The JSE Securities Exchange (JSE) was in consolidation mode in noon trade on Wednesday, with the profit taking in resources that began on Tuesday continuing. The rest of the market was fairly mixed.
By 12.05pm, the all-share index was 0,49% softer. Resources retreated 1,18% and the gold-mining index lost 1,05%. The all-share industrial index dipped 0,1% and the banks index was 0,36% in the red. The financial and platinum mining indices inched up 0,15% and 0,12% respectively.
The rand was quoted at R6,70 per dollar, little changed from when the JSE closed on Tuesday, while gold was quoted at $404,98 an ounce from $405,53/oz at the JSE’s last close.
“The market is taking a breather. We are seeing more profit taking in resources after their phenomenal run last week and on Monday,” a dealer said.
He added that an easing in commodity prices had sparked resources’ retracement.
With the oil price off its highs, petrochemicals group Sasol was weaker. The lower bullion price was taking gold stocks down.
In morning trade, London-listed diversified miner Anglo American slipped 1,46% or R2,20 to R158,49 and BHP Billiton weakened 1,72% or R1,09 to R62,40.
AngloGold Ashanti shed 1,63% or R3,80 to R229,20, Gold Fields eased 70 cents to R81,30 and Harmony dipped 22 cents to R80.
Sasol was down 79 cents at R112,70.
AngloPlat picked up one rand to R290.
On the industrial market, Swiss-listed luxury goods group Richemont was 11 cents lower at R17,05. London-listed brewer SABMiller weakened 75 cents to R81,70 and steel producer Iscor eased 30 cents to R46,70.
Telecoms group Telkom gave up 75 cents to R80,25 and retailer Metcash dropped 1,6% or four cents to R2,46.
Brand management group Barloworld was 1,02% or 75 cents better at R74 and London-listed IT group Dimension Data surged 5,76% or 19 cents to R3,49.
Retailer Massmart rose 2,01% or 70 cents to R35,50 and Standard Bank surrendered 22 cents to R43,65.
Nedcor bounced 35 cents to R55,55.
London-listed Old Mutual strengthened six cents to R12,40 and investment company Remgro rallied 1,35% or R1,05 to R78,75.
Short-term insurer Santam leaped 2,06% or R1,10 to R54,50 after it reported a 181% increase in its interim headline earnings per share to 518 cents for the half-year ending June 2004, up from 184 cents in the six months in the same period in 2003.
The group declared an interim dividend per share of 95 cents, up 32% from 72 cents in the previous comparative period. — I-Net Bridge