After a positive opening in the black, the JSE Securities Exchange drifted into the red by noon on Friday, with a stronger rand weighing on heavyweight dual-listed and resources stocks. The decline set the bourse on course to post its fifth straight day of losses.
By 12.5pm, the all share index eased 0,13%. Industrials lost 0,33%.
Resources retreated 0,15%, the gold mining index dipped 0,1% and the platinum mining index weakened 0,36%. The financial and banks indices firmed 0,19% and 0,63% respectively.
The rand was quoted at 6,03 per dollar from 6,06 when the JSE closed on Thursday, while gold was quoted at $423,20 a troy ounce from $422,50/oz at the JSE’s last close.
The rand was trading at 6,09 per dollar at the JSE’s opening.
“The market was positive, but it has eased into negative territory. The rand strengthened quite a bit and the weakness came on the back of that,” a dealer said.
In morning trade, London-listed diversified resources group Anglo American surrendered 35 cents to R138,30.
Gold Fields fell 31 cents to R70,85 and AngloGold Ashanti shed 51 cents to R197,99. Harmony, however, climbed 1,24% or 65 cents to R53,15.
AngloPlat slid 1,78% or R3,90 to R215,05, but Impala added two rand to R502.
Swiss-listed luxury goods group Richemont was down 15 cents at R18,51.
It traded as high as R19,10 earlier in the day after it said that its sales for the quarter ended 31 December 2004 were 9% above the prior year at actual exchange rates.
Underlying sales in local currencies grew by 13%.
“Richemont’s sales figures were good,” the dealer said, explaining that consensus for sales at actual exchange rates was 7%.
London-listed brewer SABMiller lost 65 cents to R91 and brand management group Barloworld weakened 1,02% or 99 cents to R96,50.
Steel producer Ispat Iscor tumbled 2,2% or R1,40 to R56,50.
On the upside, telecoms group Telkom (TKG) rang up 50 cents to R99. Retailers were enjoying a bounce, with Woolies leaping 2,06% or 21 cents to R10,40 and Truworths surging 2,48% or 40 cents to R16,50.
Pick ‘n Pay rallied 1,82% or 40 cents to R22,40.
On the financial index London-listed Old Mutual lost 1,53% or 22 cents to R14,15.
Sanlam dipped five cents to R11,60.
Banking group Nedcor dropped 25 cents to R69,75.
Standard Bank, however, strengthened 51 cents to R59,60, FirstRand firmed eight cents to R12,71 and RMB Holdings jumped 1,19% or 24 cents to R20,45. Absa advanced 14 cents to R72,15. – I-Net Bridge