The JSE remained higher at noon on Thursday on the back of Dow’s record moves overnight, but off its opening highs after producer price inflation (PPI) figures came in above forecast.
At noon, the all-share index was up 0,21%. Resources gained 0,17% and the gold and platinum mining indices added 1,11% and 0,29% respectively. Industrials rose 0,23%, financials improved 0,27% and banks firmed 0,29%.
The rand was bid at R6,97 per dollar, from R7 when the JSE closed on Wednesday, while gold was quoted at $684,95 a troy ounce from $685,40/oz at the JSE’s last close.
“We are still higher but we pulled back a bit after PPI data came in worse than expected,” a Johannesburg-based dealer said.
Statistics South Africa’s data showed on Thursday that PPI rose by 10,3% year-on-year in March from a 9,5% increase in February. The PPI rose by 1,2% on a monthly basis after February’s monthly decline of 0,1%.
The PPI was expected to have increased to 9,7% year-on-year in March, a survey of 15 leading economists by I-Net Bridge found.
The Johannesburg-based trader added that local bourse was kept floating by the positive sentiment following a record-breaking performance by the Dow Jones Industrial index overnight.
“Otherwise there really was not much action here — the guys are already on long weekend break,” the dealer said.
South African markets will be closed on Friday for Freedom Day and again next Tuesday, May 1, for Workers’ Day.
On the resources index, Anglo American was up 54 cents to R379,04 but BHP Billiton was off 50 cents to R161,20.
Petrochemicals group Sasol added 31 cents to R245,81.
Platinum producer Anglo Platinum was 99 cents better at R1 226,99 and Impala Platinum added 50 cents to R237. However, platinum miner Aquarius Platinum, which released its production figures on Thursday morning, shed 1,21%, or R2,81, to R229.
It reported a 3,7% increase in attributable production to 124 577 PGM ounces in the quarter ended March compared with the same quarter in 2006, but down 9% from the quarter ended December 2006.
Gold producer DRDGold added 1,56%, or eight cents, to R5,22. It earlier reported a 21% decline in gold production to 103 768 ounces in the quarter ended March from 132 125 oz in the December quarter, reflecting declines in both Australasian and South African production.
The group reported a diluted headline loss per share of 16,7 cents compared with a loss of 12,7 cents in the December quarter, and a loss of 13,4 cents in the March 2006 quarter.
AngloGold Ashanti was up R3,09 to R322,99 and Gold Fields was 1,23%, or R1,60, better at R132,20.
London-listed global brewer SABMiller inched up 79 cents to R164,45.
Brand-management group Barloworld gained 51 cents to R196,51. The company said on Wednesday its industrial distribution division would sell its United States-based Ditch Witch of Georgia business to Charles Machine Works.
Cellphone network provider MTN Group climbed 1,63%, or R1,65, to R103,15 and Telkom was 45 cents in the black at R174,95.
Among the banks, Nedbank fell R1,51 to R153, FirstRand gave up 22 cents to R25,23 and Absa gave up 80 cents to R147,19, but Standard Bank advanced 1,64%, or R1,82, to R111,82.
Insurance giant Old Mutual gained eight cents to R25,20 and Sanlam was 1,62%, or 37 cents, stronger at R23,25. — I-Net Bridge