The JSE Securities Exchange was deep in the red just before midday on Monday, in line with world markets. However, volumes were fairly light compared to recent days.
By 11.53am, the all share index was down 0,85%. Resources retreated 1,58%, with the gold and platinum mining indices losing 0,71% and 1,24% respectively.
Industrials shed 0,48%, financials fell 0,38% and the banks index slipped 0,53%.
The rand was quoted at 6,02 per dollar from 6,01 when the JSE closed on Friday, while gold was quoted at $446,80 an ounce from $445,80/oz at the JSE’s last close.
“The market is looking pretty lousy. The oil price is high and the dollar remains weak, so all world markets are down — it is just a contagion effect,” a dealer said.
He added that Thursday was Thanksgiving in the United States, which could also effect the market. Volumes were fairly light and much of the activity was related to basket trades by futures players.
In morning trade, London-listed diversified resources group Anglo American tumbled 2,09% or R3,01 to R140,69 and BHP Billiton weakened 2,1% or R1,40 to R65,20.
AngloPlat plunged 2,27% or five rand to R215 and Impala lost four rand to R506.
Gold Fields fell 78 cents to R88,30 and Harmony was down 66 cents at R67,99.
Petrochemicals group Sasol inched 25 cents higher to R117,20.
On the industrial market, Swiss-listed luxury goods group Richemont slid 2,13% or 40 cents to R18,35.
London-listed brewer SABMiller weakened 1,2% or R1,16 to R95,60 and services group Bidvest surrendered 1,03% or 80 cents to R77.
Construction and engineering group Aveng dropped 3,44% or 37 cents to R10,40 and retailer Edcon retreated 1,3% or R3,30 to R251.
On the upside, Nu Clicks rallied 2,08% or 20 cents to R9,80 — its strongest since July 2001.
Massmart strengthened 1,47% or 70 cents to R48,40.
Media and entertainment group Johnnic Communications jumped 3,45% or one rand to a lifetime high of R30.
Hospital group Netcare bounced four cents to R4,93.
Cellular network operator MTN Group gained 1,42% or 49 cents to R34,99 and steel producer Ispat Iscor was up 25 cents at R61,30 after earlier trading at a best ever R62.
On the financial index, London-listed Old Mutual lost 1,13% or 49 cents to R14,02.
Banking group Absa was 1,08% or 75 cents in the red at R68,85.
Before the opening, Absa reported a 16% rise in headline earnings to R2,453-billion for the half year ended in September.
This translated into headline earnings per share of 377 cents, which were 16,2% higher than the 324,5 cents reported for the previous comparable six months.
The group declared an interim dividend of 95 cents, which was a 31,9% increase on the 72 cents per share reported last time around.
Absa also said that progress had been made with regards to a possible partial offer by UK banking group Barclays to acquire a majority stake in the group.
Absa said that shareholders “should be aware that the price at which any formal offer may be made, may or may not be at a premium to the current market price bearing in mind the significant rise in Absa’s share price since the start of discussions regarding a possible offer”.
Nedcor weakened 60 cents to R70,40, FirstRand fell seven cents to R12,33 and Standard Bank eased six cents to R57,94.
Alexander Forbes (AFB) added 10 cents to R10,90. While microlender Abil was unchanged at R15,34, it earlier traded at R15,59 rand — its strongest since January 2000. – I-Net Bridge