The JSE Securities Exchange (JSE) remained firmer at midday on Monday, but was off its record high reached in early trade. While a weaker rand was buoying the bourse, gold stocks and banks were paring gains.
At 12.03pm, the all-share index was up 0,25% at 15 061,19. It reached a record 15 117,24 in early trade. Industrials and resources had risen 0,31% and 0,46% respectively, while the platinum-mining index had climbed 0,63%.
Financials had fallen 0,12%, the banks index was down 0,45% and the gold-mining index was 0,53% in the red.
The rand was bid at R6,67 per dollar from R6,61 when the JSE closed on Friday, while gold was quoted at $424,85 a troy ounce from $425,14/oz at the JSE’s last close.
“The market is coming off. It was up about two-thirds of a percent at one stage,” a dealer said. “Golds and banks are under pressure, but besides that, the market is still firm.”
He added that the weaker rand was the main reason for the strength. Sentiment was also still positive.
Petrochemicals group Sasol led the market’s upside, strengthening 2,14% or R4,10 to R195,50.
“Sasol is having a nice run again after being knocked from R200 to R190,” the dealer commented.
London-listed diversified resources BHP Billiton was 52 cents better at R91,20 despite being down in London. It earlier traded at a lifetime high of R92.
AngloPlat added 1,65% or five rand to R308.
Mittal Steel jumped 2,01% or R1,05 to R53,40 and pulp and paper producer Sappi perked up 1,42% or one rand to R71,50.
London-listed brewer SABMiller was 72 cents stronger at R114,40 after reaching a record high of R115,49.
Telecoms group Telkom, which reached an all-time high of R125, was trading at R124, making for a 1,64% or two rand gain on the day.
Transport and logistics group Imperial ticked up 71 cents to R114,41 and retailer Truworths was 1,39% or 25 cents in the black at R18,27.
Financial-services group Sanlam was 1,1% or 13 cents stronger at R11,94 and Old Mutual was up nine cents at R14,90.
Short-term insurer Mutual & Federal firmed 1,89% or 50 cents to R27after it reported a 93% increase in headline earnings per share for the six months to the end of June to 239 cents from 124 cents for the comparable period last year.
The group declared an interim dividend per share of 40 cents — a 60% increase on the 25-cent dividend declared for the previous comparable half-year.
On the JSE’s downside, cellular network operator MTN Group surrendered 40 cents to R49,60.
Standard Bank was 51 cents softer at R71,99, although it earlier reached a record R73.
Absa lost 40 cents to R90,10 and Nedbank weakened 30 cents to R83,20.
Investec tumbled 2,38% or five rand to R205 after going ex-dividend of R4,37 a share.
Gold-miner Harmony fell 54 cents to R55 and AngloGold Ashanti shed one rand to R238.
Iron-ore miner Kumba was 45 cents softer at R69,50.
London-listed diversified resources group Anglo American dipped 26 cents to R160,64. — I-Net Bridge