The JSE Securities Exchange (JSE) was slightly firmer at midday on Thursday, but gains were being capped by weakness in gold-mining and resources stocks.
By midday, the all-share index was up 0,33% and the industrial index added 0,83%. Financials were up 1,06% and banks jumped 1,73%. However, the gold-mining index was off 2,65% amid a weaker gold price, while resources were off 0,67%. The platinum-mining index was 0,40% higher.
The rand was quoted at R6,1663 per dollar from R6,15 when the JSE closed on Wednesday, while gold was quoted at $423,80 an ounce from $424,13/oz at the JSE’s last close.
“Golds and resources are the laggards today, after the gold price fell overnight, and the rand is still very strong,” said a trader.
“We have seen great interest in industrial counters across the board, and it looks as if players are rotating from resources into industrials,” the dealer added.
London-listed diversified miner Anglo American added 20 cents to R139,40, but BHP Billiton was down 20 cents to R65,20.
Among industrial counters, SABMiller jumped 92 cents or 1,05% to R88,80, luxury goods group Richemont advanced six cents to R17,53, while Bidvest was 81 cents, or 1,24%, firmer at R66,30.
Brand management group Barloworld jumped R1,60, or 1,87%, to R87, while Sappi, which earlier reported that it had acquired 34% of a Chinese paper company as part of a multipartner joint venture, was up 90 cents, or just more than 1%, to R88,90.
ABI was up 45 cents to R89,65. It earlier reported a 23% rise in its headline earnings per share for the six months to the end of September to 138 cents, from 112 cents a year earlier. It declared an interim dividend of 61 cents per share, a 24,5% increase on the 49 cents declared at the interim stage in 2003.
Petrochemicals group Sasol was off 1,5% or R1,90 to R122,60 against the trend. Gold counters were weaker following a sharp decline in the gold price overnight. The yellow metal was last quoted at $423,60/oz from Wednesday’s London afternoon fix of $428,25/oz. The metal was fixed in London on Thursday morning at $423,85/oz.
AngloGold Ashanti was down R6,79, or 2,83%, to R233 and Harmony was R3,08, or 3,99% weaker at R74,20.
Gold Fields was R1,50, or 1,65% down, at R89,50. The company early on Thursday reported net earnings per share of 21 cents for the September quarter, from a net loss per share of 39 cents in the June quarter.
On a headline level, earnings per share fell to 21 cents from 26 cents in the previous quarter.
However, excluding gains and losses on financial instruments and foreign debt, Gold Fields posted a net loss per share of one cent from earnings per share of 21 cents in the June quarter.
According to a survey by I-Net Bridge, net earnings per share were expected at 13 cents. Forecasts ranged from one cent to 19 cents. The group reported an operating profit after amortisation and depreciation of R370,7-million from R332,2-million in the prior quarter.
Among banking and financial stocks, Nedcor advanced R1,26, or 1,9%, to R67,50, while RMB Holdings was 44 cents, or 2,36%, better at R19,11. Standard Bank jumped R1,10, or 2,06%, to R54,50, but Absa was off 10 cents at R65,30. — I-Net Bridge