The JSE was weaker at midday on Monday, after negative global sentiment saw it surrender early gains. Gold stocks bucked the trend, thanks to a higher bullion price.
By noon, the all share index shed 1,12%. Industrials and financials fell 1,09% and 1,78% respectively, while the banks index tumbled 2,98%. Resources retreated 0,73% and the platinum mining index dropped 2,55%, but the gold mining index gained 1,66%.
The rand was bid at 7,26 per dollar from 7,18 when the JSE closed on Friday, while gold was quoted at $671,35 a troy ounce from $666,85/oz at the JSE’s last close.
“We had quite a nice opening, with gold shares putting on an excellent performance. The gold price and commodities in general were flying,” a dealer said.
“But then we saw some corporate news coming out in the UK. Some of the UK stocks were hurt and that filtered through to our market. Coupled with US and Asian stocks being hurt, we went into negative territory.”
In morning trade, London-listed diversified resources group Anglo American slid 1,75% or R5 to R280 and BHP Billiton dipped 54 cents to R135,35.
Impala Platinum plunged 3,64% or R46,02 to R1 220 and AngloPlat lost 1,2% or R8,60 to R706,50.
Gold Fields, however, leaped 2,92% or R4,84 to R170,45, Harmony was 1,34% or R1,50 higher at R113,50 and AngloGold Ashanti added R1,75 to R342,75.
Swiss-listed luxury goods group Richemont surrendered 30 cents to R30,20 and London-listed brewer SABMiller weakened 54 cents to R122,90.
Brand management group Barloworld gave up 1,85% or R2,11 to R111,99, while generic medicine manufacturer Aspen Pharmacare slumped 3,32% or R1,20 to R34,90.
Mittal Steel was 1,92% or R1,45 softer at R74.
Cellular network operator MTN Group was down 1,63% or 85 cents to R51,15 and media group Naspers lost 1,56% or R1,80 to R113,30.
Construction company Group Five dived 5,08% or R1,50 to R28.
Retailer JD Group dropped 3,02% or R1,92 to R61,67 and New Clicks was 3,33% or 30 cents lower at R8,70.
Banks were also under pressure, with Nedbank sagging 4,21% or R4,80 to R109,20. Standard Bank slid 3,23% or R2,36 to R70,65 and FirstRand fell 2,41% or 40 cents to R16,20 while Absa was 1,81% or 44 cents in the red at R97,55. – I-Net Bridge