The JSE was firmer just before noon on Wednesday with stocks marked up on extremely light volumes. While still in the red, gold stocks were off their lows helped by a recovery in the bullion price.
By 11.51am, the all-share and all-share industrial indices added 0,45% and 0,31% respectively. Financials firmed 0,24% and the banks index was 0,19% better. Resources rose 0,71% and the platinum-mining index climbed 0,21%, but the gold-mining index was off 1,77%.
The rand was bid at R6,36 per dollar from R6,33 when the JSE closed on Tuesday, while gold was quoted at $494,90 a troy ounce from $504,40/oz at the JSE’s last close.
“It is very quiet. Volumes have been desperately thin and we have just seen a bit of a bounce back from yesterday’s [Tuesday’s] weakness,” a dealer said.
He added that stocks had merely been marked up on thin volumes. While the market was looking for a bit of value, the thin trading conditions were distorting the picture.
“Gold stocks have been firming through the morning as the gold price has gone more positive. They are lower than when we closed, but higher than the ADR [American Depository Receipts] prices. Gold is around $2 firmer than it was when New York closed and up around $4 from when we opened this morning. We’ve had quite a volatile gold price,” the dealer commented.
On the gold-mining index, Gold Fields was down 2,86% or R3,09 at R105, having traded as low as R103,11. Harmony was 2,58% or R2,14 weaker at R80,75 and well off its intraday low of R79,50.
AngloGold Ashanti was unchanged at R297 after earlier trading at R290.
London-listed diversified resources group Anglo American added 1,27% or R2,68 to R213,42 and BHP Billiton was 2,13% or R2,15 better at R103.
Petrochemicals group Sasol climbed 80 cents to R224,50.
While AngloPlat slipped four rand to R450, Impala was up five rand at R928. It earlier traded at a record high of R932.
Iron-ore miner Kumba was 1,26% or R1,30 softer at R102.
On the all-share industrial index, cellular network operator MTN Group jumped 2,19% or R1,31 to R61,11. Telkom climbed 75 cents to R135,25.
Brand-management group Barloworld was up 50 cents at R108,50 and food group Tiger Brands firmed R1,15 to R141,50.
Retailer Edcon rang up 1,34% or 44 cents to R33,30.
City Lodge Hotels was 1,19% or 50 cents stronger at R42,50 after earlier touching an all-time high of R43.
While transport and logistics group Imperial was down 50 cents at R138,10, it earlier reached a record high of R140.
Pulp and paper producer Sappi was 71 cents softer at R71,29 and Illovo Sugar lost 1,52% or 19 cents to R12,30.
Life assurer Old Mutual firmed five cents to R17,80, but Sanlam eased five cents to R14,85.
Specialist bank Investec plc perked up 1,09% or three rand to R278.
Standard Bank was 25 cents in the black at R75,25 and Nedbank notched up 34 cents to R96,49.
While FirstRand was a marginal two cents lower at R18,48, it reached a highest-to-date R18,81 just after 10am. — I-Net Bridge