The JSE Securities Exchange (JSE) was flat just before noon on Friday after a lacklustre day on which the bourse looked to the rand for direction. Volumes were fairly thin as players paused for breath after the market’s strong run on Thursday, which saw it surge 1,81%.
At 11.55am, the all share and all share industrial indices were both flat (-0,01%). Financials firmed 0,24% and the banks index was 0,52% better. While resources retreated 0,22%, the platinum-mining index climbed 0,26% and the gold-mining index eked out a 0,08% gain.
The rand was quoted at R6,58 per dollar from R6,59 when the JSE closed on Thursday, while gold was quoted at $405,70 an ounce from $406,73/oz at the JSE’s last close.
“The market started a bit firmer when the rand was slightly weaker. The rand then firmed and the market went down and now it is flat,” a dealer said.
He added that turnover had been pretty thin and that there were no real features on the JSE.
By 12.02pm, London-listed diversified miner Anglo American lost 61 cents to R150,79 and BHP Billiton eased 15 cents to R63,45.
Gold miner Harmony was up 29 cents at R82,60, but Gold Fields eased 24 cents to R80,66.
Impala Platinum was R2,90 in the black at R551,90.
Petrochemicals group Sasol was a modest 30 cents better at R116,81, although it earlier traded at R118,50 — its best level since September 2002.
On the industrial market, steel producer Iscor strengthened 2,22% or R1,05 to R48,30 after earlier trading at a lifetime high of R48,50.
London-listed IT group Dimension Data bounced 3,91% or 12 cents to R3,19.
Retailer Truworths rose 1,9% or 20 cents to R10,70, but furniture group Steinhoff shed 1,76% or 15 cents to R8,35.
Telkom ticked up 46 cents to R77,26, but cellular network operator MTN Group surrendered 1,96% or 55 cents to R27,55.
Banking group FirstRand firmed 1,43% or 14 cents to R9,94 and Standard Bank climbed 16 cents to R42,11, but Nedcor weakened 39 cents to R53,61.
While Old Mutual was up seven cents at R11,92, Sanlam lost four cents to R8,46.
Health and life insurer Discovery dropped 1,38% or 19 cents to R13,61. — I-Net Bridge