index (-0,03%). Resources retreated 0,25%, the gold mining index lost 1,86% and the banks index eased 0,2%. The all-share industrial and platinum mining indices climbed 0,54% and 0,76% respectively.
The rand was trading at R6,44 per dollar from R6,42 when the JSE closed on Wednesday, while gold was quoted at $404,05 an ounce from $410,60/oz at the JSE’s last close.
“The market is flat and there are few real features. Everyone is waiting for the MPC announcement, although a 100 basis points cut in the repo rate has pretty much been discounted,” a dealer said.
He attributed the weakness in gold stocks to the lower bullion price and a poor performance by the ADRs in the United States on Wednesday night.
AngloGold was 2,58% or R7,80 in the red at R295, Harmony was down 2,19% or R2,15 at R96 and Gold Fields surrendered 1,18% or one rand to R83,49.
Synthetic fuels group Sasol slipped 1,65% or R1,50 to R89,50.
On the financial front, banking group Nedcor tumbled 2,44% or R1,50 to R60 rand — its lowest level since December 1996.
On the JSE’s upside, Swiss-listed luxury goods group Richemont gained 1,37% or 31 cents to R15,50.
London-listed beverages group SABMiller was 50 cents stronger at R64,50 and steel producer Iscor advanced 4,17% or one rand to R25.
London-listed diversified resources group Anglo American added 40 cents to R133,40 and BHP Billiton was 20 cents better at R133,40.
Impala Platinum inched up R3,99 to R577 and AngloPlat was R1,50 in the black at R273,50. — I-Net Bridge