After its slide at the opening on the back of weaker United States markets, the JSE was well off its worst levels in noon trade on Wednesday, following a turnaround on European markets. Overall, sentiment remained on the negative side, however.
By 11.57am, the all-share and all-share industrial indices were 0,69% and 0,71% lower respectively. Resources retreated 0,77%, the gold-mining index lost 1,26% and the platinum-mining index slipped 1,56%. Financials fell 0,53% and the banks index was 1,69% in the red.
The rand was bid at 6,62 per dollar from 6,54 when the JSE closed on Tuesday, while gold was quoted at $653,75 a troy ounce from $662/oz at the JSE’s last close.
“We have picked up off our lows. All the European markets have turned positive and we are just following that,” a dealer said.
The Financial Times reported that European equities recovered early, while sharp losses were seen on Wednesday as banks and oil stocks turned around, supported also by strength in telecoms stocks, which have shown defensive qualities during recent market volatility.
They had opened weaker following a slide on Wall Street overnight, which followed a disappointing sales report from retailer Wal-Mart.
The dealer said that even though the JSE was well off its lows, it was still in the red and sentiment remained on the negative side.
“I think overall people were expecting a downturn and that the bounces we saw last week would be short lived,” she commented.
On the resources index, London-listed Anglo American was off R1,10 at R261,40, but BHP Billiton was 90c better at R129,20.
Petrochemicals group Sasol slumped 3,48% or R8,92 to R249,10.
AngloGold Ashanti shed 1,63% or R5,06 to R305, Harmony slid 1,72% or R1,65 to R94,35 and Gold Fields fell R1,24 to R141,90.
AngloPlat weakened 1,72% or R10,31 to R590,20 and Impala surrendered 1,77% or R20 to R1 110.
On the all-share industrial index, Swiss-listed luxury goods group Richemont rallied 1,8% or 55c to R31,15.
Media group Naspers dropped 3,76% or R4,76 to R121,80.
MTN Group slid 2,87% or R1,63 to R55,20, while Telkom lost 1% or R1,38 to R136,62.
Brand management group Barloworld weakened 2,05% or R2,40 to R114,60, while its subsidiary PP Cement plunged 3,11% or R11,50 to R358,50.
On the financial front, London-listed Old Mutual firmed 1,63% or 33c to R20,56.
Sanlam was 1,91% or 30 c softer at R15,40.
Standard Bank tumbled 2,92% or R2,29 to R76,20, Absa was off 1,85% or R2,02 at R107, Nedbank weakened 1,39% or R1.63 to R115,37 while FirstRand eased 6c to R17,80. — I-Net Bridge