The JSE was flat in noon trade on Wednesday, with the positive effect of stronger world markets being offset by a stronger rand and lower precious metals prices. Volume-wise, it was a quiet morning’s trade, with just over R1,3-billion worth of shares changing hands.
By 12.10pm, the all share index was up a neither-here-nor-there 0,04%. Industrials climbed 0,27%, while the financial and banks indices firmed 0,69% and 1,22% respectively. Resources retreated 0,55%, the gold mining index tumbled 2,56% and the platinum mining index slid 1,55%.
The rand was bid at 6,58 per dollar from 6,62 when the JSE closed on Tuesday, while gold was quoted at $488,25 a troy ounce from $492,64/oz at the JSE’s last close.
A dealer said that it had been a pretty quiet morning on the JSE.
“We are picking up from overseas markets. The indication is that Wall Street will go better so the momentum is up,” he said.
“On the downside, there is profit taking in commodities which has led to weakness in resources stocks. The rand is stronger as well.”
He noted, however, that the selling in the resources sector was not aggressive and that it had been matched by buying elsewhere.
On the resources index, London-listed BHP Billiton was 95 cents better at R98,60, but Anglo American lost R1,10 to R208,50.
Petrochemicals group Sasol slipped R1,01 to R228,50.
AngloGold Ashanti shed 2,56% or R7,55 to R287,50, Gold Fields fell 2,38% or R2,51 to R102,99 and Harmony was down 2,28% or R1,98 to R84,77.
Junior miner Western Areas dived 6,35% or two rand to R29,50.
Impala Platinum weakened seven rand to R860, while AngloPlat slumped 2,46% or R11,50 to R456,50.
Industrials to advance included Swiss-listed luxury goods group Richemont, which rose 19 cents to R27,05.
London-listed brewer SABMiller strengthened 79 cents to R117,30.
Food group Tiger Brands firmed 1,65% or R2,35 to R144,85.
Retailer Pick ‘n Pay rebounded 2,41% or 64 cents to R27,25, while Shoprite leaped 2,53% or 43 cents to R17,45.
Wesco, the holding company of Toyota South Africa, was up 2,67% or eight rand at R308 after rocketing to a record high of R329 at the opening.
After the close on Monday, Wesco said that it expects its headline earnings and earnings per share for the six months ended September to increase by between 55% and 65% compared to restated earnings for the corresponding period last year.
Electronics group Reunert rallied 2,99% or R1,50 to R51,75 having touched a lifetime best of R52,50.
While Telkom inched up 25 cents to R139,25, MTN Group eased 34 cents to R59,66.
Brand management group Barloworld weakened 1,16% or R1,25 to R106,70 and hospital group Netcare was 1,86% or 13 cents softer at R6,87.
On the financial front, life assurer Sanlam picked up 1,22% or 16 cents to R13,27, while London-listed Old Mutual was up 11 cents at R16,78.
Banking group FirstRand bounced 1,57% or 25 cents to R16,15 and its major shareholder RMB Holdings strengthened 1,45% or 35 cents to R24,45.
Absa advanced 1,97% or R1,75 to R90,75, Nedbank was bolstered 70 cents to trade at R91 and Standard Bank was 45 cents in the black at R69,50. – I-Net Bridge