The JSE was lower at midday on Friday weighed down by miners on easing base-metal prices and weaker overseas markets.
At 12.02pm, the all-share index was off 1,28%. Resources lost 1,47% and the gold- and platinum-mining indices fell 1,71% and 1,95% respectively. Industrials weakened 1,09%, banks gave up 1,46% and financials eased 1,26%.
The rand was bid at 7,11 per dollar from 7,12 when the JSE closed on Thursday, while gold was quoted at $655,63 a troy ounce from $654,05/oz at the JSE’s last close.
“Base metal prices are under a bit of pressure, hence we are seeing losses in mining stocks,” a Johannesburg-based dealer said.
He added that a softer tone on overseas markets was adding to selling pressures.
On the resources index Anglo American was down 1,47%, or R6,10, to R409 and BHP Billiton weakened 1,13%, or R1,89, to R165,80.
The Melbourne-based resource giant said earlier that short-term power failures at its Southern African aluminium smelters were taking place in terms of the company’s contract with Eskom and were not having a material effect on production
Synfuels giant Sasol added 1,16%, or R3,05, to R259,95.
Among gold stocks, AngloGold Ashanti was up 1,76%, or R5,37, to R299,63 and Gold Fields was 1,58%, or R1,98, weaker at R123,27.
Platinum miner Anglo Platinum fell 2,21%, or R27,10, to R1 197,90. It said earlier that it has approved a R283-million mine training centre to be constructed on its Twickenham Mine property in support of the social and labour plans for its new mining projects.
Impala Platinum shed 1,93%, or R4,29, to R218,50.
Elsewhere, investment group Hosken Consolidated Investment was unchanged at R75,05 after reporting a 53% increase in adjusted diluted headline earnings per share to 406,15 cents for the year ended March from 265,70 cents a year ago.
Furniture group Ellerine Holdings gained 36 cents to R81,10. It said earlier that Poco International Holdings South Africa, through its wholly owned subsidiary Eurotin South Africa, has sold its approximate 20,2% equity interest in Ellerines.
Among industrials, Barloworld inched up R1,02 to R198,08, sugar maker Illovo picked up 1,03%, or 24 cents, to R23,50 but luxury goods group Richemont was off 38 cents at R42,80.
Fixed-line phone operator Telkom added R1,25 to R166,50 after Business Day reported that government has effectively handed Telkom another four years of monopoly in the landline telephony market after giving Telkom until November 1 2011 to unbundle the so-called “local loop”, which links the national telecommunications network to individual homes and businesses.
Mobile phone group MTN Group was 2,22%, or R2,20, softer at R96,80. — I-Net Bridge