South African stocks presented a mixed picture in noon trade on Wednesday, with the JSE Securities Exchange South Africa (JSE) lacking major drivers and clear trends.
At 12.05pm, the all-share index was down a marginal 0,1%. Financials and banks were 0,38% and 0,8% weaker respectively. Industrials were flat (+0,02%), as were resources (-0,03%), and while the gold mining index had inched up 0,15%, the platinum mining index was 0,89% in the red.
The rand was quoted at R6,92 to the dollar, little changed from when the JSE closed on Tuesday, while gold was quoted at $399,85 an ounce from $401,80/oz at the JSE’s last close.
“It has been a pretty mixed day but generally the market is a touch on the weaker side,” a dealer said.
She noted that the rand had not moved much and was having a limited effect on the market, which lacked major drivers.
On the JSE’s downside, profit-taking was seen in many of the banks and platinum stocks, which were up strongly on Tuesday.
AngloPlat was 1,53% or five rand weaker at R321 and Impala eased two rand to R565.
Standard Bank slipped 1,64% or 70 cents to R42 after touching a new all-time high on Tuesday, while FirstRand fell eight cents to R9,36. Absa shed 1,1% or 50 cents to R44,90.
Nedcor, however, notched up 1,67% or R1,15 to R70,15 and RMB Holdings rallied 1,48% or 21 cents to R14,40 — its highest since July 1998.
Niche banking group Investec took a pummeling and Investec Plc was 2,49% or R3,25 in the red at R127,25 and Investec Ltd lost 2,88% or R3,75 to R126,25.
Investec has a R344-million investment in a R1,6-billion participation mortgage bond run by Fedbond, which was placed under joint management on Tuesday by the Pretoria High Court after the Financial Services Board uncovered irregularities there.
Synthetic fuels group Sasol was 1,14% or R1,20 softer at R103,80.
Packaging group Nampak plunged 1,72% or 24 cents to R13,70 and brand management group Barloworld was down 56 cents at R68,99.
Retailer Metcash tumbled 2,83% or seven cents to R2,40.
On the JSE’s upside, London-listed diversified resources group Anglo American added 85 cents to R157,35 after gaining ground in the United Kingdom.
Cellular network operator MTN Group climbed 10 cents to R30,40, while Telkom ticked up 24 cents to R77,25, after earlier touching a best-to-date R77,60.
Food group Tiger Brands firmed 70 cents to R82,50 and retailer Edcon rang up 1,93% or R2,35 to R123,90. — I-Net Bridge