The JSE Securities Exchange South Africa was flat at midday on Monday after a quiet morning’s trade. While a weaker rand helped the market on the upside, lack of buying interest and stocks going ex-dividend dragged on the downside.
By 12.10pm, the all share index was up a neither-here-nor-there 0,04%. The resources and gold mining indices gained 0,45% and 0,14% respectively, but the platinum mining index surrendered 0,43%, industrials eased 0,17%, financials fell 0,21%. and the banks index was flat (-0,02%).
The rand was quoted at 5,88 per dollar from 5,81 when the JSE closed on Friday, while gold was quoted at $442,95 a troy ounce from $443,80/oz at the JSE’s last close.
A dealer said that the weaker rand had helped the JSE to some extent.
Petrochemicals group Sasol was also being helped by speculation that it was the target of a takeover by a US company.
On the market’s downside, a number of stocks were now trading without their dividends, while Anglo American was down in London, which negated the rand’s positive effect.
Volumes were extremely thin and lack of buying interest was also weighing.
BHP Billiton led the JSE’s upside and was 1,32% or R1,10 better at R84,20.
Sasol, which earlier traded at a best ever R154, was 2,44% or R3,64 in the black at R152,65.
Gold miner Harmony was 50 cents higher at R51,50 and Gold Fields firmed 23 cents to R73,75, but AngloGold Ashanti was off 45 cents at R225,60.
Anglo lost 99 cents to R140,50.
AngloPlat slipped 1,32% or R3 to R225 rand after going ex-dividend of R3,35, but Impala picked up R2 to R493.
Industrials to decline included food group Tongaat, which was 2,7% or R1,70 lower at R61,30 after going ex-dividend of R1,20.
Diversified industrial Imperial tumbled 2,09% or R2,25 to R105,30 after going ex-dividend of R1,75.
Retailer Massmart plunged 3,64% or R1,80 to R47,60 and Truworths retreated 15 cents to R16,70. Massmart and Truworths went ex-dividend of R1,11 and 32 cents respectively.
Cellular network operator MTN Group gave up 1,49% or 70 cents to R46,30 and media group Naspers weakened 1,79% or R1,40 to R76,60.
Hotel and gaming group Peermont slumped 2,56% or 20 cents to R7,60 after reporting a 24,6% rise in headline earnings per share to 49,7 cents. Revenue rose 11,6% to R917,1-million from a previous R822,1-million.
A final dividend of 16 cents per share was declared, bringing the total dividend for the year to 27,4 cents.
On the upside, hospital group Netcare gained 1,2% or six cents to R5,06.
Furniture group Steinhoff leaped 2,02% or 26 cents to R13,15 and Edcon bounced 1,46% or R4 to R278.
Mr Price soared 4,17% or 50 cents to R12,50 following its cautionary released before the opening.
On the financial front, London-listed Old Mutual dipped five cents to R15,74 and Sanlam shed six cents to R13,50.
Absa slipped 50 cents to R79 and Nedcor retreated 80 cents to R81,50.
FirstRand, however, firmed seven cents to R14,07.
Investment bank Investec was 70 cents better at R193,50.
It traded at a best level since September 2001 of R195 before it said in a trading update that it had had a good second half so far and is on track to deliver a strong performance for the financial year ended March 31 2005
Investment trust VenFin firmed 1,48% or 40 cents to R27,40. – I-Net Bridge