The JSE Securities Exchange (JSE) was awash with red at noon on Thursday after a quiet morning’s trade. A fall in the Dow overnight and a recovery in the rand from Wednesday’s worst levels were weighing on the market, dealers said.
By 12.04pm, the all-share index shed 0,67%. Industrials and financials fell 0,26% and 0,29% respectively. Resources retreated 1,35%, the gold-mining index gave up 1,13% and the platinum-mining index lost 0,9%. The banks index was flat (+0,05%).
The rand was quoted at R6,19 per dollar from R6,20 when the JSE closed on Wednesday, while gold was quoted at $425,60 a troy ounce from $426,75/oz at the JSE’s last close.
“There is not a lot of business going through the market. It’s like a typical Friday,” a dealer said. “Most of the volumes have been in programme trades and crosses. Real market volume is absolutely putrid.”
Local financial markets are closed on Friday and Monday for the Easter weekend.
“The JSE is down in line with world markets. The Dow was down last night and our dual-listed stocks are for the most part down offshore.
“The rand is also a bit firmer — it has been to R6,16 today and was as weak as R6,25 to R6,26 at one stage yesterday — and the gold price is down. Most of the resources stocks are taking strain.”
On the resources index, petrochemicals group Sasol slipped 1,83% or R2,65 to R142,35.
BHP Billiton tumbled 2,22% or R1,87 to R82,45 and Anglo American lost 80 cents to R146,20.
AngloGold Ashanti slumped 2,02% or R4,50 to R218,50, Harmony was 1,43% or 76 cents lower at R52,49 and Gold Fields was off 37 cents at R76.
DRDGold, however, rallied 9,65% or 55 cents to R6,25.
“DRD got a big shot in the arm in the [United] States last night. Guys there are viewing the news that they are planning to liquidate their North West operations as positive,” the dealer commented.
On the industrial market, telecoms stocks were under pressure. Telkom was down 1,38% or Rto R107 and MTN Group dropped 1,86% or 80 cents to R42,20.
Food group Tongaat tumbled 3,88% or R2,34 to R57,96.
Media group Naspers weakened 1,1% or 80 cents to R72.
Cement producer PPC leaped 3,45% or R7,48 to R224.
Brand management group Barloworld was 1,41% or 38 cents better at R99,40 and services group Bidvest was 1,15% or 80 cents in the black at R70,30.
Food group Tiger Brands firmed 1,46% or R1,45 to R100,95.
Financial services group Sanlam fell 1,23% or 15 cents to R12,09 and London-listed Old Mutual dipped four cents to R15,60.
Investment bank Investec plc was R1,65 weaker at R177,90.
Banking group RMB Holdings rose 1,2% or 25 cents to R21,01. — I-Net Bridge