The JSE Securities Exchange South Africa (JSE) was weaker in noon trade on Wednesday on the back of basket-selling by futures players. Weakness in resources stocks offshore overnight and continued strength in the rand added to the negative picture.
At 11.57am, the all-share index was down 0,2%, while financials and resources were both 0,38% in the red. The gold mining and banks indices were 1,46% and 1,3% softer respectively. The all-share industrial index had ticked up 0,16%, however, and the platinum mining index was 0,4% firmer.
The rand was quoted at R6,92 per dollar from R6,90 when the JSE closed on Tuesday, while gold was quoted at $406,40 an ounce from $408,85/oz at the JSE’s last close.
“There has been some futures basket-selling although volumes have been thin. We started the day with a bit more rand strength — the rand was at about R6,85 when we opened — which did not help. Also, commodity stocks were mostly lower in the United States and London yesterday [Tuesday], so they have realigned themselves with their closing levels there,” a dealer said.
He added that synthetic fuels group Sasol was the exception, having benefited from a higher oil price.
Sasol was leading the JSE’s upside in noon trade after strengthening 1,12% or R1,15 to R104,25.
AngloPlat was up one rand at R311,50 and Impala inched up two rand to R594.
AngloGold was down 1,68% or R4,99 at R292, Harmony retreated 1,71% or R1,95 to R112,25, while Gold Fields dipped 75 cents to R90,30.
London-listed diversified resources group Anglo American was off 50 cents at R158 and BHP Billiton was 24 cents weaker at R59,15.
On the industrial index, London-listed beverages group SABMiller was 40 cents stronger at R70,80 and pulp and paper producer Sappi climbed 50 cents to R94,40.
Cellular network operator MTN Group was 77 cents better at R30,15, while services group Bidvest was 1% or 49 cents in the black at R49,50.
Steel producer Iscor slumped 3,01% or 90 cents to R29.
Banks were under pressure on the financial front, with FirstRand falling 1,06% or 10 cents to R9,32. Standard Bank slipped 1,58% or 65 cents to R40,60, Absa weakened 1,3% or 60 cents to R45,40 and Nedcor tumbled 2,17% or R1,45 to R65,25.
Financial services group Sanlam surged 1,37% or 12 cents to R8,87, while insurer Mutual & Federal jumped 1,65% or 30 cents to R18,50.
Liberty International plc improved 39 cents to R87,40.
Before the opening, Mutual & Federal reported headline earnings per share of 283 cents for the year ended December 31, after a headline loss per share of 37 cents a year ago.
The company declared a final dividend of 48 cents per share, making a total for the year of 73 cents from 64 cents a year ago.
Liberty International reported profit before tax and exceptional items for the year to December 31 2003 of £104,2-million, from £86,6-million a year earlier. Including exceptional items, pretax profit was £110-million from £103,8-million in the prior year.
Property investment income for the year climbed to £245,4-million from £224,1-million.
The final dividend was increased to 13,25 pence from 12,5 pence for a total payout of 25 pence (2002: 23,75 pence). — I-Net Bridge