The JSE was in positive territory at midday on Thursday, but off its best levels reached earlier in the morning. The all-share was last up 60 points after having been up 304 points at one stage.
Investors were still offloading stock, according to a trader, who added that there was nervousness in the market after subprime issues and mortgage concerns in the United States continued to overhang local and global markets.
At 12pm, the JSE all-share index gained 0,22%, with the resources and platinum indices flat (up 0,03% and -0,04% respectively), and the gold-mining index slipping 0,84%. Financials gave up 0,27% and banks were off 0,59%. Industrials were 0,69% higher.
The rand was bid at 7,10 to the US dollar from 7,11 when the JSE closed on Wednesday, while gold was quoted at $666,10 a troy ounce from $664,80/oz at the JSE’s last close.
“The JSE still hasn’t recovered from yesterday’s [Wednesday] lows, and the negative news in the US still seems to be affecting the market. The market is very nervous and guys are still offloading their stock,” said a Johannesburg-based trader.
Although the US markets received about 1% on Wednesday, investors were still very nervous after the recent volatility.
At 12pm, Anglo American had shed 50 cents to R406,50, but BHP Billiton was up R1,20 to R204.
Exxaro climbed R1,55, or 2,21% to R71,55 and Sasol was up 49 cents to R262,51.
Among gold miners, AngloGold Ashanti dropped R3,71, or 1,27%, to R289 and Gold Fields eased 64 cents to R111,45 while Harmony slipped 76 cents to R95.
Anglo Platinum (AMS) was off R2,95 to R923,05, Impala fell 15 cents to R203,55 and Aquarius Platinum fell R7,43, or 3,56%, to R201,06.
Lonmin slipped R11,41, or 2,31% to R481,50, but Eland added R1,02 to R94.
Mobile telecommunications company, MTN Group retreated 50 cents to R96,60 and fixed-line operator Telkom dipped R1,50 to R161.
Among banks, Standard Bank gave up 58 cents to R100,42 and Nedbank shed R1,05 to R131.
Absa was unchanged at R133. Earlier it reported a 26,2% rise in headline earnings to R4,365-billion for the six months to the end of June. This translated into headline earnings per share of 651,3 cents, which was a 25,1% increase on earnings of 520,7 cents for the previous comparable half-year.
Fully diluted earnings per share came in at 610,2 cents versus 489 cents previously — an increase of 24,8%.
The group declared an interim dividend of 240 cents per share, 15,4% up on the previous dividend of 208 cents and representing a dividend cover of 2,7 times.
In media, Johncom was R4, or 4,26%, weaker at R90 and Naspers eased R1,90 to R172,10, while Caxton gave up 45 cents, or 2,65%, to R16,50.
Cement manufacturer PPC added R1,26, or 3,04% to R42,66 while construction group Murray and Roberts pulled back 11 cents to R73,89.
Luxury goods company Richemont added R1,22, or 2,86% to R43,82. — I-Net Bridge