The JSE Securities Exchange South Africa (JSE) was weaker in noon trade on Friday on the back of weakness on Wall Street overnight and poor performances by heavyweight dual-listed stocks in Europe. Platinum stocks were a feature on the upside, bouncing from an oversold position.
At 11h54, the all share and all share industrial indices were 0,73% and 0,97% weaker respectively. Resources retreated 0,63% in morning trade, but the gold mining index climbed 0,31% and the platinum mining index bounced 0,93%. The financial index fell 0,53% and the banks index was off 0,2%. The rand was quoted at 6,86 to the dollar from 6,88 when the JSE closed on Thursday, while gold was quoted at $387,15 an ounce from $386,30/oz at the JSE’s last close.
“There is quite a bit of action in this market. It is down, basically in line with the Dow and the Hang Seng, and Nikkei were also down,” a dealer said.
He added that many of the heavyweight dual-listed stocks had come off on European markets.
“Platinum stocks have rebounded. I think Impala came down way too much yesterday. AngloPlat is also up.”
London-listed diversified resources group Anglo American lost 1,76% or 2,5% to R139,50. It was down about 1,5% in the UK.
BHP Billiton, which was flat on the FTSE, surrendered 1,26% or 70 cents to R54,70.
Synthetic fuels group Sasol however, strengthened 1,1% or R1,15 to R105,65 Impala Platinum improved R3,85 to R475,95 and AngloPlat advanced 1,26% or R3,05 to R245.
Platinum stocks took a pounding on Thursday on the back of a fall in the platinum price, which saw the white metal to touch $771/oz — almost a five-month low. It was last quoted at $797/oz.
On the industrial market, telecoms stocks were taking strain, with Telkom tumbling 3,35% or R2,60 to R74,90 and MTN Group diving 4,33% or R1,30 to R28,70.
Swiss-listed luxury goods group Richemont retreated 1,43% or 26 cents to R17,96. It was down by a similar amount in Zurich.
London-listed beverages group SABMIller weakened 31 cents to R75,50 and pulp and paper producer Sappi shed 1,04% or one rand to R95,20.
Steel producer Iscor slid 6,57% or R2,25 to R32 and transport and logistics group Imperial was down 1,75% or R1,19 to R66,80.
Hospital group Netcare, however, rose 2,88% or 14 cents to five rand. Financials to fall included Sanlam, which slumped 2,52% or 23 cents to R8,88 and London-listed Old Mutual lost 1,49% or 18 cents to R11,92.
Banking group Absa dipped 36 cents to R45,49 and Standard Bank was 10 cents in the red at R41. Holding company Remgro was 31 cents in the black at R75,60. – I-Net Bridge