The JSE Securities Exchange (JSE) was in the red in noon trade on Tuesday, dragged down by weaker world markets, a lower gold price and a general lack of buying interest. Volumes were relatively light and with many players on holiday, it is expected to be a quiet week.
By 11.57am, the all-share index shed 0,61%. Resources retreated 1,6%, with the gold- and platinum-mining indices losing 1,21% and 1,25% respectively. Industrials eased 0,34%. Financials firmed 0,38%, however, and the banks index was 0,58% in the black.
The rand was quoted at R6,09 per dollar from R6,03 when the JSE closed on Friday, while gold was quoted at $430,85 a troy ounce from $437,25/oz at the JSE’s last close.
“The market is pretty weak. There is just a lack of interest. The market was pushed up hard with the futures closeout last Thursday and it started to come back on Friday — a lot of stock was expected to come on to the market,” a dealer said.
He continued that world markets were weaker and the gold price was down sharply, both of which were weighing on the JSE.
Volumes were pretty light — there was no major news out and with many people on holiday, were likely to remain so for the rest of the week.
Markets were closed on Monday for Human Rights Day and the Easter weekend starts on Friday.
On the JSE’s downside, BHP Billiton slid 3,19% or R2,82 to R85,50 and Anglo American dipped 76 cents to R147,35.
Gold miner Harmony tumbled 2,7% or R1,49 to R53,76 and Gold Fields gave up 1,92% or R1,51 to R77.
DRDGold was down 2,91% or 15 cents at five rand. It announced earlier that it has applied for the liquidation of its North West operations, which were hit by a seismic event recently.
Petrochemicals group Sasol slipped 1,23% or R1,90 to R152,10.
AngloPlat weakened R2,26 to R233,25 and Impala was off 1,25% or R6,50 to R512.
Swiss-listed luxury goods group Richemont surrendered 11 cents to R19,53 and pulp and paper producer Sappi was 73 cents softer at R77,38.
Media group Naspers slid 2,63% or two rand to R74 and cellular network operator MTN Group dropped 1,53% or 70 cents to R45,15.
Retailer Woolies weakened 2,49% or 26 cents to R10,20.
Investment bank Investec plc was 1,61% or three rand lower at R183.
Commercial bank Absa was 1,7% or R1,32 in the red at R76,48, but FirstRand jumped 2,31% or 30 cents to R13,30.
Standard Bank strengthened 41 cents to R63,20.
London-listed Old Mutual climbed nine cents to R15,69, while Sanlam ticked up 10 cents to R12,70.
Real-estate company Liberty International plc perked up 1,8% or R2,20 to R113 after being upgraded to “Buy” from “Hold” by Merrill Lynch.
London-listed brewer SABMiller was 75 cents stronger at R98,75.
Mining house Kumba was up 1,52% or one rand to R67. AngloGold Ashanti added 95 cents to R229,95. — I-Net Bridge