/ 30 July 2007

JSE still firm but financials dip

At midday, the JSE was still firm, but was a tad lower than its strong opening this morning as the financial index started to pull back.

At 12.01pm, the all-share index was 0,98% better as resources added 1,94% and the platinum-mining index climbed 1,20%. However, the gold-mining index was off 0,64%. Industrials gained 0,57%, but financials gave up 0,26% and banks pulled back 0,44%.

The rand was bid at 7,14 to the United States dollar from 7,07 when the JSE closed on Friday while gold was quoted at $662,80 a troy ounce from $660,90/oz at the JSE’s last close.

“The JSE is better, it started with a strong open but financials have started to pull back,” said a Johannesburg-based trader.

She added that the market was still positive at midday, and she wasn’t surprised after the weakness seen on the local bourse last week.

She concluded that it was generally volatile, with light volumes.

At 12.01pm, Anglo American was up 1,89% or R7,45 to R401,45 and BHP Billiton was R6,75, or 3,44%, higher at R203.

Kumba Iron Ore added 3,05% to R179,30.

Among gold miners, AngloGold Ashanti was off R3,59, or 1,21%, at R287,50.

Anglo Platinum recovered R10,01 or 1% to R1 010 and Impala Platinum gained R3,50 or R1,76% to R202,50. Aquarius Platinum shot up R6,45, or 3,26%, to R204.

Anglo Platinum said on Monday that net profit for the six months to end June 2007 was 53% higher to R6,9-billion from the R4,5-billion reported for the six months to end June 2006, while attributable earnings were up 57% from R4,4-billion to R6,9-billion.

Basic earnings a share was up 47% in the first half of the year to R27,44 and headline earnings per share increased by the same amount to R29,43. The board of Anglo Platinum, the world’s largest platinum producer, has approved new capital expenditure (capex) of R6,2-billion for 2007.

Mobile telecommunications company MTN Group edged up 25 cents to R100,60 and Telkom rose 87 cents to R168,97.

Among banks, Standard Bank added 85 cents to R99,35, Nedbank eased 60 cents to R129,25 and Absa dipped R2,30 or R1,73% to R130,60.

Old Mutual edged up five cents to R22,65.

Diversified Industrial company Barloworld eased five cents to R121,75 and Investment Company Remgro added seven cents to R178,55.

Brewer SABMiller gained R4,52, or 2,56%, to R181,10.

Swiss luxury goods group Richemont edged 73 cents higher to R44,23 and petrochemical giant Sasol soared R4,50 or 1,73% to R265.

Media group Johncom added eight cents to R90,15, and Naspers-N retreated 30 cents to R175,50.

Food producer Tiger brands dipped R3,56 or 1,90% to R184. — I-Net Bridge