The JSE was just marginally weaker just before midday on Wednesday in extremely quiet trade. Dealers said that while rand hedge stocks were lower on the back of the firmer currency, there was nothing to give the rest of the market direction.
At 11.53am, the all share index was down a neither-here-nor-there 0,04%.
Resources retreated 0,53%, the gold mining index lost 1,38% and the platinum mining index dipped 0,05%. Industrials and financials firmed 0,24% and 0,26% respectively, while the banks index was 0,54% better.
The rand was bid at 6,82 per dollar from 6,85 when the JSE closed on Tuesday, while gold was quoted at $424,65 a troy ounce from $423,05/oz at the JSE’s last close.
“It looks like everyone is sitting on their hands at the moment,” a dealer said.
“Most of the weakness is in golds — which are just tracking what their ADRs did in New York last night — and the rand has dragged most of the rand hedges down.”
He added that while world markets were marginally higher, offshore futures were flat.
The dealer said that the thin trade on the JSE had continued from Monday, when US markets were closed for Independence Day.
“Our market is quieter than most. It is just tracking the currency at the moment, which is the only thing to give us direction.”
On the gold mining index, Harmony tumbled 2,83% or R1,70 to R58,30 and Gold Fields fell 1,97% or R1,55 to R77,15. AngloGold Ashanti, however, was 99 cents higher at R245.
Petrochemicals group Sasol slipped 1,05% or R2 to R188.
London-listed diversified resources group Anglo American was down 90 cents at R158, but BHP Billiton inched 10 cents higher to R89,40.
Swiss-listed luxury goods group Richemont gave up nine cents to R22,65 and London-listed brewer SABMiller weakened R1,01 to R104,20.
Pulp and paper producer Sappi shed 55 cents to R72,20.
Telkom, however, gained 1,12% or R1,25 to R112,50 and MTN was up 43 cents at R44,80.
Brand management group Barloworld jumped 1,96% or R1,85 to R96 and diversified industrial Imperial perked up 1,87% or R2 to R109.
Media group Naspers leaped 2,39% or R2,04 to R87,25.
Financials to firm included FirstRand, which rose nine cents to R14,05. Nedbank climbed 1,16% or 86 cents to R75,01 and Standard Bank ticked 17 cents higher to R64,40. RMB Holdings rose 1,08% or 24 cents to R22,49.
Short-term insurer Mutual & Federal soared 6,67% or R1,50 to R24 after it said in a trading update after the close on Tuesday that it expects basic and headline earnings for the first six months of 2005 to be 60% to 80% higher than those of the prior corresponding period.
While Sanlam was six cents stronger at R11,81, London-listed Old Mutual was 1,02% or 15 cents softer at R14,60. – I-Net Bridge