The JSE was softer Friday midday dragged down by weaknesses in the resource stocks. However, demand was seen for banks and selected industrials stocks.
At 11.49am, the all share index shed 0,45% pulled down by 1,29% loss in the resources index. Gold and platinum mining indices added to the set back by giving up 0,55% and 0,57% respectively. However, financials and banks featured on the upside at 0,15% and 0,16% respectively. Industrials inched up 0,03%.
The rand was bid at 6,9920 per dollar from 6,9800 when the JSE closed on Tuesday, while gold was quoted at $619,75 a troy ounce from $620,45/oz at the
JSE’s last close.
“The market is weak in general seeing that there is a pull back among resources stocks,” a Johannesburg-based trader said.
He added that there was still demand for banks and selected industrial stocks but the demand was not big enough to put the market on the upside.
London-listed resources heavyweight Anglo American lost 1,47% cents or five rand to R334, while BHP Billiton was down 2,22% or R2,88 to trade at R126,58.
Petrochemical producer Sasol was 1,20% or R3,10 in the red at R254,90.
Gold stocks were mostly painted red with Gold Fields losing R1,19 to R130,50 and Harmony was off 1,47% or R1,62 to R108,65. However, AngloGold Ashanti notched up R1,30 to R325,80.
Anglo Platinum gave up R10,01 to R863,99, Impala Platinum retreated 25 cents to R183,75.
Industrial stocks were mixed with London-listed brewer SABMiller gaining R1,29 to R161,29 while Richemont gave up 1,52% or 63 cents to R40,90. Bidvest was off 92 cents to R134,83.
However, steel maker Mittal Steel notched up 50 cents to R97,50 while Highveld Steel was 37 cents worse at R76,63.
MTN Group added 78 cents to R85,78 and Telkom improved by 52 cents to R141,21.
Among the banks and financials, Standard Bank led the pack with 34 cents gain to R94,90. FirstRand edged up three cents to R22,38, Absa added R1 to R125.
London-listed insurance group Old Mutual edged up two cents to R23,70. – I-Net