The JSE was a touch weaker at noon on Monday on jitters ahead of the interest rates decision later this week, but miners gained on the back of a weaker rand and higher commodity prices.
At noon the all-share index was off 0,09%. Resources added 0,19%, the gold and platinum mining indices gained 0,76% and 0,23% respectively. Industrials fell 0,18%, financials were down 0,52% and banks shed 0,95%.
The rand was bid at 7,12 to the US dollar from 7,08 when the JSE closed on Friday, while gold was quoted at $671 a troy ounce from $668,25 at the JSE’s last close.
“Banks, retailers and some industrial stocks are taking a beating ahead of the interest rates decision on Thursday,” a Johannesburg-based dealer said.
The South African Reserve Bank’s monetary policy committee announces its interest rate decision on Thursday afternoon. Economists said a rate hike was on the cards and the debate at this stage centred on the severity of the hike.
“But the losses are restricted by gains for mining stocks due to a weaker rand and higher commodity prices,” the dealer said.
On the resources index, Anglo American was off R1,15 to R434 but BHP Billiton was up 1,11%, or R1,95, to R178,25.
Synfuels producer Sasol fell 1,01%, or R2,62, to R256,38.
Among gold counters, Anglogold Ashanti was up 1,50%, or R4,50, to R305,50 and Gold Fields added 73 cents to R123.
Platinum miner Anglo Platinum was off R2,02 to R1 221,98 but Impala Platinum picked up R1,11 to R222,11.
International investment bank Brait dropped 3,73%, or R1,20, to R31. Brait, which is also a major private equity player in the country, earlier reported diluted headline earnings per share of 301,5 cents for the year ended March from 256,7 cents a year earlier. In US dollar terms, diluted HEPS were up 6,2% to 42,8 US cents.
Global IT group Datatec shed 10 cents to R40,50. It said earlier that it has acquired from Carotek its Information Technology Division (Carotek ITD), based in Matthews, North Carolina for $6,9-million.
The acquisition is to be settled through $3,4-million in cash and the issue of 624 092 new ordinary shares in Datatec.
Among banks, Standard Bank weakened 1,81%, or R1,94, to R104,95, Nedbank lost 1,17%, or R1,72, to R145,90 and Absa was down 24 cents to R136,76.
Clothing and food retailer Woolworths gave up 1,35%, or 30 cents, to R22, Pick ‘n Pay dropped 2,86%, or R1,06, to R35,94 and JD Group tumbled 3,66%, or R3,01, to R79,20. – I-Net Bridge