/ 29 August 2006

JSE mixed in lacklustre trade

The JSE was a mixed bag just before noon on Tuesday after an unexciting morning’s trade. A slightly firmer rand put a bit of a dampener on the resources sector, but industrials and financials benefited from positive global markets.

By 11.53am, the all-share index eased 0,07%. Resources retreated 0,57%, the gold-mining index gave up 0,72% and the platinum-mining index surrendered 1,31%. Industrials climbed 0,25%, however, while the financial and banks indices firmed 0,41% and 0,66% respectively.

The rand was bid at 7,13 per dollar from 7,15 when the JSE closed on Monday, while gold was quoted at $617,45 a troy ounce from $615,60/oz at the JSE’s last close.

A dealer said that the rand had strengthened slightly, which was putting a bit of pressure on resources, but benefiting banks.

“It is a very mixed market. There is no real news out,” she said.

She noted that world markets were a bit firmer and local industrials and financials were taking their cue for this.

Commented a second dealer: “It’s a very quiet day. The market is drifting on the downside. The rand has firmed up slightly, which has put a bit of a dampener on the market.”

He added that the JSE was “treading water” and there was a general lack of interest at the moment.

BHP Billiton led the JSE’s downside, slipping 75c to R137,70. Anglo American dipped 61c to R317,90.

Petrochemicals group Sasol was R2,10 softer at R253,90.

AngloPlat slumped 1,78% or R15 to R830 and Impala weakened 1,25% or R17 to R1 340.

Harmony Gold shed 1,3% or R1,30 to R98,69, AngloGold Ashanti was off R2,36 at R333,89 and Gold Fields eased 50c to R142.

Coal and iron ore miner Kumba jumped 2,36% or R3,30 to R143,30.

Among industrials, transport and logistics group Imperial rallied 2,75% or R3,75 to R140 and brand management group Barloworld jumped 2,35% or R3 to R130,50.

London-listed brewer SABMiller climbed 30c to R138,20.

PP Cement perked up 1,29% or R4,95 to R389,95.

Retailer JD Group rang up 2,16% or R1,43 to R67,68. New Clicks, however, lost 1,47% or 15c to R10,05.

On the financial front, London-listed Old Mutual firmed 9c to R21,51. Sanlam was 12c stronger at R15,15.

Absa advanced 1,59% or R1,55 to R98,75, Nedbank was 80c better at R104,80, FirstRand firmed 14c to R17,74 and Standard Bank climbed 30c to R78,40.

Liberty Group, however, lost 50c to R72 and health and life insurer Discovery dropped 1,64% or 35c to R21.

Investment company Remgro was R1,24 in the red at R142,75. — I-Net Bridge