Despite reaching a record high in early trade, the JSE was in the red at midday on Monday due to profit-taking following the bourse’s strong run last week. A weaker rand pared the bourse’s losses, however.
By 12.04pm, the all-share index was down 0,2% at 19 679,31 — well off its all-time high of 19 873,609 reached earlier. Industrials and financials fell 0,79% and 0,37% respectively, while the banks index was 1,66% weaker. The gold-mining index gave up 0,53%. Resources rose 0,44%, however, while the platinum-mining index perked up 1,48%.
The rand was bid at R6,15 per dollar from R6,09 when the JSE closed on Friday, while gold was quoted at $561,80 a troy ounce from $562,30/oz at the JSE’s last close.
“We saw some selling coming in, which was expected because the market continued to run last week,” a dealer said.
She added, however, that the market had bounced off its lows. A weaker rand was helping in this regard.
On the resources index, London-listed Anglo American was up R1,06 at R237,34 and BHP Billiton was 30 cents better at R115,30.
Anglo and Billiton earlier traded at lifetime highs of R242 and R117 respectively.
AngloPlat advanced 2,53% or R12 to R487 and Impala, which traded at a strongest-to-date R1 075, was R9,50 in the black at R1 054,50.
Petrochemicals group Sasol was one rand stronger at R247,50.
Gold miner Harmony was 50 cents higher at R106,50, but AngloGold Ashanti shed 1,89% or seven rand to R364 and Gold Fields dipped 30 cents to R136,20.
AngloGold Ashanti touched a record high of R375 at the opening, while Harmony and Gold Fields traded at long-term highs of R108,50 and R138,50 respectively.
DRDGold tumbled 2,46% or 29 cents to R11,50. It earlier reported that it generated gold output of 130 547 troy ounces in the December quarter, down from 135 630 oz in the September quarter.
London-listed brewer SABMiller led industrials lower, losing 1,94% or R2,46 to R124,24. Swiss-listed luxury-goods group Richemont retreated 1,09% or 30 cents to R27,33.
Mittal Steel slumped 2,24% or R1,60 to R69,90, while pulp and paper producer Sappi was 1,94% or R1,60 softer at R80,90. Mittal shares rocketed to a record high on Friday on news that its parent company had made a bid for Arcelor, which has since been rejected.
Hospital group Netcare was 2,55% or 21 cents weaker at R8,04.
Retailer New Clicks, however, rallied 3,06% or 30 cents to R10,10.
Construction group Murray & Roberts rose 14 cents to R20,50.
Illovo Sugar improved eight cents to R14,69.
On the financial front, London-listed Old Mutual surged 3,14% or 63 cents to a highest-to-date R20,68. Dealers said that Old Mutual was lifted by news that Deutsche Bank had rated the stock a “Buy” with a target price of 220 pence. Old Mutual shares reached a strongest-to-date level of 191 pence in London on Monday morning.
Microlender Abil rallied 2,9% or 80 cents to R28,40.
Standard Bank, however, slid 1,41% or R1,17 to R81,60, Absa surrendered 2,32% or R2,59 to R109, FirstRand fell 1,84% or 35 cents to R18,65 and Nedbank lost 1,45% or R1,55 to R105,45. — I-Net Bridge