The JSE was in negative territory in noon trade on Tuesday, dragged down by widespread profit-taking. Weakness in heavyweight dual-listed stocks offshore further weighed on the local bourse.
By 12.04pm, the all-share and all-share industrial indices shed 0,5% and 0,51% respectively. Resources retreated 0,68%, but the gold-mining index was flat (-0,02%) and the platinum-mining index gained 1%. Financials fell 0,29% and the banks index was 0,59% in the red.
The rand was bid at 6,04 per dollar from 6,06 when the JSE closed on Monday, while gold was quoted at $627,15 a troy ounce from $622,15/oz at the JSE’s last close.
“It seems that the market is really toppish and there is just a general profit-taking situation coming through,” a dealer said.
He added, however, that buying was coming back into platinum stocks, which have been knocked of late. The gold price was off its lows seen earlier in the morning, while the high oil price was also having a positive effect.
On the resources index, London-listed Anglo American tumbled 2,05% or R5,49 to R262 and BHP Billiton weakened 95c to R125,30.
Both were down in the United Kingdom, although Anglo’s losses were a lot more modest there.
Diversified miner Kumba weakened R1 to R116.
Harmony Gold lost 50cto R99, but AngloGold Ashanti added R1,75 to R320,75.
AngloPlat jumped 1,39% or R8 to R585 and Impala improved R8,97 to R1 109,99.
Petrochemicals group Sasol strengthened R1,50 to R252,50.
On the all-share industrial index, Swiss-listed luxury goods group Richemont slid 1,79% or 56c to R30,80 although it traded at a record high of R31,60 in early trade. Before the opening, it reported a 17% increase in unaudited sales for the year ended March 2006, to €4,308-billion at actual exchange rates. At constant exchange rates, sales increased by 16%.
The sales trends seen during the first six months of the year and in the pre-Christmas period continued into the fourth quarter of the financial year, the group said.
Particularly strong growth was seen in the specialist watch-making division, which reported growth of 22%.
“Richemont came out with very nice figures. Guys initially bounced the shares, but now a profit situation seems to have come through. The sales numbers were better than expected,” the dealer commented.
Hospital group Netcare, meanwhile, slipped 1,39% or 13c to R9,23 having traded as low as R9,05. This followed its announcement that as part of a consortium it had acquired a controlling interest in the UK’s General Healthcare Group from BC Partner in a £2,2-billion deal.
Food group Tiger Brands tumbled 1,8% or R3 to R164, while generic medicine manufacturer Aspen slumped 2.73% or R1,20 to R42,80.
Media group Naspers slipped 1,51% or R1,96 to R127,86.
Illovo Sugar, however, jumped 1,44% or 25c to R17,60 and Tongaat-Hulett gained 1,55% or R1,49 to R97,49. Illovo earlier traded at a record high of R17,90. It said late on Monday that its earnings per share and headline earnings per share for the year ended March 31 are expected to be between 120% and 130% higher than in the previous financial year.
Mittal Steel surged 2,94% or R2 to R70.
On the financial front, FirstRand fell 18c to R19,67, Nedbank weakened 50c to R125, Absa surrendered 48c to R119,01 and Standard Bank was 27c in the red at R83,23.
Sanlam eased 8c to R15,62, but Liberty Group rose 38c to R80,50. — I-Net Bridge