The JSE remained in the red at midday on Thursday amid lower commodities prices, but was off its earlier worst levels as the weaker rand limited losses on the local bourse, traders said. By 11.50am the all share index was off 0,24% as resources shed 0,30%, the gold mining index fell 0,88% and the platinum mining index retreated 1,61%. Industrials were flat, but financials were 0,28% lower and the banking index gave up 0,69%.
The rand was bid at 6,12 per dollar from 6,06 when the JSE closed on Wednesday, while gold was quoted at $667,67 a troy once from $675,45/oz at the JSE’s last close.
“We have seen some profit-taking after recent gains and we are weaker across the board today,” said an equities trader.
The trader added that the weaker rand was limiting losses, with the all share index around 100 points off its earlier low thanks to the weaker currency.
Among resources Anglos was up 111 cents to R265,11 after touching a low of R261 earlier, while BHP Billiton was steady at R128, off its earlier low of R126,50. Petrochemicals group Sasol shed 265 cents to R262,35.
Lonmin was up 50 cents to R313,25 after it reported an interim loss per share for the half-year to March 2006 of 47,1 US cents from 51,5 US cents earnings per share in the previous comparative period. Underlying earnings per share rose 152% to 110,3 US cents from 43,8 US cents in the previous period.
Lonmin declared a dividend per share of 45 US cents, up 50% from 30 US cents in the previous interim period.
Earnings before interest and tax increased by 127% to $304-million from $134-million previously.
First half platinum production increased to 405 691 ounces from 366 781 oz in the previous comparative period, while platinum group metals (PGMs) output was 773 062 oz from 666 303 oz previously.
Among gold counters, AngloGold Ashanti was up 220 cents to R331,40, but Harmony Gold was 110 cents softer at R100,30, while Gold Fields was down 250 cents to R148,90.
Impala Platinum gave up R21 to R1 150 and AngloPlat fell 400 cents to R606.
Among industrials, London-listed brewer SABMiller added 266 cents to R130,76.
The company announced on Thursday morning that its associate China Resources Snow Breweries Limited, a subsidiary of China Resources Enterprise, is to invest $35,3-million in the construction of a new brewery in Harbin City in China’s Heilongjiang Province. Construction of the brewery has commenced and is expected to be completed in 18 months with an initial production capacity of 2,3-million hectolitres.
Elsewhere, PPC jumped 292 cents to R421,93 and Tiger Brands was up 93 cents to R169,84.
Among banks and financial stocks, Old Mutual was up six cents to R21,45.
Nedbank was off 50 cents to R125, Standard Bank eased 50 cents to R82,90 and Absa was off 225 cents to R114,60.
Also in the news on Thursday, retailer New Clicks reported an 8,1% increase in headline earnings to R139,5-million for the six months ended in February from R129,1-million for the same period a year ago. Diluted headline earnings per share rose to 40,2 cents from a previous 37,3 cents.
The directors have proposed a cash distribution by way of a reduction of share premium of 11,2 cents per ordinary share, subject to the approval of shareholders.
The company’s share was last down 25 cents, or 2,44%, to R10. – I-Net Bridge