The JSE was little changed at midday on Tuesday in the absence of fresh corporate news and amid worries about global inflation.
At 12:05pm, the all-share index was off 0,05%. Resources gained 0,19%, the gold mining index added 0,05% but the platinum index lost 0,97%. Industrials were down 0,32%, financials were down 0,17% but banks added 0,09%.
The rand was bid at 7,22 to the US dollar from 7,21 when the JSE closed on Monday, while gold was quoted at $652,50 a troy ounce from $652,65 at the JSE’s last close.
“There’s not much happening locally. Overseas markets will continue to dictate direction,” a Johannesburg-based trader said.
He added that a thin corporate news flow and cautious trading ahead of key economic data in the US later in the week is forcing some players to remain on
the sidelines.
Investors will be watching the release of the US May producer-price inflation and consumer price inflation later in the week, which should shed more light on the short-term interest rate direction.
On the resource index, London-listed resource group Anglo American was up R2 to R423,50 and BHP Billiton inched up five cents to R184,80.
Pulp and paper maker Sappi climbed 2,90%, or R3,55, to R126,05 and synfuels group Sasol added 1,20%, or R2,99, to R253.
Gold miner Anglogold Ashanti was up R2,96 to R299,20 and Gold Fields lost 82 cents to R116,03.
Gold Fields said earlier that it is hoping to complete a bankable feasibility study on its Essakane project in Burkina Faso within the next three to four months.
Among platinum stocks, Anglo Platinum eased 1,02%, or R12, to R1 170 but Impala Platinum was up 21 cents to R224,08.
Industrial brands management group Barloworld added R1 to R193, brewer SABMiller lost 40 cents to R171,60 and consumer goods group Tiger Brands was off 50 cents to R180,50.
Life insurer Old Mutual edged down 20 cents to R24 and Sanlam gave up 1,12%, or 26 cents, to R23,05. – I-Net Bridge