The JSE remained firm at lunchtime on Tuesday after trading was halted for more than an hour following a technical hitch at the JSE. The JSE stopped trading at 11am and the equity market moved to an opening auction at 12.10pm for 20 minutes and then to continuous trading at 12.30pm.
The JSE said it became aware that it was publishing duplicate multicast data to the equity market and therefore halted all markets at 11am to enable the corrective action steps required to reset all its network equipment.
Yield-X market resumed trading at 11.30am, the Agricultural Market resumed trading at 11.35am and Equity Derivatives resumed trading at 11.35am, it said.
By 12.45pm, the all-share index added 1,04%, led higher by resources, which rose 1,47%, and the platinum-mining index, which advanced 1,23%. The financial and banks indices were 1,06% and 1,61% firmer respectively, while industrials rose 0,59% and the gold-mining index collected 0,53%.
The rand was bid at R6,56 per dollar from R6,51 when the JSE closed on Monday, while gold was quoted at $472,30 a troy ounce from $474,90/oz at the JSE’s last close.
“We had a firm start across the board and were going along strongly when trade was halted. It looks like that strength will continue despite the halt in trade, on the back of the weaker rand and firm world markets,” said a trader.
On the resources index, London-listed Anglo American advanced 1,67% or R3,05 to R185,90 and BHP Billiton was 1,76% or R1,65 better at R95,20.
Petrochemicals group Sasol strengthened 1,40% or R3,10 to R223,90, but was off its best for the day of R229,50.
AngloGold Ashanti added 90 cents to R278,10 and Harmony was six cents higher at R70,51.
Impala Platinum climbed eight rand to R711 and AngloPlat jumped R5,50 to R371.
Among industrials, Mittal Steel was 50 cents stronger at R51,50 and SABMiller was 100 cents firmer at R118,99.
Retailer Pick ‘n Pay, which earlier reported a 16,7% rise in its headline earnings per share for the six months to the end of August 2005, to 55,31 cents from 47,41 cents a year earlier, was down 25 cents to R27,25.
The result was slightly below analysts’ consensus expectations for headline earnings per share of 57 cents.
Woolies was off five cents to R12,45 and Edcon shed 18 cents to R29,42, but Foschini collected 55 cents to R45,55.
On the financial front, Absa was 110 cents or 1,25% higher at R88,80, Nedbank was up 81 cents to R87,50 and Standard Bank jumped 125 cents or 1,88% to R67,50.
Sanlam firmed 1,16% or 14 cents to R12,24 and Liberty Group gained five cents to R64,50. However, London-listed real estate company Liberty International retreated 20 cents to R107,80.
In other news, construction group Waco International has withdrawn its plans to list on the JSE. On September 13, it announced that it had received proposals expressing an interest in acquiring the company and that it was considering these proposals.
On Tuesday, Royden Vice, Waco’s CEO, said Waco is continuing to progress confidential discussions in relation to an acquisition of the company and accordingly is withdrawing its plans to list on the JSE. — I-Net Bridge