The JSE Securities Exchange South Africa (JSE) was flat in noon trade on Friday, with anomalous strength in heavyweights Anglo American and BHP Billiton propping up the market on which dual-listed and resources stocks were for the most part dragged down by a firmer rand.
At 11.52am, the all-share index was flat (+0,03%) as were the financial (-0,08%) and banks (+0,02%) indices. Industrials were 0,21% weaker. The gold and platinum mining indices were down 2,16% and 1,8% respectively, but the resources index had ticked up 0,26%.
The rand was quoted at R6,59 per dollar from R6,69 when the JSE closed on Thursday, while gold was quoted at $412 an ounce, little changed from its level at the JSE’s last close.
“The market is a bit strange — the very strong rand has impacted negatively and even though the gold price is still quite high, gold shares are under a bit of pressure,” a dealer said.
He continued that London-listed diversified resources groups Anglo American and BHP Billiton were again propping the market up. These stocks were both up in the United Kingdom.
“Anglo is very strong in London. We are seeing a big buyer out of London — Anglo is close to an all time high in pence — it is trading at 1291 there and its all-time high is 1300,” a second dealer commented.
He added that overall it had been a very boring morning on the JSE, with very low volumes.
“The rand is putting a dampener on everything — as soon as the rand strengthens, volumes drop off.”
Anglo was up 1,88% or R2,95 locally at R160, while BHP Billiton was 53 cents better at R59,60.
Other advancers included cellular network operator MTN group, which bounced 1,76% or 51 cents to R29,51.
Services group Bidvest climbed 1,79% or 80 cents to R51,20, after touching a fresh June 2002 high of R51,20.
Steel producer Iscor strengthened 2,79% or 80 cents to R29,45.
Financial services group Sanlam jumped 1,1% or 10 cents to R9,20 after trading at R9,27 — its best level since June 2002.
On the downside, AngloGold tumbled 2,57% or R7,50 to R284, Gold Fields fell 1,99% or R1,76 to R86,50 and Harmony lost 1,65% or R1,85 to R110,40.
Impala Platinum plunged 2,27% or R13,40 to R577,60, AngloPlat eased R2,30 to R302, while Northam tumbled 3,25% or 39 cents to R11,60.
Swiss-listed luxury goods group Richemont retreated 1,21% or 21 cents to R17,09, London-listed beverages group SABMiller slipped 1,31% or 91 cents to R68,30 and pulp and paper producer Sappi was 1,58% or R1,47 softer at R91,55.
London-listed financial services group Old Mutual was 1,69% or 20 cents in the red at R11,60 and Liberty International plc dipped 81 cents to R86,25. — I-Net Bridge