The JSE came off in the opening on Wednesday but has come back a bit, supported by a tad lower rand at midday. The bourse has also had a little nudge by the resource index, which has improved.
At 12.01pm, the all-share index was flat (-0,01%). Resources gained 0,50%, the gold index eased 0,76% and the platinum-index slipped 0,12%. Banks pulled back 1,03%, financials shed 0,73% and industrials weakened 0,21%.
The rand was bid at 7,01 to the United States dollar from 6,99 when the JSE closed on Tuesday, while gold was quoted at $665,10 a troy ounce from $663,92 at the JSE’s last close.
“We have come back slightly into a little more positive territory, but industrials and financials are still down. Resources are up which may be helping lift the JSE slightly,” a trader said.
He added that the bourse may have found support from a slightly lower rand, but the rest of the day looks like it will be a bumpy ride and the market will be looking to overseas markets for direction until the Dow’s opening later.
On the resource index, Anglo American climbed R6,70 to R459,70 with BHP Billiton gaining 0,12%, or 25 cents, to R210,20.
Gold miner AngloGold Ashanti retreated 1,23% to R288,60, Goldfields shed 60 cents to R114 and Harmony was 59 cents lower at R101,71. African Rainbow Minerals pulled back R2,49 to R130,50.
African Rainbow Minerals and Xstrata Coal plan to invest R2,9-billion in the development of a major new Greenfield thermal coal mine near Witbank in Mpumalanga.
Among platinum stocks, Anglo Platinum eased R3,02 to R1 176,98 and Impala Platinum added 1 cent to R224,00.
Among banks, FirstRand lost 0,63% to R23,75, Standard Bank shed R1,60 to R105,80, Nedbank gained 0,12% to R139,49 and Absa was off R2,05 to R138,45.
In investment services, Barnard Jacobs Mellet Holdings added 0,75% to R5,35 and the JSE eased 0,26% to R77,90.
Stockbrokerage Barnard Jacobs Mellet Holdings announced on Wednesday that Kevin Jacobs will step down as group CEO, effective August 1 2007. He will, however, remain as an executive director on the board. He will be replaced as CEO by Andile Mazwai. — I-Net Bridge