The JSE Securities Exchange South Africa (JSE) was flat in noon trade on Friday after a volatile morning on which the bourse lacked major drivers. Dealers said most of the morning’s moves had been stock specific, with no clear trends.
At midday, the all-share index was up a marginal 0,07%. Industrials and financials were 0,22% and 0,15% firmer respectively. The gold mining index gained 0,49% and the banks index was 0,28% in the black.
The rand was quoted at R6,63 per dollar from R6,66 when the JSE closed on Thursday, while gold was quoted at $422,25 an ounce from $421,05/oz at the JSE’s last close.
“The market is very choppy. There was no real news out today and there are no major drivers,” a dealer said.
He explained that the resources index, in particular, had been all over the place. This was to an extent been due to the rand, which had also had a choppy morning.
Rather than trying to call the trends in the market, people had instead focused on specific stocks.
“I was impressed with what happened on Wall Street last night and in London — there were heavy volumes. Huge interest in the Nasdaq has followed through to our technology stocks, which are a feature today,” the dealer commented.
London-listed Dimension Data jumped 3,69% or 19 cents to R5,34, after trading as high as R5,42. Datatec was up 1,67% or 25 cents at its intraday high of R15,25. Both saw fresh July 2002 highs on Friday.
The two niche banking group Investec counters also touched long-term highs, trading at their best since September 2002. Investec plc, which touched R138,50, was last quoted 1,1% or R1,50 firmer at R138. Investec Ltd was up 1,1% or R1,50 at R137,50. Its intraday high was R138.
Other advancers included gold miner Harmony, which was 1,78% or R1,95 higher at R111,50.
Media group Naspers N shares notched up 1,36% or 58 cents to R43,10 and pulp and paper producer Sappi was just under 1% or 90 cents stronger at R92.
On the downside, diversified resources group Anglo American slipped 65 cents to R145,55 and BHP Billiton was off 36 cents at R57,05. Both were down in London.
Impala Platinum was five rand weaker at R580 after trading as low as R561.
Steel producer Iscor slumped 3,45% or one rand to R28. — I-Net Bridge