The JSE was marginally higher in noon trade on Friday, lifted by resources stocks. The market was quiet, however, and lacked clear drivers.
By 11.58am, the all-share index added 0,21%. Resources rose 0,77%, although the gold- and platinum-mining indices were off a modest 0,04% and 0,08% respectively. Industrials were flat (-0,01%). Financials fell 0,49% and the banks index was 0,44% in the red.
The rand was bid at 7,19 per dollar, little changed from when the JSE closed on Thursday, while gold was quoted at $662,15 a troy ounce from $663,75/oz at the JSE’s last close.
“There is nothing going on. There are just small volumes going through. I think a lot of guys are on holiday from Wednesday,” a dealer said.
He added that world markets were also on the flat side.
Commodities remained fairly strong and this was lifting resources, he commented.
“Anglo is under a bit of pressure, mostly from the United Kingdom. I think it was run up too much,” he commented.
Sasol, on the other hand, was performing strongly, lifted by the oil price. There was also talk in the market that it was looking cheap, the dealer explained.
Overall, the market was pretty directionless, he concluded.
In morning trade, London-listed Anglo American dipped 50 cents to R372,50 but BHP Billiton jumped 2,06% or R3,20 to R158,60.
Petrochemicals group Sasol leaped 3,38% or R7,50 to R229,50.
Kumba Iron Ore rallied 3,2% or R4,40 to R141,90 after trading at a record high of R142,01.
While Impala Platinum improved R1,25 to R217,25, AngloPlat slipped R9 to R1 071.
Gold Fields gave up 45 cents to R130,10.
Among industrials, Swiss-listed luxury goods group Richemont retreated 1,45% or 60 cents to R40,65.
Transport and logistics group Imperial picked up 1,93% or R2,90 to R153 and services group Bidvest strengthened 1,28% or R1,80 to R142,80.
Cellular network operator MTN Group gained 89 cents to R95,99.
Pulp and paper producer Sappi, however, was 3,33% or R3,58 softer at R104,01.
On the financial front, London-listed Old Mutual was off 15 cents at R24 and Sanlam surrendered eight cents to R19,80.
Banking group FirstRand fell 14 cents to R23,35, Nedbank weakened 50 cents to R134,50, Absa eased 69 cents to R135,76 and Standard Bank was 23 cents in the red at R101,99. — I-Net Bridge