After a see-saw ride in the morning, the JSE was trading sideways at midday on Thursday — seemingly tracking the FTSE 100, according to a trader.
At 12:01pm, the all-share index was 0,10% lower from it’s close of 29 105,270 on Wednesday. It was trading at 29 076,820 at midday on Thursday.
Resources gave up 0,08%, the gold mining index climbed 1% and the platinum mining index was off 1,18%. Industrials were flat — trading at 24 555,070 at midday — from Wednesday’s close of 24 556,051. Financials weakened 0,31% and banks rose 0,10%.
The rand was bid at 6,91 to the US dollar from 6,88 when the JSE closed on Wednesday while gold was quoted at $675,90 a troy ounce from $673,10 at the JSE’s last close.
“The market hasn’t reacted to PPI data released today as it wasn’t far from expected. However, there is a cautious sentiment, and the JSE seems to be following the FTSE 100 as it is trading sideways,” a Johannesburg-based trader
said.
He added that the JSE had a see-saw ride throughout the morning. Telkom did well, but there is some speculation about corporate action with Vodacom or Vodafone, but the trader went on to say that nobody knows for sure and that he was watching for any news to be released.
He added that banks are doing well as they have been oversold in the past few weeks, and that the weaker rand is starting to benefit resources. However, he said, Anglo Platinum was pulling the platinum index down.
Anglo American was down 0,35% to R429,50 and BHP Billiton was 59 cents higher at R207,10.
Among gold miners AngloGold Ashanti was R3,35 better at R303,75 and Gold Fields climbed R1,20 at R119,95.
Anglo Platinum pulled back R15 to R1 080 and Impala Platinum gave up R2,65 to R216,35.
Group Five shed 0,62% to R62,60 and PPC eased 0,77% to R44,90. Murray and Roberts added 0,83% to R74,92.
Among banks, Absa was 0,22% higher at R135,30 and FirstRand eased 0,58% to R23,95. Nedbank gained 0,51% to R137,70 and Standard Bank collected 30 cents to R105,50.
Investec gave up 71 cents to R90,30. International specialist banking group Investec advised on Thursday that the majority of its businesses continued to perform well in the three months ended in June.
Mondi pulled back 0,63% to R63 and Sappi rose 0,63% to R120,25.
In the food and beverage sector, brewer giant SAB Miller shed 15 cents to R184 and but Distell was unchanged, trading at R62,50.
Mobile telecommunications company MTN Group strengthened 1,74% to R105 and Telkom shot up 2,83% to R177,40.
Personal goods company Richemont was 10 cents lower to R44,15.
Retailer Woolworths dipped 1,62% to R20,59 and JD Group was five cents lower at R71.
In the real estate sector, Liberty International dropped 1,20% to R152,15. The company said on Thursday that its adjusted earnings per share rose 34% to R18,8 pence for the six months ended June from 14 pence a year ago.
An interim dividend of 16,5 pence has been proposed, up 20% from the previous 13,75 pence.
Financial services group Sanlam eased 21 cents to R23,07. – I-Net Bridge