The JSE Securities Exchange (JSE) was off its best levels at midday on Wednesday, although the overall market remained in the black despite the firm rand.
Traders said that better metals prices were lending some support, as were the firmer global markets overnight.
At noon, the all-share index had added 0,12%, with resources up 0,69% and the gold-mining index 0,99% firmer. However, the platinum-mining index was flat. The financial and banks indices eased 0,15% and 0,16% respectively, while the all-share industrial index dipped 0,24%.
The rand was quoted at R6,17 per dollar from R6,19 when the JSE closed on Tuesday, while gold was quoted at $432,40 a troy ounce from $432,80/oz at the JSE’s last close.
”Overall, we are a bit better despite the stronger rand, although we are off our initial highs. Metals prices are firmer and that is lending support,” said an equities dealer.
There was also very little corporate news on Wednesday morning.
On the JSE’s upside, Anglo American added 60 cents to R141,70 and BHP Billiton was 65 cents better at R78,80.
Petrochemicals group Sasol was 1,25% or R1,80 stronger at R146,30.
Among gold counters, AngloGold Ashanti advanced one rand to R214, Gold Fields firmed 95 cents to R68,50 and Harmony was 40 cents better at R45.
Among platinum counters, Angloplat was off 75 cents to R248,25, but Impala was 100 cents up at R517.
Industrial counters were mixed, with Barloworld off 56 cents to R95,95 and Naspers down 100 cents to R74, but Imperial was up 105 cents to R101,55 while AECI was up 100 cents to R40,50.
Telecoms group MTN was down 89 cents, or 2,04%, to R42,70. The cellular company is currently embroiled in a court battle in the United Kingdom with CelTel.
MTN has lodged an application in a London court claiming Celtel and Mohammed Ibrahim, its 22% shareholder and chairperson, reneged on the legally binding undertakings pertaining to MTN’s $2,67-billion offer to immediately buy an 85% stake in Celtel.
The share price of engineering group Grintek was 5,4% or 10 cents higher following news late on Tuesday that SAAB South Africa, a wholly owned subsidiary of listed engineering group SAAB AB, had raised its cash offer to buy out Grintek shareholders to 200 cents per share, from 190 cents previously.
Grintek shares rose from 186 cents at Tuesday’s market close, and prior to the announcement of the higher offer, to as high as 198 cents on Wednesday morning, before falling back to trade at 196 cents at midday local time.
Among banking and financial counters, Nedcor was up 10 cents to R74,50, RMB Holdings advanced 14 cents to R21,20 and Standard Bank was up 10 cents to R61,40. However, Firstrand was down five cents to R13,20, Old Mutual was off 12 cents to R14,64 and Absa was 30 cents softer at R77,25.
AFX reports that the Dow Jones Industrial Average closed up 56,16 points or 0,6% at 10 127,41 — snapping a four-day skid — on Tuesday. The Nasdaq Composite Index rose 19,44 points, or 1%, to 1 932,36 and the S&P 500 added 6,80 points, or 0,6%, to 1 152,78.
In London, leading shares were weaker in lacklustre midmorning trade, drifting back from early gains following the release of strong UK mortgage approvals data, with ex-dividend factors also weighing on blue chips, dealers said. The FTSE 100 index was last quoted 7,5 points lower.
Figures from the Building Societies’ Association, released on Wednesday morning, show the UK property market in March saw signs of a renewed spurt, with mortgage approvals bouncing back to levels not seen since July last year. — I-Net Bridge