The JSE was weaker in noon trade on Friday on profi-taking after Thursday’s strong run. Softer world markets contributed to the negativity.
By 12.07pm, the all share index slipped 0,73%. Resources retreated 1,07%, the gold mining index tumbled 2,26% and the platinum mining index lost 1,63%. Industrials and financials fell 0,49% and 0,45% respectively, while the banks index was 0,57% in the red.
The rand was bid at 6,92 per dollar from 6,84 when the JSE closed on Thursday, while gold was quoted at $631,70 a troy ounce from $633,90/oz at the JSE’s last close.
“The market is off its lows but it still has a damp feel to it. Only a handful of names have started to go positive. We’re into lunchtime trading where volumes come off and we start to see abnormal price action,” a dealer said.
He continued that the JSE had rallied on Thursday afternoon on what appeared to be basket buying by futures players. The strength was totally unfounded and the bourse had just given back these gains.
“The rand is starting to come back now. It was strong all day yesterday [Thursday],” he said. “We have seen a pullback in offshore markets. The Dow future is flat and the Nasdaq future is down. These are signs of things to come and after yesterday’s rally people are taking money off the table.”
On the JSE’s resources index, London-listed Anglo American weakened R2,28 to R282,12. BHP Billiton slipped R1 to R131,50.
Anglo said before the opening it would report underlying earnings of $164-million for the half-year to June from diamond miner De Beers.
In the previous comparative period, Anglo reported interim underlying earnings from De Beers of $188-million.
Anglo, which will report its interim earnings on August 4, has a 45% stake in De Beers.
AngloGold Ashanti slumped 2,72% or R9,10 to R325,90. Gold Fields slid 2,12% or R3,09 to R142,75 and Harmony was off 1,64% or R1,66 to R99,34.
AngloPlat sagged 1,79% or R12,50 to R687,50 and Impala was 1,6% or R20,02 lower at R1 234,99.
Petrochemicals group Sasol eased R1 to R249. Among industrials, London-listed brewer SABMiller was 1,13% or R1,50 better at R134,30. Swiss-listed luxury goods group Richemont rose 16 cents to R31,20.
Services group Bidvest, however, slipped 1,03% or R1,05 to R100,65 and transport and logistics group Imperial surrendered 1,54% or R2,10 to R134,40.
Cellular network operator MTN Group tumbled 2,57% or R1,39 rand to R52,60.
Mittal Steel was 1,81% or R1,30 softer at R70,55.
Retailer Woolies plunged 3,65% or 50 cents to R13,20.
Construction group Murray & Roberts dropped 3,08% or 80 cents to R25,20, while Aveng gave up 2,62% or 59 cents to R21,89.
On the financial front, London-listed Old Mutual fell 13 cents to R20,80.
Sanlam slipped 1,53% or 24 cents to R15,40 and Liberty Group lost 1,07% or 82 cents to R76,12.
Banking group FirstRand fell 1,11% or 19 cents to R16,96, Nedbank was down 54 cents at R110,16 and Standard Bank dipped 20 cents to R74,80. – I-Net Bridge