The JSE Securities Exchange South Africa (JSE) was drifting in the red just before midday on Monday, dragged down by weaker world markets. Volumes were extremely thin due to the bank holiday in London and dealers said that it had been a dull morning’s trade.
At 11.58am, the all-share and all-share industrial indices were 0,6% and 0,55% weaker respectively. Resources retreated 1,03% in morning trade and the platinum mining index lost 0,94%, but the gold mining index gained 0,41%. The financial and banks indices were both flat.
The rand was quoted at R6,91 per dollar from R6,95 when the JSE closed on Friday, while gold was quoted at $388,40 an ounce from $389,80/oz at the JSE’s last close.
“It has been a very boring morning — with London closed, there is not a lot of volume going through the market,” a dealer said.
“There was one big trade in Trencor — 1,3-billion shares traded in what is normally an illiquid stock, which was a bit of a highlight,” he continued. “Gold stocks are slightly stronger, but apart from that the market is easing.”
He explained that the JSE was down on the back of world markets, with the Dow closing down on Friday and European markets weaker on Monday.
Shares in shipping group Trencor were unchanged at R12. R15,61-million-worth of shares had traded in the stock in which only R17,82-million-worth are traded in the average month.
On the JSE’s upside, Gold Fields firmed 45 cents to R70,70 and Harmony was 40 cents higher at R77,45.
Pulp and paper producer Sappi was 1,07% or one rand stronger at R94,85 and food group Tiger Brands ticked up 30 cents to R86,30.
Holding company Remgro climbed 60 cents to R74,75.
Banking group Nedcor was 20 cents in the black at R60,01 and Standard Bank was 22 cents better at R40,35.
While Investec Limited jumped 2,44% or R3 to R126, Investec plc picked up a more modest R1,05 to trade at R126,05.
However, London-listed financial services group Old Mutual lost 1,09% or 13 cents to R11,80.
FirstRand fell five cents to R9,55 and Absa was 20 cents softer at R44,65.
London-listed diversified resources group Anglo American slid 1,44% or two rand to R137 and BHP Billiton weakened 1,56% or 86 cents to R54,44.
Impala Platinum was off 1,48% or seven rand at R466,50 and AngloPlat eased one rand to R239.
Swiss-listed luxury goods group Richemont slipped 1,24% or 22 cents to R17,58 and steel producer Iscor dived 5,26% or R1,75 to R31,55.
London-listed beverages group SABMiller shed 50 cents to R74,80 and its subsidiary ABI weakened 1,02% or 70 cents to R68,10.
Cellular network operator MTN Group surrendered 20 cents to R28,90 and services group Bidvest dipped 30 cents to R54. — I-Net Bridge