The JSE Securities Exchange (JSE) was weaker just before noon on Friday due to selling in resources heavyweights BHP Billiton and Anglo American out of London. Lack of interest from local players contributed to the market’s weakness, dealers said.
By 11.52am, the all-share index shed 0,54%. Resources retreated 1,37%. Industrials eased 0,19%, the platinum-mining index lost 0,2%, while the banks index was 0,37% in the red. Financials inched 0,06% higher and the gold-mining index was flat.
The rand was quoted at R5,84 per dollar, little changed from when the JSE closed on Thursday, while gold was quoted at $441,00 a troy ounce from $441,15/oz at the JSE’s last close.
“We are seeing selling coming into BHP Billiton and Anglo out of London, which is the main reason the market is down,” a dealer said.
He added that a lack of interest in the market, possibly because of the Super 12 rugby matches under way during the morning, was also contributing to the weakness.
BHP Billiton shares tumbled 2,55% or R2,15 in morning trade to R82,05 and Anglo American lost 1,68% or R2,40 to R140,60.
Cellular network operator MTN Group surrendered 1,96% or 95 cents to R47,55 and pulp and paper producer Sappi was 1,27% or one rand down to R77,99.
Retailer Edcon retreated 1,59% or R4,50 to R278.
Banking group Absa was 2,19% or R1,75 in the red at R78,25 and FirstRand fell 12 cents to R14,10.
On the upside, steel producer Ispat Iscor surged 3,84% or R2,48 to R67.
London-listed financial services group Old Mutual was 1,29% or 20 cents stronger at R15,68. Sanlam ticked eight cents higher to R13,60.
Standard Bank climbed 40 cents to R65 and Nedcor was 40 cents firmer at R83. Its intraday high of R83,20 was its strongest since August 2003. — I-Net Bridge