The JSE was weaker in noon trade on Friday following a sell-off on world equity markets. The local bourse fared much better than its global counterparts, however, because a sharply weaker rand and higher precious metals prices limited its losses.
By 11.55am, the all-share and all-share industrial indices shed 0,65% and 0,62% respectively. Financials fell 0,77%, with the banks index dropping 1,51%. Resources retreated 0,53% and the banks index dipped 1,51%, but the gold-mining index jumped 1,47%.
The rand was bid at 6,21 per dollar from 6,03 when the JSE closed on Thursday, while gold was quoted at $725,50 a troy ounce from $718,22/oz at the JSE’s last close.
A dealer said that the JSE was weaker in line with world markets, following a sell-off in the United States overnight and Asia this morning.
“It has been all over the show. Golds are helping and the rand is quite weak, so it isn’t as bad as it would have been,” she commented.
On the JSE, London-listed resources group Anglo American weakened R1,69 to R287,01 and BHP Billiton eased 68c to R136,82. Both were down in the region of 4% in London.
Petrochemicals group Sasol tumbled 2,1% or R5,85 to R273,15.
While AngloPlat slipped 1.,5% or R7,89 to R677,02 but Impala climbed R5 to R1 330.
Gold Fields gained 1,51% or R2,40 to R161,40. It earlier traded at a highest level since mid-2002 of R161,75.
On the all-share industrial index, Swiss-listed luxury goods group Richemont rose 1,01% or 32c to R31,87.
Cement producer PPC slumped 3,03% or R12,91 to R413.
Retailer Foschini dropped 3,98% or R2,51 to R60,50 and JD Group gave up 2,81% or R2,49 to R86,01
Food group AVI plunged 4,03% or 70c to R16,66 and Tiger Brands surrendered 2,19% or R3,70 to R165.
Brand management group Barloworld was down 1,9% or R2,47 to R127,30.
Mittal Steel was down 3,65% or R2,70 to R71,25. Before the opening, it reported headline earnings per share of 153c for the quarter ended March 31, down 21,5% from the December quarter’s 195c and 57% from the corresponding period last year.
On the financial front, life insurer Sanlam lost 2,16% or 35c to R15,85 but London-listed Old Mutual firmed 14c to R21,80.
Standard Bank slipped 1,42% or R1,20 to R83,40, FirstRand fell 1,57% or 30c to R18,75 and Nedbank was 2,07% or R2,85 lower at R134,50. Absa was off R1 at R117. — I-Net Bridge