The JSE Securities Exchange (JSE) opened marginally firmer on Monday when a weaker rand buoyed by heavyweight resources stocks. However, with many players still on holiday, volumes were extremely thin.
By 9.18am, the all-share index was up 0,16%. Resources rallied 0,7% and the gold-mining index gained 0,35%. The financial, platinum-mining and banks indices were all flat, while the all-share industrial index eased 0,22%.
The rand was quoted at R5,69 per dollar from R5,63 when the JSE closed on Friday, while gold was quoted at $435,30 an ounce from $436,95/oz at the JSE’s last close.
“It has been a slow start. We will probably only get back to full speed next week,” a dealer said.
She added that the market was generally slightly firmer, driven by the softer rand.
However, the gains had come on very low volumes and with markets in London closed it was likely to be a very dull day on the JSE.
In early trade, London-listed resources group Anglo American advanced 1,57% or R2,10 to R135,60.
Petrochemicals group Sasol strengthened one rand to R122.
Gold miner AngoGold Ashanti added 99 cents to R200 and Harmony was 50 cents higher at R51,70.
London-listed financial services group Old Mutual firmed five cents to R14,35.
On the market’s downside, steel producer Ispat Iscor slid 5,16% or R3,38 to R62,12 after going ex-dividend of three rand.
Packaging group Nampak lost 3,51% or 55 cents to R15,10 after it went ex-dividend of 56,6 cents.
Cement producer PPC plunged 11,22% or R31,99. It went ex-dividend of R21. — I-Net Bridge