/ 6 April 2004

JSE remains firm, but volumes thin

The JSE Securities Exchange South Africa (JSE) remained fairly firm at midday on Tuesday in thin holiday-affected trade. Many players are away this week for Pesach and ahead of the Easter long weekend. Moreover, volumes next week will not be much better.

The JSE Securities Exchange South Africa (JSE) remained fairly firm at midday on Tuesday in thin holiday-affected trade. Many players are away this week for Pesach and ahead of the Easter long weekend. Moreover, volumes next week will not be much better. With Monday a holiday, and markets and companies closed on Wednesday for the 2004 national elections, many players will probably opt to take Tuesday off as well.

At 11.50am, the all-share and all-share industrial indices were up 0,56% and 1,02% respectively. Resources were off 0,21%, but the gold mining index was up 0,80%, while the platinum mining index was down just 0,14%. Financials were up 1,29%, while the banks index was 1,47% in the black.

The rand was quoted at R6,43 per dollar from R6,39 when the JSE closed on Monday, while gold was quoted at $417,55 an ounce from $415,30/oz at the JSE’s last close.

“The rand is weakening a bit and the gold price has started to tick up as the dollar has lost some ground against the euro,” said an equities trader.

“But we are battling a bit volume-wise — we are just over a billion rand,” she added.

London-listed Anglo was down 40 cents to R158,50 and Billiton was off 33 cents to R60,15.

Synthetic fuels group Sasol climbed 30 cents to R97,50, while pulp and paper group Sappi added 230 cents or 2,64% to R89,40 and Iscor advanced 100 cents to R40.

Swiss-listed luxury goods group Richemont strengthened 15 cents to R16,75, while SABMiller was 121 cents or 1,65% better at R74,71.

Cellular operator MTN continued its good run, adding a further 80 cents or 2,27% to R36.

Gold counters were firmer as the bullion price recovered a bit of ground, with AngloGold up 100 cents to R261, Gold Fields up 120 cents to R82 and Harmony 40 cents better at R93,50.

Financial services and banking stocks were a feature.

Banking group Absa, which earlier announced details of a complex black economic empowerment deal, was up 60 cents to R48,25.

“The market is still awaiting more details on that deal, there is a bit of uncertainty about the strike price, the discount seems to be quite large,” said a trader.

Standard Bank added 64 cents to R43,15, while Firstrand was 18 cents higher at R10,03 and RMB Holdings was up 50 cents or 3,33% to R15,51.

However, Nedcor was down 1,73% or 100 cents to R56,80.

Elsewhere IT stock Didata plc was a feature, up 20 cents or 4,46% to 468 cents, but Datatec was steady at R13,80. The IT index is up 2,29% on the day so far. — I-Net Bridge