/ 27 July 2004

JSE off best levels at midday

The JSE Securities Exchange (JSE) was off its best levels by midday on Tuesday, with players keeping a firm watch on the rand. By midday the all-share index was up 0,33%. Industrials and financials firmed 0,38% and 0,48% respectively, while the banks index was 0,27% better.

The JSE Securities Exchange (JSE) was off its best levels by midday on Tuesday, with players keeping a firm watch on the rand.

By midday the all-share index was up 0,33%. Industrials and financials firmed 0,38% and 0,48% respectively, while the banks index was 0,27% better. Resources climbed 0,19%, the platinum mining index was 0,27% higher, but the gold mining index, after being in negative territory earlier, turned around and was up 0,76%.

The rand was quoted at R6,2462 per dollar from R6,23 when the JSE closed on Monday, but was off its earlier worst level of R6,2750, while gold was quoted at $392,30 an ounce from $390,60/oz at the JSE’s last close.

An equity trader said that there were very few features and that volumes were “not marvellous”.

The trader elaborated that the JSE had enjoyed a good rally late on Monday as the rand weakened, but because the rand had steadied on Tuesday and had not weakened any further, the JSE was off its earlier best levels by midday.

London-listed diversified resources group Anglo American was down 20 cents to R126,50, but BHP Billiton climbed 39 cents to R55.

Among gold counters, Goldfields was up 90 cents to R59,30 and Harmony added 45 cents to R64,25, but AngloGold Ashanti was off 48 cents to R192.

Impala Platinum was down 40 cents to R479,60, but AngloPlat was 100 cents better at R233.

Earlier, AngloPlat, the world’s largest platinum miner, reported a 32% increase in headline earnings per share to 685 cents from 519 cents in the previous comparative period.

In a recent trading statement, the group indicated that its headline earnings per share for the half-year would be up by between 30% and 35%.

AngloPlat also declared an 8% higher interim dividend per share to 400 cents from 370 cents before.

On the industrial index, London-listed beverages group SABMiller strengthened 50 cents to R81,10 and Imperial was 75 cents higher at R68.

Pulp and paper producer Sappi fell 35 cents to R93,50 and Sasol was down 70 cents to R103.

Financials to firm included Standard Bank, which collected 10 cents to R43,20, and Nedcor, which was 50 cents firmer at R58,50.

London-listed Old Mutual was 21 cents in the black at R11,72, while Mutual & Federal, in which Old Mutual has a 88,1% stake, advanced 1,23% or 27 cents to R22,27 — a fresh long-term high.

Mutual & Federal shares were up 4,76% on Monday after 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