The JSE was looking stodgy just after noon on Thursday after a dull morning’s trade. Dealers said that the market was largely directionless, although a firming of the rand from levels seen earlier in the session had seen some of the resources stocks retrace.
By 12.06pm, the all share index had dipped 0,08%. Resources eased 0,09%, while the gold and platinum mining indices lost 0,58% and 0,32% respectively. Financials fell 0,19% and the banks index shed 0,46%. The all-share industrial index was flat.
The rand was bid at 7,36 per dollar from 7,29 when the JSE closed on Wednesday, while gold was quoted at $616,60 a troy ounce from $615,25/oz at the JSE’s last close.
“The market has come a bit easier, but there is really nothing going on,” a dealer said.
He continued that the rand, which had firmed a touch after trading just above 7,40 earlier in the morning, appeared to be putting a dampener on the bourse.
“But there is no real form behind the market at the moment,” he emphasised.
The dealer added that gold shares were down in the US overnight despite the higher gold price and some of this weakness appeared to be following through locally.
In morning trade, London-listed diversified resources group Anglo American added R2 to R341 but BHP Billiton slipped R1,25 to R144,75.
AngloGold Ashanti climbed 75 cents to R315,50, but Gold Fields fell 40 cents to R125 and Harmony was 2,2% or R2,56 lower at R114,04.
Impala Platinum was off R5 at R1 316.
Among industrials, Swiss-listed luxury goods group Richemont surrendered 32 cents to R36,77, but London-listed brewer SABMiller strengthened 91 cents to R145,51.
Retailer New Clicks, which was pushed up hard in late trade on Wednesday, tumbled 25 cents to R11. Transport and logistics group Imperial, however, rallied 1,7% or R2,50 to R149,60.
Mittal Steel leaped 3,01% or R2,65 to R90,75.
Food group Tiger Brands roared ahead 2,34% or R3,57 to R155,87. The dealer noted that Investec had upped its target price and earnings forecasts for the stock.
While Standard Bank inched 15 cents higher to R87, FirstRand fell 1,07% or 21 cents to R19,40. Nedbank weakened R1,15 to R122,85 and Absa was off 85 cents at R114,35. – I-Net Bridge