The JSE Securities Exchange (JSE) was weaker at midday on Tuesday as players took profits after the bourse’s rally to a record high on Monday. The losses came despite the rand, which was trading at its worst level against the dollar in more than eight months.
By 12.08pm, the all-share and all-share industrial indices eased 0,24% and 0,28% respectively. Financials fell 0,38% and the banks index slipped 1,11%. Resources dipped 0,11% and the gold-mining index surrendered 1,97%, but the platinum-mining index was flat.
The rand was quoted at R6,72 per dollar from R6,65 when the JSE closed on Monday, while gold was quoted at $416,63 a troy ounce from $418/oz at the JSE’s last close.
The gold-mining index was particularly strong on Monday, rocketing 6,4%.
A dealer said that when it came to the rand, it was a question of “what you gain on the roundabouts, you lose on the swings”. While companies such as miners and other exporters will benefit from a weaker rand, retailers are starting to get a bit hurt.
Many of the heavyweight dual-listed stocks bucked the negative trend on the market because they were up in London, the dealer explained.
In morning trade, London-listed resources group Anglo American inched up 30 cents to R163,30. Its intraday high of R163,80 was its strongest since March last year.
BHP Billiton was 75 cents better at R81,75.
Petrochemicals group Sasol, however, slipped 1,17% or two rand to R169.
Gold-miner Gold Fields slumped 1,95% or R1,50 to R75,48, Harmony gave up 4,3% or R2,30 to R51,20 and AngloGold Ashanti was off 1,3% or R2,99 to R227,01.
On the industrial market, brand management group Barloworld bounced 1,14% or one rand to R88,70.
London-listed brewer SABMiller was up 30 cents at R102,30 and Mittal Steel was 29 cents stronger at R50,30.
Food group Tiger Brands was up 30 cents at R106,30 after earlier trading at a best-to-date R106,70.
Pulp and paper producer Sappi was 1,09% or 72 cents softer at R65,20 and media group Naspers tumbled 2,28% or two rand to R85,60 following its rally to five-year highs in recent days.
Retailer Foschini slid 2,26% or 85 cents to R36,75 and Edcon gave up 1,47% or R3,99 to R267,01. Woolies weakened 1,88% or 20 cents to R10,45 and Truworths shed 1,82% or 31 cents to R16,70.
Investment bank Investec plc was a feature on the financial front, forging ahead 2,93% or R5,70 to R200 — its strongest since September 2001.
Old Mutual was five cents higher at R14,38 and real-estate company Liberty International plc rose 74 cents to R120 after earlier trading at an all-time high of R120,10.
Sanlam, however, slipped 1,05% or 12 cents to R11,27.
Standard Bank dropped 2,28% or R1,48 to R63,51, Nedbank weakened 75 cents to R75,95 and FirstRand fell seven cents to R13,78.
Absa, however, added 30 cents to R82,50. — I-Net Bridge