After ticking slightly higher in early trade, the JSE was a tad softer by noon on Friday, with traders waiting for a lead from external factors.
By noon, the all-share index was down 0,19%, with the gold-mining index down 1,93% and resources off 0,39%. Industrials were off 0,2%. Financials firmed 0,21% and banks advanced 1,01%. The platinum-mining index was virtually unchanged (up 0,03%.)
The rand was bid at 7,11 per dollar from 7,14 when the JSE closed on Thursday, while gold was quoted at $622,92 a troy ounce from $622,75/oz at the JSE’s last close.
“We are basically moving sideways and waiting for external influences. There is a lot of nervousness in the market — it’s almost as if players are waiting for something to happen,” said a Cape Town-based equities trader.
He added that this time of year is normally quiet as many Northern Hemisphere players are away on holiday. But, he said, this year had been exceptionally quiet.
The trader added that the local market might take its lead from Wall Street later on Friday afternoon, as all eyes will be on Fed Chairperson Ben Bernanke’s speech at the Jackson Hole Symposium.
One of the main features of the morning was Impala Platinum, which in addition to releasing its results, announced plans to split its shares on an eight-for-one basis.
A dealer said earlier that splits tended to be positive for shares.
“I think the split will make a world of difference in terms of tradability,” another dealer commented.
Impala was last quoted at R1 325 rand, up R1,05, having traded as low as R1 300 and as high as R1 343,99 so far.
Impala reported a 39% increase in diluted headline earnings per share (HEPS) to 5 989c for the year ended June from 4 322c a year ago. Basic HEPS were also up 39% to 6 006c from 4 325c before.
A final dividend of R22 per share was declared, bringing the total dividend for the year to R87.
AngloPlat was off R1,01 at R818,99.
Among resources, global resources group BHP Billiton was 10c better at R134,30, while Anglo was down R1,64 at R316,86. Petrochemicals group Sasol strengthened R1,90 to R252.
Among gold counters, AngloGold Ashanti was off R10, or 2,9%, at R334,50, Gold Fields fell R2,50, or 1,69%, to R145 and Harmony lost 95c to R100,25.
Among industrials, Swiss-listed luxury goods group Richemont climbed 15c to R33,25 and Bidvest added 34c to R105,34. London-listed brewer SABMiller shed R1 to R134,40, while Imperial gave up R1 to R134.
Cellular network operator MTN Group was off 61c, or 1,06% to R56,69, while Telkom was 20c better at R135.
On the financial front, Sanlam was down 2c to R15, while Santam added a further 50c to R84. Santam has attracted a great deal of interest this week after a joint cautionary announcement with Sanlam on Wednesday afternoon, saying that the parties were in talks that might lead to an offer by Sanlam for the Santam shares it does not already own. Sanlam currently owns 52% of Santam.
Santam’s share jumped 12,5% on Wednesday and closed 250c higher on Thursday at R83,50.
Standard Bank was 104c stronger at R76,24, FirstRand rose 15c to R17,35, Absa was 80c in the black at R99 and Nedbank notched up 120c to R102,70. — I-Net Bridge