The JSE was a mixed bag just after midday on Monday following a quiet morning’s trade. While a weaker rand gave resources stocks a lift, uncertainty as to what the year held weighed on industrials and financials.
By 12.04pm, the all-share index dipped 0,06%. Industrials lost 0,29% and financials fell 0,3%, while the banks index surrendered 0,73%. Resources rose 0,41%, with the gold- and platinum-mining indices gaining 0,47% and 0,5% respectively.
The rand was bid at 7,25 per dollar from 7,22 when the JSE closed on Friday, while gold was quoted at $608,60 a troy ounce from $608,50/oz at the JSE’s last close.
“The market is very mixed,” a dealer said. “Resources are up — the rand has taken a tumble. Last week was an awful week for mining shares and today [Monday] they’ve steadied.”
He added that on the whole, financials and industrials were lower due to a lack of desire to come into the market.
“People are trying to come to terms with what the New Year is going to bring. There is a feeling that prices are stretched and although I don’t think the market is going to collapse, there is no desire to push prices beyond these levels. Earnings have to catch up with first,” he asserted.
The JSE was down last week, primarily on profit-taking after a very strong December. There was nevertheless still room for the market to correct further, the dealer said.
A few shares had gone ex-dividend and this was also weighing on the market, he concluded.
On the resources index, London-listed Anglo American added R1,38 to R330. BHP Billiton was 94 cents better at R125,01.
AngloGold Ashanti advanced 1,57% or R5 to R322,50 and Gold Fields gained R1,21 to R124,31 but Harmony slipped 1,92% or R2 to R102.
AngloPlat climbed R4 to R810 and Impala improved R1,49 to R168,49.
Lonmin, however, lost 1,09% or R4,35 to R393,60 after going ex-dividend of 386,03 cents per share.
Petrochemicals group Sasol was R1,18 softer at R237,82.
Among industrials, Swiss-listed luxury goods group Richemont retreated 24 cents to R40,65. London-listed brewer SABMiller was 17 cents softer at R162,75.
Media group Naspers slid 1,76% or R2,99 to R167.
After going ex-dividend of 450 cents per share, brand management group Barloworld was down 1,53% or R2,55 at R163,95.
Packaging group Nampak dropped 3,06% or 66 cents to R20,89 and food group Tiger Brands tumbled 2,48% or R4,20 to R165,10.
Nampak and Tiger Brands on Monday started trading without their dividends of 66,1 cents per share and 418 cents per share respectively.
Hospital group Netcare, however, bounced 1,15% or 15 cents to R13,15.
Furniture group Steinhoff strengthened 1,05% or 25 cents to R24,05 and retailer Massmart rang up 1,61% or R1,10 to R69,50.
On the financial front, London-listed Old Mutual firmed 20 cents to R24,09.
However, London-listed real estate group Liberty International retreated 1,81% or R3,48 to R188,45.
Absa was off 1,54% or R1,91 at R121,79, Standard Bank shed 70 cents to R90,80, Nedbank lost 98 cents to R132,02 and FirstRand weakened six cents to R21,75.
Despite going ex-dividend of 153 cents per share, investment company Remgro was 65 cents in the black at R170,50. — I-Net Bridge