The JSE was in negative territory at midday on Monday after a pull-back in Asian markets encouraged profit-taking locally. Metals prices’ failure to react to a rally in the oil price saw gold and platinum stocks under pressure.
By 12.01pm, the all-share and all-share industrial indices shed 0,61% and 0,69% respectively. Resources retreated 0,47%, with the gold mining index surrendering 1,41% and the platinum mining index losing 1,52%. Financials fell 0,76%, while the banks index was 1,05% in the red.
The rand was bid at 7,21 per dollar from 7,22 when the JSE closed on Friday, while gold was quoted at $647,90 a troy ounce from $647,93/oz at the JSE’s last close. Gold was trading in the mid $650s at lunchtime on Friday.
“The market is taking a bit of a smack,” a dealer said. “There is definitely some profit-taking coming in. The Dow fell marginally on Friday, but today Eastern markets were under pressure and there is a contagion effect.”
He added that emerging markets were generally weaker. The JSE had enjoyed a phenomenal run and people had to take profits at some stage, he asserted.
The dealer noted that the oil price had rallied on Friday, but gold was down from Friday. Gold stocks were weaker as a result. The copper price was also down from Friday, he said.
On the resources index, London-listed Anglo American was up a neither-here-no-there 10 cents at R337,10, while BHP Billiton was unchanged at R139.
Petrochemicals group Sasol eased R1,20 to R245,50.
Gold Fields fell 1,57% or R1,88 to R118,12, Harmony was 1,9% or R1,79 lower at R92,61 and AngloGold Ashanti gave up 1,02% or R3,50 to R338,50.
AngloPlat lost 1,56% or R14,45 to R913,05 and Impala weakened 1,66% or R3,50 to R207,50. Lonmin, however, jumped 1,53% or R6,59 to R437,59.
After rallying to several record highs, coal and industrial minerals group Exxaro slumped 3,08% or R2,25 to R70,75. Kumba Iron Ore tumbled 2,02% or R2,60 to R126.
Among industrials, London-listed brewer SABMiller was R1,23 softer at R163. Swiss-listed luxury goods group Richemont dipped 17 cents to R40,48.
Brand management group Barloworld dropped 2,04% or R3,70 to R177,30.
Tongaat-Hulett slid 3,14% or R4 to R123,21.
Pulp and paper producer Sappi plunged 3,02% or R3,21 to R102,99 and Mittal Steel weakened 1,72% or R1,89 to R108,11.
Cellular network operator MTN Group was down 1,72% or R1,50 at R85,50 and Telkom lost 1,44% or R2,29 to R156,40.
While hospital group Netcare was 1,96% or 30 cents in the red at R15, it earlier touched a lifetime high of R16,75.
Industrial and security products distributor Hudaco, however, leaped 2,65% or R2 to R77,50. It earlier traded at a record high of R78.
Banking group Absa sagged 2,46% or R3,35 to R132,65, Nedbank lost 1,79% or R2,51 to R137,55 and FirstRand fell 1,24% or 29 cents to R23,08. Standard Bank was down a more modest 16 cents at R100,74.
Financial services group Sanlam slipped 18 cents to R18,75 and London-listed Old Mutual was 13 cents lower at R24,67.
Mutual & Federal dived 4,26% or R1,35 to R29,40. The short-term insurer is due to release year-end results on Thursday. – I-Net Bridge