The JSE Securities Exchange South Africa (JSE) was flat at midday on Monday in a market that lacked major drivers. Dealers said that trade was quiet and with United States markets closed for Martin Luther King Day, there was a general lack of incentive to do anything.
At 12.08pm, the all-share (+0,06%) and financial (-0,09%) indices were both flat. Resources ticked up 0,34% in morning trade, the gold mining index gained 0,55% and the banks index was 0,4% better. The all-share industrial index dipped 0,21%, while the platinum mining index lost 0,71%.
The rand was quoted at R7,30 to the dollar from R7,29 when the JSE closed on Friday, while gold was quoted at $407,35 an ounce from $407,50/oz at the JSE’s last close.
“With the US holiday, there is nothing happening. A lot of positions were cleared on Friday and people are just waiting to come in tomorrow,” a dealer said.
He continued that volumes tended to be boosted when New York came in, but on Monday this impetus would be absent.
There was no real interest in the JSE, which lacked drivers.
Shares to climb in morning trade included diversified resources group BHP Billiton, which was 1,25% or 76 cents better at R61,59.
AngloGold added 1,67% or five rand to R305 and Harmony was 1,4% or R1,60 higher at R116.
Synthetic fuels group Sasol was up 51 cents at R110,51.
Banking group FirstRand firmed six cents to R8,67, Standard Bank strengthened 15 cents to R39,26 and Nedcor notched up 50 cents to R64.
Nedcor’s parent company, Old Mutual, was seven cents in the black at R12,32.
Microlender Abil added 2,71% or 24 cents to R9,10.
London-listed beverages group SABMiller climbed 19 cents to R70,95.
Construction group Murray & Roberts jumped 2,92% or 40 cents to R14,10 and retailer Edcon was up 1,61% or R1,90 at R119,90.
On the JSE’s downside, Anglo American eased 25 cents to R160,75.
Impala Platinum lost six rand to R620 and AngloPlat slipped R2,48 to R337.
Celllular network operator MTN Group was down 2,62% or 70 cents at R26, while Telkom was off 1,09% or 70 cents at R63,30.
Retailer Massmart slumped 2,2% or 60 cents to R26,70 after the group said before the opening that Dutch-based SHV Holdings NV, which owns 30,9% of Massmart, was to divest of its interest in Massmart through a bookbuilding process.
This sparked fears in the market of a share overhang.
Financials to fall included banking group Absa, which eased 10 cents to R41,60.
Niche banking group Investec was also weaker, with Investec plc 1% or R1,50 in the red at R148,50 and Investec Ltd losing 1,33% or two rand to R148,50.
Liberty International plc lost 2,33% or 50 cents to R88,10 and technology holding company VenFin tumbled 2,33% or 50 cents to R21. — I-Net Bridge