The JSE was flat at noon on Tuesday, recouping losses suffered earlier on profit-taking as gold miners provided support after a spike in the gold price.
But synfuels producer Sasol tumbled after saying its joint venture Oryx GTL plant in Qatar was operating at lower-than-planned levels due to start-up challenges.
At 12pm, the all-share index was up by just 0,09%. Resources fell 0,25%, but the gold- and platinum-mining indices added 1,06% and 0,53% respectively.
Industrials improved 0,40%, financials firmed 0,29% and banks gained 0,64%.
The rand was bid at 7,01 per dollar, from 7,03 when the JSE closed on Monday, while gold was quoted at $663,15 a troy ounce, from $661,60/oz at the JSE’s last close.
“We saw mild profit-taking at the opening, but gold miners are helping the market recover the losses,” a Cape Town-based dealer said.
Harmony strengthened 1,12%, or R1,20, to R108,50, GoldFields added 1,35% or R1,65, to R123,65 and AngloGold Ashanti was at R306,80.
Modest gains on the local bourse were dampened by a retreat in petrochemicals group Sasol after the synfuels group said the ramp-up period on its joint-venture Oryx GTL plant in Qatar would be prolonged due to start-up challenges.
Shares in Sasol fell 3,57%, or R9,85, to R266,25.
“As to be expected with a facility of this size and complexity, the plant has experienced start-up operational challenges, most of these limited to individual pieces of equipment,” Sasol said.
Leading platinum stocks advanced, paced by Anglo Platinum with a 1,16%, or R14, gain to R1 224. Business Report said this morning that the company might conclude a complex black economic empowerment (BEE) deal worth billions of rand, including Mvelaphanda Resources and Afripalm, by the third quarter.
Impala Platinum was up 45 cents to R222,45 and Lonmin added R2,81 to R547,81.
Elsewhere, sugar producer Illovo put up a great show after releasing above forecasts year-end results, climbing 3,63%, or 74 cents, to R21,15.
Illovo earlier reported a 43% increase in diluted headline earnings per share to 147,7 cents for the year ended March from 101,4 cents a year ago. A final dividend of 45 cents per share was declared, making a total distribution for the year of 75 cents — up from 62,5 cents a year ago.
On the resources index, Anglo American eased 1,38 cents to R413 and BHP Billiton lost 35 cents to R169,40.
Pulp and paper maker Sappi improved 90 cents to R131,50. International savings and wealth management group Old Mutual eased three cents to R24,84. It said earlier that it has appointed Dean Richards as CEO of Skandia-BSAM, its China operation. — I-Net Bridge