The JSE all-share index gave up earlier gains of just over 0,5%, trading at just 0,21% in the black shortly before midday on Friday.
“It hasn’t been an exciting day, we are up slightly. We initially saw gold stocks up on the stronger gold price, which supported the rest of the market. But we have seen a bit of weakening on the other stocks, with pressure on the bank side. But there is nothing terribly exciting going on [locally]. Gold stocks are still supporting the market,” said a local trader.
At 11.56am, the all-share index edged up 0,21%. Resources climbed 1,16% and the gold-mining index rallied 3,39%. The platinum-mining index recovered 0,36%, but banks and financials gave up 0,03% and 0,24% respectively. Industrials were 0,68% weaker.
The rand was bid at 7,19 to the United States dollar from 7,21 when the JSE closed on Thursday, while gold was quoted at $695,10 a troy ounce from $687,01/oz at the JSE’s last close.
Among resources, Anglo American collected R2,95 to R427,95, BHP Billiton gained R3,92, or 1,84%, to R216,65 and Kumba Iron Ore added R4,50, or 2,03%, to R226,50.
Among gold miners, AngloGold Ashanti was up R5,60, or 1,91%, to R298,60, Goldfields firmed R3,95 or 3,46%, to R117,95 and Harmony shot up R4,22, or 6,11%, to R73,34.
Anglo Platinum recovered R9,98, or 1,01%, to R999,99 and Lonmin added R7, or 1,42%, to R499.
Mittal Steel gave up R4,46, or 3,57%, to R120,55. The Competition Tribunal has fined Mittal Steel South Africa R691,8-million for contravening the Competition Act by charging an excessive price for its flat steel products to the detriment of consumers.
The tribunal also imposed certain behavioural remedies on the steel maker aimed at reducing the segmentation that Mittal South Africa’s pricing regime has created in the market for flat steel products.
The tribunal said the “basis for [Mittal South Africa’s] pricing regime was market segmentation and the limitations that it imposed on arbitrage between the segmented markets”. Later on Thursday, it said that it intended to appeal the Competition Tribunal’s decision to impose the fines.
Among retail stocks, Massmart perked up R1,29, or 1,52%, to R86,29, but JD Group lost R1,49, or 2,26%, to R64,50.
Telecommunications stock MTN Group pulled back R2,81, or 2,61%, to R104,94.
Absa lifted 20 cents to R127,65, but First Rand gave up ten cents to R22,90. — I-Net Bridge