The JSE remained lower at noon Wednesday in tandem with overseas markets but miners managed modest gains amid better precious metal prices and concerns over wage talks. At noon the all-share index off 0,70%. Resources fell 0,99%, but the gold and platinum mining indices edged up 0,31% and 0,26% respectively.
Industrials were down 0,38%, financials lost 0,64% and banks gave up 0,66%.
The rand was bid at 6,98 to the US dollar from R6,94 when the JSE closed on Tuesday, while gold was quoted at $667,80 a troy ounce from $666 at the JSE’s last close.
“There isn’t much happening at this stage — we’re following European markets. The market is waiting for the US CPI data and Bernanke’s speech later on,” a Johannesburg trader said.
The United States releases the June CPI data at 2.30pm South African time and Federal Reserve chairperson Ben Bernanke’s semi-annual testimony to Congress at 4pm local time is expected to touch on the troubled US sub-prime housing market.
Gold miners were mixed as investors juggled the threat of industrial action as wage talks continued and a better bullion price, the trader said.
Anglogold Ashanti was up R1,59 to R302,60, Gold Fields gained R1,06 to R122,06 but Harmony fell R1 to R102.
Among platinum stocks, Anglo Platinum gained R7 to R1 087 and Impala Platinum inched up 30 cents to R219,80.
On the resources index, Anglo American fell 1,89%, or R8,65, to R450 and BHP Billiton shed R1,80 to R208,44.
On the industrial front, brewer SABMiller perked up 1,31%, or R2,39, to R185,50 and luxury goods group Richemont dipped 40 cents to R44,76. It said earlier that overall sales grew by 9% at actual exchange rates from April to June 2007, the first three months of its financial year.
The company also reported that underlying growth of 15% at constant exchange rates was offset by the weakness of dollar-related currencies and the yen during the period.
Elsewhere, IT group Datatec was 25 cents weaker at R41,45. Just before the market opened, the company said that its subsidiary Westcon had acquired the assets of ReView Video LLC, a US distributor of audio, network, videoconferencing and VoIP solutions, for a cash consideration of $25-million.
Retailer Woolworths slipped 1,76%, or 39 cents, to R21,80. It said earlier that it expects final headline earnings per share and earnings per share to be between 15% and 25% higher than the previous year. – I-Net Bridge