The JSE Securities Exchange (JSE) was higher in noon trade on Thursday, taking its cue from stronger world markets. However, overall gains were pared by a stronger rand, which took resources into the red.
By 11.57am, the all-share and all-share industrial indices added 0,18% and 0,33% respectively. Financials firmed 0,59% and the banks index was 0,88% in the black. On the downside, resources retreated 0,3%, the platinum-mining index lost 0,39% and the gold-mining index tumbled 2,59%.
The rand was quoted at R6,38 per dollar from R6,42 when the JSE closed on Wednesday, while gold was quoted at $421,60 a troy ounce from $419,80/oz at the JSE’s last close.
“The market has pulled back slightly from its highs, although we are seeing good moves upwards. World markets are looking solid, but the rand has improved, which has impacted a bit on the negative side,” a dealer said.
On the resources index, BHP Billiton was 25 cents better at R76,10 and Anglo American added 18 cents to R148,20.
Kumba surged 3,36% or two rand to R61,50.
Petrochemicals group Sasol, however, slipped 65 cents to R154.
Gold Fields slumped 3,9% or R2,61 to R64,30, AngloGold Ashanti shed 2,04% or R4,25 to R204,50 and Harmony surrendered 1,83% or 80 cents to R43.
While AngloPlat improved R1,50 to R258,50, Impala was off R4,99 at R532,01.
On the industrial market, London-listed brewer SABMiller was 1,7% or R1,67 softer at R96,52.
Before the opening, it reported basic earnings per share of 94,1 United States cents for the year ended March 31 2005, from 54,1 cents a year ago.
Adjusted earnings per share (EPS) were up 33% to 103,2 US cents, while in sterling terms, EPS were up 22% to 55,9 pence, from 45,8 pence a year ago. In South African currency terms, adjusted EPS were up 17% to 641,8 cents, from 547,6 cents before.
The board proposed a final dividend of 26 US cents, making a total for the year of 38 US cents — an increase of 27% over the prior year.
“SABMiller’s results were good to a degree, but I’m not surprised they are slightly easier. There are concerns about a slowdown going forward, particularly in the US,” the dealer commented.
Food group Tiger Brand, however, rose 1,25% or R1,25 to R101,15. After the close on Wednesday, it reported headline earnings per share of 422,6 cents for the half-year to March, compared with pro forma headline earnings per share of 326,9 cents.
The pro forma numbers exclude the contributions from Spar, which was unbundled from Tiger Brands and listed on the JSE on October 18 last year.
An interim dividend of 135 cents was declared, a 35% improvement on last year’s 100c per share interim dividend.
Telkom gained 1,07% or R1,20 to R113 and MTN Group was up 1,07% or 49 cents at R46,09.
Pulp and paper producer Sappi surged 3,46% or R2,19 to R65,50.
Retailer Edcon bounced 3,09% or eight rand to R267 after going under pressure on Wednesday despite releasing strong results.
“Edgars were smashed yesterday when they should have been up,” the dealer commented.
IT group Datatec soared 3,71% or 37 cents to R10,35 as the market continued to react to good results released on Wednesday.
On the financial front, investment bank Investec plc leaped 3,03% or R5,60 to R190,50, while Investec Ltd rallied 3,3% or six rand to R188.
Before the opening, Investec reported EPS before exceptional items and goodwill amortisation increased 35,6% from 103,8 pence to 140,8 pence. The group proposed a final dividend of 37 pence (437 cents) per share, which represents a full-year dividend of 67 pence, an increase of 15,5%. At year-end 2004, the dividend per share was 58 pence.
Standard Bank strengthened 1,62% or R1,05 to R65,90 and FirstRand firmed eight cents to R13,84.
While Liberty Group was up 1,41% or 90 cents at R64,85, African Life was 20 cents lower at R23,75.
Real-estate company Liberty International plc was one rand lower at R111,98. — I-Net Bridge