The JSE was softer midday on Wednesday with dealers saying most stocks were overbought during Tuesday’s bull run. However, selective buying was giving the market underlying support.
At 12.05pm, the all-share and industrial indices were down 0,63% and 0,08% respectively. Resources gave up 1,43%, the gold-mining index fell 0,89% and the platinum-mining index was down 2,47%. The banks were 0,08% in the red but the financials index added 0,08%.
The rand was bid at R7,3275 per dollar from R7,29 when the JSE closed on Tuesday, while gold was quoted at $625,50 a troy ounce from $627,65 at the JSE’s last close.
“A bit of selective buying is giving the market underlying support. But the bearish tone in Asian markets is fuelling profit-taking seen throughout the morning,” a Johannesburg-based trader said.
He added that the market needed a driver as the movements in both the rand and the gold price provided little information as to where the market should go.
London-listed global resources group Anglo American tumbled 1,55% or R5,41 to R343 and BHP Billiton was down 1,89% or R2,80 to R145,40.
AngloGold Ashanti gave up R2,24 to R319,49 and Gold Fields plummeted 2,075% or R2,73 to R129. Harmony was 1,30% or R1,50 worse at R113,70.
Anglo Platinum surrendered 2,84% or R25 to R855, Northam Platinum tumbled 3,505% or R1,62 to R44,60 and Impala Platinum was 2,21% or R4 worse at R177.
Petrochemical giant Sasol inched up 10 cents to R260,60.
Among the industrials, Remgro was R1,20 worse at R156,80.
London-listed global brewer SABMiller was down 27 cents to R148,05. However, Tiger Brands gained 1,97% or R2,99 to R155.
Cellular operator MTN group gave up 28 cents to R70,52.
Cement maker Pretoria Portland Cement (PPC) gained 2,37% or R9 to R389. Earlier on Wednesday PPC reported a sharp rise in earnings, with headline earnings per share of 2 260 cents for the year ended September — up 31% from 1 724 cents a year ago.
A final dividend of 1 100 cents per share was declared, up 31% from 840 cents a year ago, as well as a special dividend of 770 cents per share. The total dividend for the year amounted to 2 200 cents from 1 900 cents a year ago.
Among the financial counters, London listed insurance group Old Mutual edged up 10 cents to R24,40. Standard Bank was flat at R70,52 and FirstRand was a mere cent firmer at R19,59. Absa fell R1,07 to R112,71. — I-Net Bridge