The JSE was in negative territory in noon trade on Wednesday on profit-taking following Tuesday’s rally to a record high. Lower commodity prices also contributed to the JSE’s weakness.
By 11.58am, the all-share and all-share industrial indices lost 1,45% and 1,19% respectively. Resources retreated 1,9%, the gold-mining index tumbled 2,25% and the platinum-mining index surrendered 1,43%. Financials fell 0,89% and the banks index was 1,63% in the red.
The rand was bid at 6,89 per dollar, little changed from when the JSE closed on Wednesday, while gold was quoted at $637,55 a troy ounce from $640/oz at the JSE’s last close.
“The market went to a record high yesterday [Tuesday] and today there is definitely some profit-taking coming in,” a dealer said. “But the market is extremely quiet.”
She added that commodity prices had pulled back and the rand remained at its stronger levels. These factors were also keeping the bourse in check.
In morning trade, London-listed diversified resources group Anglo American slid 2,01% or R6,95 to R339,50 and BHP Billiton weakened 1,85% or R2,42 to R128,50.
Petrochemicals group Sasol slumped 2,5% or R6,50 to R253.
AngloGold Ashanti gave up 2,98% or R10 to R326, Gold Fields fell 2,07% or R2,79 to R132,20 and Harmony was 1,66% or R1,88 lower at R111,11.
Impala Platinum sagged 2,15% or R3,99 to R182 and AngloPlat was off R7 at R850.
After soaring almost 7% on Tuesday, Kumba Iron Ore dropped 3,36% or R4 to R114,99. Exxaro was down 2,64% or R149 at R55,01.
Among industrials, Swiss-listed luxury goods group Richemont took a 3,29% or R1,40 knock to trade at R41,10.
London-listed brewer SABMiller, however, inched up eight cents to R161,50.
Services group Bidvest shed 1,55% or R2,10 to R133,10, while transport and logistics group Imperial lost 1,16% or R1,92 to R163,07.
Cellular network operator MTN Group slipped 1,46% or R1,23 to R83,07, but Telkom gained R1,25 to R144,25.
Mittal Steel was 3,01% or R3 softer at R96,75.
Retailer Massmart retreated 3,13% or R2,19 to R67,81.
On the financial front, Sanlam was four cents in the black at R19,04 after touching a record high of R19,35.
Standard Bank surrendered 1,84% or R1,74 to R93,06, FirstRand fell 1,76% or 39 cents to R21,80, Absa eased R1 to R126 and Nedbank dipped 45 cents to R131,80.
Specialist bank Investec was 2,48% or R2,20 in the red at R86,45.
Investment company Remgro was 1,64% or R2,90 weaker at R174,10. — I-Net Bridge