The JSE Securities Exchange (JSE), which opened weaker on profit taking, extended its losses on Tuesday morning when the rand firmed against major currencies. Trade was brisk, with almost R1,5-billion-worth of shares changing hands by noon.
By 12.10pm, the all-share index was down 0,61%. Resources retreated 1,09% and the gold-mining index surrendered 0,89%, but the platinum-mining index gained 0,85%. The financial and banks indices fell 0,4% and 0,3% respectively, while industrials eased 0,19%.
The rand was quoted at R6,55 per dollar from R6,61 when the JSE closed on Monday, while gold was quoted at $401,13 an ounce from $402,60/oz at the JSE’s last close.
A dealer said that the JSE’s losses were not unexpected because the JSE’s strong run over the past few days made profit taking inevitable.
She added that while the rand had been steady when the JSE opened, it had since firmed about five cents against the dollar, which was also taking the JSE lower.
The all-share index was up 2,43% on Monday after rallying more than 3% last week.
In morning trade, London-listed diversified miner Anglo American lost 1,47% or R2,20 to R147,20 and BHP Billiton weakened 1,35% or 85 cents to R62,15.
Oil and chemicals group Sasol slipped 1,8% or R2,05 to R112,15.
Impala Platinum weakened R1,89 to R546, but AngloPlat advanced 2,38% or R6,95 to R298,95.
Harmony tumbled 2,3% or R1,85 to R78,75, Gold Fields eased 47 cents to R76,53 and AngloGold Ashanti shed 49 cents to R225,50.
London-listed beverages group SABMiller slid 1,62% or R1,30 to R79,10 and pulp and paper producer Sappi was 1,02% or 95 cents softer at R92,05.
Swiss-listed luxury goods group Richemont, however, rose 11 cents to R16,31.
Cellular network operator MTN Group rallied 1,46% or 41 cents to R28,50 and steel giant Iscor was up 20 cents at R44 after earlier trading at a lifetime high of R45.
On the financial front, London-listed Old Mutual was 1,59% or 19 cents lower at R11,78. Banking group Nedcor slumped 1,86% or one rand to R52,75.
Sanlam firmed five cents to R8,69 and Liberty Group climbed 35 cents to R53,35. — I-Net Bridge