A weakening rand lifted the JSE Securities Exchange South Africa off its lows on Friday, although the bourse remained in the red in noon trade. Dealers said that the bourse had initially taken its cue from world markets, but the currency was now
providing some support.
By 11h57, the all share index was 0,26% softer. Resources retreated 0,5%, while the gold and platinum mining indices slid 0,49% and 0,66% respectively. Financials fell 0,53% and the banks index lost 0,82%. The all share industrial index inched up 0,19%.
The rand was quoted at 6,27 per dollar from 6,22 when the JSE closed on Thursday, while gold was quoted at $394,40 an ounce from $394,50/oz at the JSE’s last close.
A dealer said it had been a very dull morning’s trade.
“There is not a lot of news out. The market is pretty quiet — I think 60% of sales traders are at the Coronation golf day,” he quipped.
He continued that the JSE was generally weaker.
“We were down on world markets, but the rand was at around 6,17 this morning and it is at 6,27 now. With the rand weakening, the JSE is recovering a bit.”
Shares to decline in morning trade included London-listed diversified resources group Anglo American, which slipped R1,24 to R125.
Gold miner Harmony lost 1,81% or R1,20 to R65 and Gold Fields surrendered 50 cents to R65,10. AngloPlat slid 1,26% or three rand to R235 and Impala eased two rand to R475.
Telkom gave up 50 cents to R79,85 and transport and logistics group Imperial lost 60 cents to R67.
Furniture group Steinhoff fell 1,21% or 10 cents to R8,15 and retailer Nu Clicks slumped 1,33% or 10 cents to R7,40.
Financial services group Sanlam plunged 2,81% or 25 cents to R8,65.
Banking group FirstRand fell 1,29% or 13 cents to R9,97, Standard Bank weakened 30 cents to R43 and Nedcor was down 60 cents to R61,10.
Niche banking group Investec tumbled 1,46% or R1,85 to R125.
On the JSE’s upside, cellular network operator MTN Group surged 2,76% or 80 cents to R29,80.
Services group Bidvest strengthened 1,35% or 70 cents to R52,70 and beverages group ABI bounced 1,29% or 85 cents to R66,85.
AngloGold Ashanti advanced R1,81 to R203,80. London-listed real restate group Liberty International rose 1,16% or one rand to R87 after being upgraded to “neutral” from “underweight” by JP Morgan. – I-Net Bridge