The JSE was firm with the all share index at a fresh all-time high at midday on Monday in extremely quiet trade, with little fresh news to move the market. After posting early losses, the gold mining index came off its worst levels despite the major gold mining strike which got under way in South Africa on Sunday.
By noon, the all share index was up 0,67% and the industrials were up 0,33%.
Resources advanced 1,13%, the platinum mining index was 0,52% better, but the gold mining index was down 0,94%. The financial index was up 0,42% and the banks index was 0,77% higher.
The rand was bid at 6,4577 per dollar from 6,45 when the JSE closed on Friday, while gold was quoted at $436,95 a troy ounce from $438,20/oz at the JSE’s last close.
“To say that the JSE is quiet this morning is being kind — it’s like a morgue — there has been hardly any turnover,” said an equities trader.
By midday there had been only half a billion rand in turnover.
Many players have opted to take Monday off ahead of Tuesday’s public holiday.
The trader attributed the firmer tone on the market to the slightly softer rand, which was helping resources counters, and the Dow future, which was up about a third of a percent.
After being down over 2% at the opening, the gold mining index had improved and is now down just under 1%.
The National Union of Mineworkers (NUM) proceeded with its first sector-wide gold mining strike since 1987 on Sunday evening. More than 100 000 miners are on strike at the South African mines of AngloGold Ashanti, Gold Fields and Harmony Gold as well as the South Deep joint venture between Western Areas and Canadian gold miner Placer Dome.
Clothing retailer Foschini was the highest value traded share on the JSE, with 1,35-million shares valued at R61,2-million changing hands.
The trader said that there had been two major trades in the stock, which was last quoted down 20 cents at R45,25.
London-listed diversified resources group Anglo American was up 300 cents, or 1,76%, to R173 and BHP Billiton collected 2,23% or 210 cents to R96,25.
Among gold miners, Gold Fields dipped 39 cents to R72,21, while AngloGold Ashanti was off 209 cents to R223,50.
Harmony surrendered 2,03% or 109 cents to R52,61. Earlier South Africa’s third largest miner reported a headline loss per share of 102 cents for the June quarter, compared with a loss of 107 cents for the March quarter.
Harmony was forecast to report a headline loss per share of 74 cents, with the range from a loss of 10 cents to a loss of 149 cents, according to a survey of analysts.
The group’s fully diluted loss per share amounted to 291 cents in the June quarter from a 432 cents loss in the March quarter.
London-listed brewer SABMiller advanced two cents to R115,01, while Sasol advanced 18 cents to R199,20.
Luxury goods group Richemont was up 25 cents to R23,90, and pulp and paper producer Sappi was 79 cents firmer at R68,51.
Among banks and financials, Absa was up 59 cents to R96,30, while Nedbank was up 30 cents to R86,70.
AFX reports that leading shares edged higher in early deals in London, with firm insurers and upbeat numbers from Standard Chartered helping the FTSE 100 shrug off Friday’s weak session by Wall Street and climb to fresh three-and-a-half year highs, dealers said.
The FTSE 100 index was last up 28 points at 5 342,2. US stocks closed lower on Wall Street on Friday, snapping a five-week winning streak, as stronger-than-expected jobs growth in July raised concerns that the Federal Reserve will continue to raise interest rates for the foreseeable future.
The Dow Jones Industrial Average fell 52,07 points to 10 558,03, while the Nasdaq fell 13,41 points to 2 177,91 after posting its biggest one-day drop in two months on Thursday. – I-Net Bridge