The JSE was firmer in noon trade on Wednesday, having touched a record high in early trade when the rand was weaker. Due to anticipation ahead of consumer inflation data — which was released at 11.30am — and lack of news to drive the market, it was a quiet morning’s trade, dealers said.
By 12.07pm, the all-share index was up 0,43% at 16 523,5 after touching a highest-to-date 16 563,221. Industrials were 0,94% stronger. Resources rose 0,27%. Financials dipped 0,08%, however. The gold- and platinum-mining indices slid 0,97% and 0,73% respectively, while the banks index was 0,54% in the red.
After reaching R6,45 earlier in the morning, the rand was bid at R6,41 per dollar from R6,43 when the JSE closed on Tuesday. Gold was quoted at $462 a troy ounce from $461,40/oz at the JSE’s last close.
“Volumes have been very thin. All eyes were on this morning’s inflation numbers, which came in close to consensus,” said T-Sec’s Lavan Gopal.
He added that the rand’s weakness overnight had seen Anglo American and BHP Billiton pushed up. Even though they had come off their highs as the currency recovered, they were still in positive territory.
However, some of the gold and platinum stocks had weakened when the rand entered positive territory. Precious metals prices were also lower, he noted.
Gopal said that stocks such as Richemont, SABMiller and MTN Group also featured on the JSE’s upside. There had already been positive analyst reports on these stocks, which were being driven higher in anticipation that more would follow.
In morning trade, Anglo added 1,35% or R2,50 to R188,30 and BHP Billiton climbed 1,09% or R1,09 to R101,40.
Swiss-listed luxury-goods group Richemont rallied 2,62% or 65 cents to R25,45.
London-listed brewer SABMiller was 1,85% or R2,25 better at R123,75 after earlier trading at an all-time high of R124.
Brand-management group Barloworld, which earlier reached a record high of R116,11, was 1,22% or R1,40 in the black at R116.
Cellular-network operator MTN group jumped 1,48% or 70 cents to R48,10 and media group Naspers strengthened 1,03% or one rand to R98.
Investment company Remgro rose 1,34% or R1,44 to R109,19.
Absa was pick of the banks, adding 30 cents to R92,50.
On the JSE’s downside, petrochemicals group Sasol slipped 1,43% or R3,50 to R240,50, although it earlier traded at a strongest-to-date R245,30.
AngloPlat slumped 2,85% or R10 to R341.
AngloGold Ashanti shed 1,82% or R5,01 to R270 and Gold Fields fell 1,01% or 90 cents to R88,45.
Gases and welding products group Afrox surrendered 2,36% or 55 cents to R22,80.
Hospital group Netcare weakened 1,11% or seven cents to R6,26.
Retailer Foschini was down 1,08% or 50 cents to R46.
Standard Bank eased 55 cents to R68,80, FirstRand weakened nine cents to R16,45 and Nedbank was 1,14% or R1,03 in the red at R89,50.
South Africa’s consumer price index excluding mortgage rate changes (CPIX) for metro and other areas, which is used by the South African Reserve Bank for its inflation target, rose by 4,8% year-on-year in August after increasing by 4,2% in July, Statistics South Africa said.
August CPIX was expected to rise to 4,8% year-on-year from July’s 4,2%, according to a survey of economists conducted by I-Net Bridge. Economists’ forecasts for CPIX ranged from 4,6% to 5%. — I-Net Bridge