The JSE was marginally weaker in noon trade on Friday following a choppy morning’s trade during which the bourse tried to find its feet following Thursday’s futures close-out. The market was relatively quiet and just over R2-billion-worth of shares had changed hands.
By 11.59am the all-share index eased 0,13%. Industrials slipped 0,34%, financials fell 1,02% and the banks index tumbled 2,06%. Resources rose 0,61% and the platinum-mining index climbed 0,38%, but the gold-mining index lost 0,64%.
The rand was bid at 7,42 per dollar from 7,40 when the JSE closed on Thursday, while gold was quoted at $651 a troy ounce from $648,65/oz at the JSE’s last close.
“It is a pretty flat market. After futures close-out certain positions are still being wound down,” a dealer said. “The build-up to close-out distorts the market and as it winds down, the market tries to finds its feet again.”
He added that it was also Friday and players were “taking it easy” ahead of the weekend.
In morning trade, global resources group BHP Billiton picked up 1,48% or R2,20 to R151,20. Anglo American added R3,15 to R356.
Petrochemicals group Sasol, however, was R1,50 softer at R215 and Kumba Iron Ore weakened 1,16% or R1,50 to R127,50.
AngloGold Ashanti shed R1,99 to R320, Harmony was 86 cents lower at R99,85 and Gold Fields dipped 45 cents to R126,30.
DRDGOLD, however, surged 20 cents to R4,35. It said on Friday that it is in the process of finalising an agreement for the sale of its Fijian assets.
While AngloPlat surrendered 1,45% or R15,20 to R1 029,80, Impala leaped 2,09% or R4,22 to R206,47.
Among industrials, transport and logistics group Imperial retreated 1,45% or R2,09 to R142,51.
Mittal Steel slid 2,64% or R2,90 to R107,10.
Telkom gave up 1,77% or R2,99 to R166, while MTN Group surrendered 90 cents to R90,10.
Construction company Group Five, however, jumped 2,62% or R1,30 to R51.
Retailer Edcon strengthened 1,02% or 45 cents to R44,75. Edcon on Friday said it would hold a meeting on April 16 at which shareholders will be asked to approve Bain Capital’s buy-out offer for the company.
United States-based Bain is offering Edcon shareholders R46 per ordinary share.
Should the offer receive shareholder and high court approval, Edcon shares will be suspended from the JSE on April 26 and delisted on May 18.
Consumer brands group AVI advanced 1,54% or 30 cents to R19,80.
Banks were under pressure, with FirstRand sliding 3,12% or 70 cents to R21,75. Standard Bank was 1,78% or R1,76 softer at R97,19, Nedbank weakened 1,65% or R2,17 to R129,42 and Absa was R1 in the red at R128,80. — I-Net Bridge