The JSE Securities Exchange South Africa (JSE) was slightly weaker in noon trade on Thursday due to a slightly stronger rand, which weighed on heavyweight resources stocks. Dealers said that it had been a slow morning, with low volumes.
At 12.10pm, the all-share index was down 0,26%. Resources were 0,76% softer, with the platinum mining index slipping 0,7%, but the gold mining index jumping 1,18%. Industrials were flattish (+0,08%), while the financial and banks indices were both 0,21% firmer.
The rand was quoted at R6,80 per dollar from 6,88 when the JSE closed on Wednesday, while gold was quoted at $393,90/oz from $390,90/oz at the JSE’s last close.
“It is very quiet at the moment — we are not up to a billion rand yet [in terms of value traded] and there hasn’t been much going on,” a dealer said. “The rand has strengthened somewhat since yesterday [Wednesday] and the platinum price and base metals prices are down, so resources stocks are a bit easier. Gold stocks have bounced a bit on the back of the gold price.”
He added that it was mainly a rand play, with world markets offering the JSE little in the way of direction.
London-listed diversified resources group Anglo American was off R1,20 at R172,60 and BHP Billiton was down 1,77% or R1,14 at R63,21.
Synthetic fuels group Sasol slumped 2,18% or R2,31 to R103,69.
AngloPlat was 1,28% or R3,90 in the red at R300,50.
Gold Fields gained 1,39% or R1,15 to R83,90 and Harmony was 1,45% or R1,50 higher at R104,85.
AngloGold added R1,99 to R285,50.
On the industrial market, cellular network operator MTN Group was up 15 cents at R32,40. It earlier traded at R33 — its best since August 2000. Telkom ticked up 65 cents to R74,90.
Aplitec rocketed 12,5% or one rand to a lifetime high of nine rand. On Wednesday, Aplitec reported a 23,8% rise in headline earnings per share (HEPS) for the six months ended December 31 2003 to 32,46 cents from 26,21 cents a year earlier.
Furniture group Steinhoff was 1,73% or 15 cents stronger at R8,80 and brand management group Barloworld was 49 cents better at R68.
Pulp and paper producer Sappi was 57 cents softer at R95,40 and steel producer Iscor tumbled 1,62% or 60 cents to R36,40.
Consumer products and services group AVI Limited was unchanged at R18,20.
Before the opening, AVI reported a 9% decline in diluted HEPS to 90,5 cents for the six months ended December 31, down from 99,2 cents at the interim stage in the prior year.
For the first time, AVI declared an interim dividend of 26 cents per share.
On the financial front, Remgro rallied 1,41% or R1,05 to R75,75 — its best level ever.
Sanlam was up seven cents at R9,24 after it reported a rise in adjusted HEPS based on a long-term rate of return (LTRR) for the year to the end of December 2003 to 124,9 cents from 122,7 cents a year earlier, slightly higher than the consensus forecast.
The group declared a dividend of 40 cents per share, 8% higher than 2002 and exactly in line with forecasts.
According to a consensus of eight analysts surveyed by I-Net Bridge, Sanlam’s adjusted 2003 LTRR HEPS were expected at 123,1 cents.
The range of forecasts was from 100,9 cents to 127,9 cents per share.
Standard Bank inched up 10 cents to R40,05, but Nedcor eased 20 cents to R64,80. — I-Net Bridge