The JSE Securities Exchange was weaker in noon trade on Wednesday, taking its cue from world markets on which heavyweight resources stocks in particular were under pressure. A softer rand offset the local bourse’s losses.
By 11.55am, the all share index was down 0,34%. Resources retreated 0,97% and the gold mining index tumbled 2,21%, while the platinum mining index lost 0,41%.
The financial index dipped 0,07%, but the banks index was 0,1% better. The all share industrial index was up a marginal 0,05%.
The rand was quoted at 5,85 per dollar from 5,77 when the JSE closed on Tuesday, while gold was quoted at $446,30 an ounce from $451,60/oz at the JSE’s last close.
“The JSE is down, following world markets, but the rand is offsetting its losses, particularly when it comes to resources shares,” a dealer said.
He noted that while Anglo American and BHP Billiton were in the red, they were faring better locally than in London.
Once again, activity on the JSE was brisk with almost R1,5-billion worth of shares trading before noon.
On the resources index, Anglo eased 20 cents to 133.10 rand and BHP Billiton lost 1,08% or 70 cents to R64,40. Both were around 2% weaker in the UK.
Petrochemicals group Sasol slid 1,69% or R1,90 to R100,80. Gold Fields plunged 3,33% or R2,59 to R75,23 and Harmony tumbled 2,59% or R1,49 to R56. AngloGold Ashanti shed R1,99 rand to R218.
The dealer said that Harmony’s continued hostile takeover bid for Gold Fields was weighing on both shares.
AngloPlat slipped 1,15% or R2,37 to R204 and Impala eased three rand to R497.
On the industrial market, Swiss-listed luxury goods group Richemont rose 12 cents to R18,47.
Brand management group Barloworld climbed 1,26% or R1,26 to R101,51 and services group Bidvest was 1,32% or one rand better at R76,50.
Media group Naspers strengthened 1,87% or R1,30 to R71. Its intraday high of 71.50 rand was its best since May 2000.
Cellular network operator MTN Group bounced 39 cents to R40,40. Steel producer Ispat Iscor, however, dived 4,09% or R2,60 to R61.
Retailer Shoprite slid 2,69% or 35 cents to R12,65 and Pick ‘n Pay gave up 1,51% or 35 cents to R22,90.
Massmart slumped 4,63% or R2,10 to R43,25. On Tuesday, Massmart reported that its Christmas sales so far were below expectations, with total sales growth of 13,5% over the 23 weeks to December 5. At the same time, Massmart said that while its was expecting to report higher sales and headline earnings per share for the year to end-June 2005, sales were likely to come at a slower growth rate than that experienced in 2004.
On the financial front, Old Mutual weakened 11 cents to R14,74 and Sanlam surrendered three cents to R12,18.
Nedcor eased 26 cents to R76 and Absa was 60 cents in the red at R71,60.
Standard Bank strengthened 20 cents to R59,60 and FirstRand firmed 11 cents to R13,20. – I-Net Bridge