The JSE Securities Exchange (JSE) was firmer at noon on Friday, buoyed by a weaker rand and strong performances by heavyweight dual-listed stocks offshore. Volumes were light, however, with value traded well below the R1-billion mark.
At 11.56am, the all-share index was up 0,32% at 13 351,3. It touched a highest-to-date 13 370,67 at the opening. Financials firmed 0,3%, resources rose 0,58% and the banks index was 0,14% better. Industrials were up a marginal 0,08%. On the downside, the gold- and platinum-mining indices lost 1,12% and 0,88% respectively.
The rand was quoted at R5,84 per dollar from R5,81 when the JSE closed on Thursday, while gold was quoted at $432,70 a troy ounce from $434,60/oz at the JSE’s last close.
“The market is very quiet — not even a billion rand has traded yet,” a dealer said. “There seems to be more interest in the [Super 12] rugby that started this morning and the cricket this afternoon.”
South Africa take on Zimbabwe in a one-day international in Johannesburg.
“The market is up nicely and the weaker rand is helping. Billiton is a star performer again. Everyone is upping their target price on that stock. It is up 2,4% in London.”
She added that some of the financials had also put in a strong showing.
“I think people will just keep an eye on the currency today. We’ve got US GDP [United States gross domestic product] figures out this afternoon and guys will want to see how the rand reacts to that,” the dealer concluded.
US economic growth is expected to be revised up to a gain of about 3,9% from the previous estimate of 3,1%, according to AFX.
On the JSE’s resources index, BHP Billiton jumped 2,06% or R1,70 to R84,20 after earlier trading at a lifetime high of R84,30.
Kumba, which reached a best-to-date R65 in early trade, was just 15 cents in the black at R63,50.
Anglo American inched up 29 cents to R143,40 and petrochemicals group Sasol strengthened 80 cents to R140,20 after earlier trading at a strongest-to-date R140,97.
Gold-miner Harmony was 21 cents higher at R49,80, but AngloGold Ashanti slipped 1,18% or R2,50 to R209 and Gold Fields fell 50 cents to R69.
DRDGold, which dived to a four-year low of six rand at the opening, was 18,47% or R1,45 in the red at R6,40.
DRD ARDs plummeted 25,5% in New York overnight.
On Thursday, the company reported a below consensus interim headline loss per share of 64,4 cents for the six months ending December 2004 from a loss of 18,5 cents for the half-year ending December 2003.
Although the company warned last Friday that its headline loss per share would be more than 200% greater than that of the previous comparative period, the results were even worse than this, a dealer said.
Impala Platinum was off 1,55% or eight rand at R509.
On the industrial market, steel producer Ispat Iscor jumped 1,64% or one rand to R62.
Media group Naspers jumped 2,4% or R1,90 to R81.
Chemical and explosives group AECI was up 1,75% or 75 cents at R43,50 and retailer Shoprite leaped 1,78% or 25 cents to R14,26. AECI and Shoprite earlier traded at lifetime highs of R44 and R14,30 respectively.
Edcon, however, slumped 3,32% or R9,80 to R285,20 after a strong performance on Thursday.
Brand management group Barloworld weakened 1,68% or R1,75 to R102,25 and telecoms group Telkom was down one rand at R111,85.
On the financial front, London-listed Old Mutual firmed 1,04% or 16 cents to R15,50. Sanlam was seven cents stronger at R13,08 after trading at an all-time high of R13,30.
Banking group FirstRand, which touched a best-to-date R14,50, was seven cents in the black at R14,02, while its major shareholder, RMB Holdings, was up 1,38% or 30 cents at R22,10.
FirstRand on Thursday announced the details of a black economic empowerment deal valued at about R7,9-billion.
Absa, however, eased 35 cents to R78,65. — I-Net Bridge