The JSE Securities Exchange South Africa (JSE) was flat in noon trade on Friday after a volatile morning during which the rand determined the JSE’s overall direction. While a look at most sectors of the market revealed a pretty mixed bag, platinum stocks were under pressure on the back of a lower platinum price.
At 11.57am, the all-share index was flat (-0,04%). Resources were 0,38% in the red, with the platinum mining index plunging 1,2%. The gold mining index was up 0,17%, despite a lower bullion price and a poor performance by gold ADRs in the United States overnight. Industrials and financials had firmed 0,21% and 0,24%, while the banks index was in neutral territory (-0,01%).
The rand was quoted at R7,07 per dollar from R7,01 when the JSE closed on Thursday, while gold was quoted at $399,90 an ounce from $411,13/oz at the JSE’s last close.
A dealer said that while the JSE was very mixed, overall it seemed to be tracking the fortunes of the currency.
“When the rand weakened earlier, we saw a big spike in the JSE, but the rand has come back and seems to have found a level between R7,05 and R7,10 and we have seen a complete retracement in the market,” he commented.
The rand was trading at about R7,14 per dollar mid-morning.
The dealer added that some weakness had been seen in Anglo American and BHP Billiton. With platinum weakening from the $850/oz on Thursday to below $830/oz on Friday, platinum stocks were also down.
AngloPlat, which has outperformed Impala in recent weeks, retraced 2,06% or seven rand to R333. Impala was off four rand at R582,50.
London-listed diversified miner BHP Billiton was 1,37% or 80 cents softer at R57,70, while Anglo American dipped 21 cents to R159,30.
Gold stocks were mixed with Harmony 1,1% or R1,19 higher at R109,20. AngloGold and Gold Fields were both little changed with AngloGold trading at R286 (down 13 cents) and Gold Fields at R92 (down one cent).
Before the opening, AngloGold reported adjusted headline earnings per share of 227 cents in the December 2003 quarter, up from 223 cents in the September 2003 quarter.
The group reported headline earning per share of 263 cents from 303 cents in the previous quarter.
Headline earnings per share for the full year was 957 cents.
Junior gold miner Durban Roodepoort Deep was down 1,61% or 40 cents at R24,50.
Synthetic fuels group Sasol was 1,1% or R1,15 stronger at R105,75.
Swiss-listed luxury goods group Richemont climbed 14 cents to R17,99 and London-lusted beverages group SABMiller strengthened 60 cents to R69.
Telecommunications group Telkom was up 39 cents at R75,40 after earlier trading at a best-to-date R77,15.
Services group Bidvest was 34 cents better at R47,49.
Media group Naspers notched up 2,89% or R1,27 to R45,25, while Caxton surged 4,17% or 34 cents to R8,50, equalling its all-time high reached in July 1998.
Cellular network MTN group led the downside of the industrial market and was 23 cents weaker at R29,75, while retailer Metcash tumbled 2,42% or six cents to R2,42.
On the financial front, London-listed Old Mutual added 11 cents to R12,05.
Absa advanced 11 cents to R44,30 and Liberty Group gained 1,21% or 65 cents to R54,15.
Holding company VenFin, which has a stake in cellular operator Vodacom, was 1,9% or 40 cents firmer at R21,40.
Standard Bank shed 30 cents to R39,90. — I-Net Bridge