The JSE was just marginally weaker before noon on Tuesday after a directionless morning characterised by light volumes. A marginally weaker rand and a rebound in commodity prices failed to benefit resources stocks.
By 11.55am, the all-share and all-share industrial indices both dipped 0,1%. Financials were a neither-here-nor-there 0,05% softer, while the banks index lost 0,2%. Resources eased 0,12% and the gold-mining index lost 0,42%, while the platinum-mining index was flattish (-0,04%).
The rand was bid at 7,14 per dollar from 7,10 when the JSE closed on Monday, while gold was quoted at $628,30 a troy ounce from $626,55/oz at the JSE’s last close.
“The market is dreadfully quiet. Shares are just marking time and there is no news to get buyers in. There are just pockets of performance but other than that it is very quiet,” a dealer said. “The market is just churning. There is nothing to give it direction.”
A second dealer said that although commodity prices had rebounded, this had not reflected on the JSE.
“There was a bit of a sell-off in the [United] States overnight in terms of the ADRs [American Depository Receipts],” he said, explaining that this weakness had filtered through to the JSE.
A handful of resources shares, such as Impala Platinum, had, however, found support, he added.
Stocks to feature on the JSE’s downside included petrochemicals group Sasol, which slipped R2,49 to R276.
It was reported on Tuesday that Sasol had held preliminary discussions with numerous India companies and government departments regarding the potential for a coal-to-liquids technology in India.
Harmony Gold weakened 1,4% or R1,60 to R112,40 and AngloGold Ashanti shed R2,10 to R342,30.
AngloPlat was off R7,30 at R733,20.
Swiss-listed luxury goods group Richemont slipped 23c to R31,90.
Services group Bidvest was R1 softer at R101.
Telkom lost 1,61% or R1,96 to R119,93 and media group Naspers surrendered 1,66% or R2,04 to R121,06.
Banking group FirstRand fell 13c to R17,42.
On the upside, Impala Platinum climbed R7,05 to R1Â 298.
Coal and iron ore miner Kumba was up 45c at R132,01.
Food group AVI bounced 1,79% or 25c to R14,25.
Retailer JD Group jumped 1,71% or R1,14 to R67,64 and Pick ‘n Pay rallied 1,86% or 55c to R30,15.
Financial services group Sanlam strengthened 1,07% or 16c to R15,05.
Nedbank notched up 61c to R118,61. — I-Net Bridge