The JSE Securities Exchange was a mixed bag in early trade on Tuesday, with the bourse lacking clear direction. However, the market was expected to follow the rand, with further strength in the local unit likely to weigh.
By 9.17am, the all share index was flat (-0,.02%) as were the gold and platinum mining indices. Resources retreated 0,49%. Financials firmed 0,39% and the banks index was bolstered 0,64%, while the all share industrial index inched up 0,09%.
The rand was quoted at 5,96 per dollar from 5,99 when the JSE closed on Monday, while gold was quoted at $421,60 a troy once from $419,90/oz at the JSE’s last close.
A dealer said that excluding furniture group Steinhoff, which was the most active share and accounted for about half of early volumes due to what appeared to be a big bookover trade, volumes were light.
“The market has opened slightly weaker — the rand is a bit stronger. Everyone is waiting for London to open to get direction from the dual-listeds and it has been a slow start,” she commented.
Steinhoff shares were unchanged at R12,60.
On the JSE’s downside, London-listed Anglo American lost R1,25 to R136,50. BHP Billiton eased 40 cents to R65,70.
AngloGold Ashanti shed one rand to R204 and petrochemicals group Sasol surrendered one rand to R119.
Banking group Nedcor was 50 cents in the red at R74,50.
Shares to advance included investment trust Remora, which rose 40 cents to a best ever R96,50.
Cellular network operator MTN Group gained 40 cents to R41,70.
Standard Bank was 1,13% or 70 cents stronger at R62,70, FirstRand firmed eight cents to R13,50 and Absa added 33 cents to R73.
AFX reports that stocks retreated from their best levels in the final hour of trading Monday but still managed to close higher as enthusiasm over a flurry of mergers wasn’t enough to divert investor focus from the upcoming barrage of corporate earnings.
The Dow Jones Industrial Average, which had moved as high as 10 663 intraday, closed up 17,07 points, or 0,2%, at 10 621.
The Nasdaq Composite Index finished up 8,43 points, or 0,4%, at 2 097,04 — well off its 2 111 intraday high — and the S&P 500 rose 4,06 points, or 0,3%, to 1 190,25. – I-Net Bridge