The JSE Securities Exchange was weaker in noon trade on Friday, with lower commodity prices sending heavyweight resources stocks tumbling. Profit taking was also seen in some of the industrials and financials that enjoyed a strong run earlier in the week.
By 11.54am, the all share index was down 1,01%. Resources dropped 2,5%, while the gold and platinum mining indices plunged 2,07% and 1,2% respectively.
Industrials eased 0.36% and the banks index was off 0,47%. The financial index was flat.
The rand was quoted at 5,83 per dollar from 5,81 when the JSE closed on Thursday, while gold was quoted at $448,95 an ounce from $454,23/oz at the JSE’s last close.
“Being a Friday, we are seeing a bit of profit taking,” a dealer said.
She added that stocks such as Anglo American were down in London and that weakness had followed through here.
“Commodity prices have been under pressure last night and this morning and we are seeing a sell off in resources stocks,” she explained.
She added that petrochemicals group Sasol was taking punishment after spot Brent crude fell below $40 per barrel.
Sasol shares slumped 3,31% or R3,77 to R109,99.
Diversified resources group Anglo American lost 2,13% or three rand to R138 and BHP Billiton slid 2,93% or R1,99 to R65,99.
AngloGold Ashanti shed 2,59% or R5,95 to R224, Gold Fields fell 1,77% or R1,45 to R80,70 and Harmony was 1,62% or one rand weaker at R60,60.
AngloPlat slipped 1,42% or R2,99 to R208 and Impala slid 1,35% or seven rand to R510.
On the industrial market, brand management group Barloworld was down one rand to R100,50 and London-listed brewer SABMiller (SAB) was 32 cents softer at R97,15.
Cellular network operator MTN Group gave up 1,08% or 45 cents to R41,30.
Retailer Edcon retreated 2,33% or R6,50 to R272 and Foschini surrendered 2,05% or 75 cents to R35,75.
Massmart tumbled 2,78% or R1,40 to R49.
Pulp and paper producer Sappi, however, strengthened 1,51% or R1,17 to R78,75.
Transport and logistics group Imperial picked up 1,09% or R1,10 to R102,10 and London-listed IT group Dimension Data surged 4% or 16 cents to R4,16.
Financials to firm included London-listed Old Mutual, which was 1,34% or 20 cents in the black at R15,15. Sanlam climbed five cents to R12,40.
Banking group Nedcor jumped 1,04% or 80 cents to R77,80.
Standard Bank, however, slipped 55 cents to R59,45 and FirstRand fell 11 cents to R13,23.
Niche banking group Investec was 1,16% or two rand lower at R170,99. – I-Net Bridge