The JSE Securities Exchange (JSE) surrendered early gains and was in the red in noon trade on Friday on the back of futures-related selling. Dealers said it had been a lacklustre morning’s trade and, while boosted by activity in Telkom and Anglo American, volumes were fairly light.
By 11.54am, the all-share and all-share industrial indices were down 0,20% and 0,30% respectively. Financials fell 0,31% and the banks index was 0,69% in the red. The gold mining index gave up 0,66%, the platinum mining index lost 0,42% and the resources index dipped 0,09%.
The rand was quoted at R6,10 per dollar from R6,03 when the JSE closed on Thursday, while gold was quoted at $406,00 an ounce from $405,85/oz at the JSE’s last close.
“The market is very dull. It looks like there are a couple of selling programmes coming though — a gap has opened between futures and spot,” a dealer said.
He added that when it came to Anglo American, a slight weakening in the rand had resulted in some short-covering, while a bit of bottom fishing had been seen in both Anglo and Telkom.
Diversified miner Anglo added 89 cents in morning trade, while telecoms group Telkom climbed 28 cents to R78,40.
London-listed beverages group SABMiller strengthened 1,16% or 90 cents to R78,50 after being upgraded to “buy” from “neutral” by UBS.
Transport and logistics company Super Group surged 3,74% or 40 cents to R11,10 and Imperial rose 1,19% or 80 cents to R68.
Retailer Edcon jumped 1,47% or R2,20 to R151,95 and retailer Foschini firmed 1,29% or 29 cents to R22,80. Foschini earlier touched R22,90 — its best level since April 1996.
Real estate company Liberty International plc picked up 50 cents to R87 and financial services group Sanlam picked up five cents to R8,40.
On the JSE’s downside, Swiss-listed luxury goods group Richemont retreated 1,25% or 20 cents to R15,85.
Cellular network operator MTN Group tumbled 2,43% or 68 cents to R27,32 and media group Naspers slid 2,09% or 90 cents to R42,15.
Banking group FirstRand fell eight cents to R10 and Standard Bank shed 29 cents to R42,06. Nedcor slipped 1,15% or 69 cents to R59,30 and Absa weakened 15 cents to R49,35.
London-listed Old Mutual lost four cents to R11,35.
On the resources market, BHP Billiton was down 14 cents at R54,25.
Oil and chemicals group Sasol lost 50 cents to R94,50.
AngloPlat was two rand softer at R220 and Impala dipped 75 cents to R443,25.
Gold Fields gave up 1,2% or 75 cents to trade at R61,90. Its intraday low of R61,01 was its worst level since January 2002. Harmony dropped 26 cents to R66,25 and AngloGold Ashanti surrendered 68 cents to R202,50. — I-Net Bridge