The JSE remained firmer at noon on Thursday, tracking overseas markets and firm Dow futures indicating a strong opening on the United States equities market.
At 12pm, the all-share index was off 0,70%. Resources were 0,80% better; the gold- and platinum-mining indices added 0,27% and 1,10% respectively. Industrials gained 0,56% and banks and financials were up 1,37% and 0,79% respectively.
The rand was bid at 7,31 per dollar from 7,23 when the JSE closed on Wednesday, while gold was quoted at $665 a troy ounce from $664,45/oz at the JSE’s last close.
“There’s not much of a change really. We are still tracking positive tone in the European markets and the Dow futures are indicating a firm opening on the US market,” a Johannesburg-based dealer said.
Dow Jones newswire reports that futures on the Dow Jones Industrial Average rose on Thursday after three straight losses, on hopes that bulls may be tempted to buy stocks after recent market jitters on earnings growth, interest-rate direction, crude-oil prices and the sub-prime lending sector.
S&P 500 futures rose 4,3 points at 1 433,90 and Nasdaq 100 futures climbed 6,5 points at 1 796,75. Dow industrial futures rose 36 points.
Shortly before the opening cellphone network provider MTN Group reported adjusted headline earnings per share of 584,7 cents for the year ended December from 338,2 cents for the previous nine-month period.
A dividend of 90 cents per share was declared, up from 65 cents for the prior period.
The group’s shares were up 2,04%, or R1,87, to R93,62 while Telkom added R1,01 to R166.
London-listed global brewer SABMiller plc was flat (-1 cent) at R156,92. The company earlier announced that its Russian operations are to invest about $170-million in the construction of a new brewery outside the city of Ulyanovsk, which is located about 1 000km east of Moscow.
Ulyanovsk, which lies on the Volga River, enjoys good road and rail links and is home to a number of raw material suppliers.
The new brewery, which will have an initial capacity of three million hectolitres, is expected to be operational in early 2009 and will complement the group’s existing brewery in Kaluga.
On the resources index Anglo American gained R2,50 to R379 and BHP Billiton was up 1,25%, or R2, to R162,50.
Among gold counters, AngloGold Ashanti fell 1,30%, or R4,29, to R325,81 but Gold Fields advanced 1,33%, or R1,79, to R136,09.
Platinum producer Anglo Platinum improved 1,37%, or R15, to R1 110 and Impala Platinum was 1,11%, or R2,45, better at R223,45.
On the industrial front, brand management group Barloworld rose 1,58%, or R2,78, to R178,78 and Imperial added 78 cents to R149,68.
Steel maker Highveld Steel perked up 1,32%, or R1, to R77 while Mittal Steel was flat (-1 cent) at R114,99.
Among the banks and financials, Standard Bank was up 1,15%, or R1,20, at R105,20, Firstrand gained 1,97%, or 45 cents, to R23,30 and Absa was 1,42%, or R1,95, in the black at R139,70.
London-listed insurance giant Old Mutual inched up nine cents to R23,47 and Sanlam edged up 19 cents to R20,20.
Liberty International gained 43 cents to R177,68. The company announced earlier that its unit Capital & Counties and Great Portland Estates have agreed to form The Great Capital Partnership, a 50-50 joint venture, to own, manage and develop a number of central London properties and to broaden both parties’ exposure in central London. — I-Net Bridge