The JSE managed to cling onto its gains by midday on Monday in what traders described as an “unexciting” session. Commodities prices were the main feature on a day that otherwise lacked any market-moving news.
By 11.55am, the all-share index had gained 0,19%, while the all-share industrial index declined 0,31%. Resources rose 0,9%, with the gold-mining index gaining 2,66%. Financials lost 0,21% and the banking index was off 0,22%. The platinum-mining index was 1,33% down despite the strong platinum price.
The rand was bid at 6,09 per dollar from 6,12 when the JSE closed on Friday, while gold was quoted at $597,21 a troy ounce from $588/oz at the JSE’s last close. The platinum price was last quoted at $1 085/oz from a previous close of $1 063,50/oz.
Gold touched an intraday high of $598,50/oz in mid-morning trade on Monday — a fresh 25-year high — as a result of a higher oil price, the general strength of commodities at the moment, as well as short-covering.
“The market is a bit lacklustre, with commodities prices being the main feature. Volumes are lower — and I guess that will be a feature for the rest of the week,” said an equities trader.
Many players have opted to take the week off ahead of the Easter long weekend.
Among resources, Anglo American was up 343c, or 1,39%, to R251, while BHP Billiton last traded at R120,25, up 147c or 1,24%.
Paper and pulp group Sappi was up 30c to R90, while Sasol was down 96c to R231,05.
Among gold-mining stocks, AngloGold Ashanti was up 160c to R324,50, while Gold Fields climbed R3,62 to R141,60 and Harmony Gold soared 5,6% or R5,15 to R97.
In the platinum sector, Anglo Platinum was down R10,34 to R555 and Impala Platinum was down R11,50 to R1 178,50.
Among industrials, SABMiller was up 2c to R119,02, while luxury goods group Richemont was off 26c to R29,97.
In the telecommunications sector, Telkom was down 180c to R148,20, while MTN was 16c softer at R60,85.
Among banks and financial stocks, Nedbank was up 25c to R127, but Old Mutual was down 15c to R21,30. Absa was up 60c to R118,20 and Standard Bank was 48c weaker at R83,11.
In the news, Combined Motor Holdings was down 50c to R111,50 despite a trading update indicating that there is a reasonable degree of certainty that the headline earnings per share and earnings per share for the financial year ended February 28 2006 will be 40% to 50% above those reported previously. — I-Net Bridge