The JSE was lacklustre on Friday, still following overseas markets. The rand was a tad softer at midday, which helped give a slight boost to the market. Traders said there was buying interest in metals counters, especially BHP Billiton shares, as well as banks.
At 12.01pm, the all-share index was up 0,34%. Resources strengthened 0,33%, while the gold index added 0,59% and the platinum index lost 0,78%. Industrials were flat (-0,02%). Financials lifted 1,04% and banks ascended 1,62%.
The rand was bid at 7 to the US dollar from 7,01 when the JSE closed on Thursday, while gold was quoted at $647,80 a troy ounce from $648,60 at the JSE’s last close.
“The market is still nervous in some places, and there is definitely bargain-hunting seen in shares that have come off in recent times, like banks,” one trader said.
Another trader added: “Even though the market is lethargic, it seems that it is quite toppish and that it wants to have profit-taking.”
They added that current shares lagging are retail stocks as they may be suffering because of the new Credit Act.
Foschini was last up 45 cents to R63,35. The counter is trading at a cum dividend of R1,70, according to one trader.
On the resources index, Anglo American lost R1,70 to R449,50, BHP Billiton climbed 2,03%, or R4,20, to R210,70. Petrochemical giant Sasol pulled back 99 cents to R258,50.
Among gold counters, AngloGold Ashanti gained 1,20%, or R3,20, to R269,20 and Gold Fields eased 50 cents to R108,50.
Platinum miner Anglo Platinum fell R10 to R1 200 and Impala Platinum eased 1,05%, or R2,40 to R225,70.
Among banks, FirstRand added 13 cents to R22,33, Standard Bank gained 2,43% or R2,38, to R100,50, Absa climbed 1,77% or R2,30 to R132,30 and Nedbank rose 1,49% or R1,95 to R133,25.
Brewing giant SABMiller edged up R1,01 to R179,21. — I-Net Bridge