/ 9 March 2007

Uncertain JSE drifts weaker

The JSE was slightly weaker in noon trade on Friday, taking its cue from its European counterparts. With key United States non-farm payrolls and trade data both due out at 3.30pm, caution was the order of the day.

By 12.01pm, the all-share index shed 0,19%. Industrials dipped 0,1%, while the financial and banks indices fell 0,53% and 1,2% respectively. Resources were off 0,09% and the gold-mining index surrendered 0,72%, but the platinum-mining index perked up 1,23%.

The rand was bid at 7,37 per dollar, little changed from when the JSE closed on Thursday, while gold was quoted at $653,50 a troy ounce from $654,80/oz at the JSE’s last close.

“We’ve had three quite good days and often on a Friday we see a bit of a pullback,” a dealer said. “Once again, the market is not quite convinced that we are in an uptick again, myself included.”

He added that European markets were also weaker. “World markets are not as strong as they have been over the last couple of days,” he commented.

He said that the market was very cautious due to the key US data that was looming large.

“Everyone is holding back ahead of the jobs figures.”

On the JSE’s resources index, London-listed Anglo American added R1,40 to R346,65 but BHP Billiton lost 1,1% or R1,61 to R144,74.

Petrochemicals group Sasol slipped R1 to R224.

AngloGold Ashanti shed 1,16% or R3,64 to R310,61 and Harmony was down 95 cents at R99,05, but Impala Platinum leaped 1,91% or R3,79 to R201,80 and AngloPlat advanced R9,40 to R1 019,50.

Among industrials, London-listed brewer SABMiller was 65 cents better at R157,65.

Media group Naspers notched up 1,67% or R2,85 to R173,50.

Furniture retailer JD Group jumped 2,88% or R2,75 to R98,35 after trading at a highest-ever R98,50, but Steinhoff tumbled 2,18% or 55 cents to R24,65. Steinhoff and JD Group said on Thursday that they are in talks about a possible merger.

Brand management group Barloworld weakened 1,42% or R2,52 to R175,50 and services group Bidvest slipped 1,15% or R1,61 to R138,39.

While MTN Group gave up 74 cents to R86,35, Telkom gained R1,25 to R164,50.

Standard Bank was 1,48% or R1,50 softer at R100 and FirstRand fell 1,26% or R1,29 to R22,70. — I-Net Bridge