The JSE Securities Exchange (JSE) was flat in noon trade on Tuesday, having surrendered earlier gains in a late-morning sell-off. Dealers said that it had been a quiet morning on the local bourse, which had been mostly mixed and order driven.
By 11.58am, the all-share index was flat at 14 310,69 after trading as high as 14 368,54 at about 11.30am. Industrials were up 0,18% and the gold-mining index was 0,45% stronger. Resources dipped 0,06%, however, and the platinum-mining index lost 0,9%. The financial and banks indices fell 0,19% and 0,76% respectively.
The rand was bid at R6,84 per dollar from R6,81 when the JSE closed on Monday, while gold was quoted at $426 a troy ounce from $427,50/oz at the JSE’s last close.
“There has been selling coming in over the last 20 minutes or so, which has been quite dramatic,” a dealer said. “There is nothing to protect the market. At the moment, there is no reason for buyers to come in.”
He added that volumes had been light. Overseas players were going away for the northern summer-holiday season and the Independence Day holiday in the United States on Monday had left global markets without a major source of direction.
“On the whole, the market has been order driven this morning and there are no real trends. It has been pretty mixed, even within sectors.”
On the resources index, BHP Billiton was 62 cents better at R89,12, but Anglo American was down R1,40 at R159,20.
Sasol climbed 80 cents to R186,70.
Harmony was 1,24% or 74 cents higher at R60,36 and AngloGold Ashanti added R2,18 to R245,38. Gold Fields, however, was off 10 cents at R78,60.
AngloPlat slipped 1,32% or R4,01 to R300 and Impala Platinum eased R3,90 to R591.
Industrials to decline included Swiss-listed luxury goods group Richemont, which retreated seven cents to R22,53.
Brand-management group Barloworld lost 1,35% or R1,28 to R93,50 and Mittal Steel shed 1,07% or 51 cents to R47,30.
Media group Caxton dived 6,54% or 70 cents to R10.
Illovo Sugar was 1,18% or 10 cents lower at R8,35 and Tongaat surrendered 1,16% or 70 cents to R59,50.
On the upside, London-listed brewer SABMiller strengthened 59 cents to R105,40.
Telkom gained 1,22% or R1,35 to R111,85 and MTN Group was 21 cents in the black at R44,51.
Diversified industrial Imperial leaped 2,02% or R2,10 to R106,10.
Retailer Edcon climbed 1,05% or three rand to R288 and New Clicks was 1,31% or 10 cents stronger at R7,75.
On the financial front, Sanlam bounced 1,98% or 23 cents to R11,85, but Liberty Group gave up 1,54% or 91 cents to trade at R58.
Standard Bank slipped 1,08% or 70 cents to R64 and FirstRand fell 1,22% or 17 cents to R13,80. Nedbank, on the other hand, was bolstered 62 cents to R74,60. — I-Net Bridge