South African stocks delivered mixed performances on Wednesday morning, leaving the JSE Securities Exchange South Africa (JSE) level overall. Gold stocks were a feature on the downside, but a weaker rand pared losses.
Just before noon, the gold mining index was down 1,34%. Resources were 0,49% in the red. The platinum mining index was up 0,31% however. Industrials and financials firmed 0,37% and 0,42% in morning trade, while the banks index was 0,25% better.
The rand was quoted at R6,54 per dollar from R6,48 when the JSE closed on Tuesday, while gold was quoted at $420,65 an ounce from $424,15/oz at the JSE’s last close.
Gold traded above $430/oz on Tuesday for the first time in more than 15 years.
“Turnover is still pretty low — around R700-million has traded. The all-share index is totally flat,” a dealer said.
She continued that the rand had helped the JSE to recover from its negative opening. The rand traded as low as R6,41 just after the market opened.
“Golds are off because of the gold price. The ADRs weakened overnight and gold stocks have come down to where they were trading in dollar terms,” the dealer commented.
Gold Fields gave up 1,46% or R1,39 in morning trade to R94,01 and AngloGold slid 1,94% or six rand to R303.
Harmony dipped 29 cents to R109,21.
London-listed diversified resources group Anglo American was 99 cents softer at R146,51 and BHP Billiton eased 20 cents to R57,90.
Retailer Shoprite shed 2,97% or 29 cents to R9,46.
Banking group Nedcor weakened 1,32% or 90 cents to R67,30.
On the JSE’s upside, pulp and paper producer Sappi was 2,04% or R1,80 stronger at R90 and London-listed beverages group SABMiller jumped 1,31% or 88 cents to R68,30.
Retailer Woolies soared 5,48% or 40 cents to R7,70.
“Woolworths is expected to issue a trading statement either later today or tomorrow,” the dealer said.
On the financial front, London-listed Old Mutual climbed 1,35% or 15 cents to R11,25.
Standard Bank was up 21 cents at R40,65 and Absa added 1,46% or 65 cents to R45,25. It earlier traded as high as R44,60 — its best since May 1998. — I-Net Bridge