The JSE remained in the black at midday on Thursday, but was off its earlier best levels as resource stocks retreated as the firmer rand came into play. As was the case earlier in the session, banks and financial stocks were a feature.
By noon, the all-share index was up 0,16%, aided by a 1,59% rise in the banking index and a 0,63% jump in the financial index. After earlier being up about 1%, resources were 0,33% lower and the gold miners declined 0,64%, while the platinum-mining index was 0,55% softer. Industrials collected 0,41%.
The rand was bid at 7,80 per dollar from 7,94 when the JSE closed on Wednesday, while gold was quoted at $568,33 a troy ounce from $566,95/oz at the JSE’s last close.
“We have come off the boil a bit, but banks and financials are still a bit of a feature as they have been overdone on the downside recently,” said an equities trader.
Earlier, the JSE had taken its cue from strong world markets after the Dow Jones hit a second consecutive record high. However, the firmer rand — which is trading about 15c stronger than levels seen when the JSE closed previously — was weighing on resources stocks.
The trader noted that there was good demand for Sasol and Anglo American shares.
Among the banks, Standard Bank collected R1,04, or 1,3%, to R79,75, Nedbank was 30c firmer at R110,50, Absa was up R1,49 to R98,39 and FirstRand added 43c to R18,13. RMB Holdings was up 44c to R27,35. ABIL was up 50c, or 2,28%, to R22,40.
However, Old Mutual was down 8c to R24,70 after a strong run up on Wednesday when the counter rose 3,77%, and Liberty jumped 90c to R72,50.
Among resources stocks, Anglo American was up 3c to R328,25 and BHP Billiton shed 44c to R130,96.
Petrochemicals group Sasol gave up R1,99 to R236.
Among gold counters AngloGold Ashanti was off 76c to R284,30, while Gold Fields declined R2,17 to R135,55. However, Harmony firmed 24c to R103,75.
AngloPlat advanced 1c to R780, but Impala Platinum was down R12,08 to R1Â 260.
Among industrials, global brewing giant SABMiller was up 62c to R146,75, while Bidvest was R2,11 better at R116,01. There was continued interest in diversified industrial brands group Barloworld, with the counter collecting a further R3,30, or 2,47% to R137, after its strong run Wednesday when it added R4,95, or 3,84%.
Yesterday [Wednesday], Barloworld said it expected headline earnings per share and earnings per share from continuing operations for the year ended September to be 25% to 35% higher than the comparable period last year.
PPC was up R5 to R344, while AECI jumped R1 to R62. — I-Net Bridge