The JSE Securities Exchange (JSE) was drifting in the red just before midday on Monday, driven more by lack of interest than anything else, dealers said. Volumes were exceptionally light, with less than a quarter of a billion rands’ worth of shares having traded.
By 11.52am, the all-share and all-share industrial indices were 0,22% and 0,39% softer respectively. Financials fell 0,2% and the banks index lost 0,48%. Resources were a marginal 0,08% weaker, the gold mining index gained 0,26% and the platinum mining index inched up 0,14%.
The rand was quoted at R6,17 per dollar from R6,22 when the JSE closed on Friday, while gold was quoted at $391,63 an ounce from $388/oz at the JSE’s last close.
“It is absolutely dead and I think you have to take this into account when looking at where the market is,” a dealer said. “The rand is marginally firmer and Europe is down a bit, but that isn’t making much difference. There is just noting coming through our market.”
He added that due to the summer holiday season there, overseas markets were also very quiet.
“Were it not for the low volumes, I think we would be down more. There is just a general lack of interest in the market.”
In morning trade, London-listed diversified resources group Anglo American eased 50 cents to R125, but BHP Billiton inched up 10 cents to R54,20. Both were up in the United Kingdom.
Gold Fields jumped 1,03% or 60 cents to R58,65 and Harmony was 50 cents higher at R64,50. AngloGold Ashanti, however, shed 50 cents to R195.
Junior miner Randgold and Exploration dived 10,79% or R1,51 to R12,49. Its intraday low of R12,20 was its worst since July 2002.
Impala Platinum improved three rand to R472, but AngloPlat weakened 70 cents to R229.
Oil and chemicals group Sasol was off 22 cents at R102,50.
On the industrial market, Swiss-listed luxury goods group Richemont retreated 1,54% or 25 cents to R15,97.
Cellular network operator MTN Group slid 1,09% or 39 cents to R27,30, while Telkom slipped 60 cents to R81,60.
Steel giant Iscor was 1,93% or 71 cents softer at R35,99 and retailer Edcon dropped 1,23% or R1,94 to R156.
Media group Naspers picked up 1,17% or 51 cents to R44 and services group Bidvest was 45 cents better at R53,70.
Packaging group Nampak climbed 1,11% or 15 cents to R13,70.
Retailer Shoprite rose 1,1% or 10 cents to R9,20.
Financials to fall included Nedcor, which shed 1,19% or 70 cents to R58,25, and Standard Bank, which weakened 40 cents to R43,10.
Niche banking group Investec plc plunged 2,95% or R3,51 to R115,50 and Investec Ltd plummeted 3,4% or four rand to R113,50. Investec shares went ex-dividend of R3,60 per share on Monday.
Microlender Abil added 1,67% or 19 cents to R11,59 and holding company Remgro climbed 15 cents to R76,65.
Short-term insurer Mutual & Federal rocketed 4,76% or one rand to R22 — its best level since November 2001.
Before the opening, the company reported a sharp rise in headline earnings per share to 120 cents for the six months ended June 30 from six cents a year ago.
Gross premiums were up 19% to R3,592-billion from R3,010-billion a year earlier, while the net underwriting surplus rose to R336-million from R111-million previously.
The group declared an unchanged interim dividend of 25 cents per share, but also declared a special dividend of 350 cents per share, which will have the effect of returning about R860-million to shareholders. — I-Net Bridge