/ 26 September 2007

JSE steady, unmoved by inflation data

The JSE was steady at midday on Wednesday, unmoved by the release of local CPI and CPIX data which was in line with market expectations.

By noon, the JSE’s all-share index had collected 0,52% as the gold-mining index advanced 1,22%. The platinum-mining index added 0,95% and financials climbed 0,68%. Resources recovered 0,58%, banks lifted 0,43% and industrials were 0,32% better.

The rand was bid at 6,97 to the US dollar, unchanged from when the JSE closed on Tuesday, while gold was quoted at $730,30 a troy ounce from $728,20 at the JSE’s last close.

“The JSE is actually surprisingly strong. There has been a recovery in shares which have been hurt quite badly like Naspers. Also Investec is up quite nicely after being hammered yesterday,” said a local equities trader.

He added that there seems to be some genuine buying.

Commenting about CPI and CPIX data released earlier, he said: “The data didn’t affect the market, investors just shrugged it off.”

At midday on the JSE, Anglo American had lifted R5,59, or 1,24%, to R457, but BHP Billiton was unchanged from Tuesday’s close at R241,50.

Sasol slumped R3,23, or 1,04%, to R306,02 and Kumba Iron Ore shot up R6,50, or 2,85%, to R234,50.

Anglogold Ashanti lost 54 cents to R325,45, but Goldfields added 3,02%, or R3,69, to R125,69.

Angloplat collected R13, or 1,25%, to R1 053, and Impala gained R2 to R245. Lonmin edged up R3,69 to R458,29 and Aquarius Platinum surged R14,65, or 5,97%, to R260.

Cement manufacturer PPC rose 2,73%, or R1,27, to R47,73 and Murray and Roberts lifted 1,53%, or R1,29, to R85,39.

Diversified industrial group Barloworld rallied 3,24%, or R3,93, to R125,21.

In the retail sector, Spar added 1,55%, or 80 cents, to R52,50 and Woolies edged up eight cents to R17,58. JD Group was off 3,18%, or R1,89, to R57,61.

Media stock Naspers recovered 3%, or R5,30, to R181,80, while Johncom was 52 cents lower at R87,38.

Among financial stocks, Investec collected 2,62%, or R1,89, to R73,89 and Investec was up 3,56%, or R2,50, to R72,80.

Standard Bank advanced 55 cents to R98,50, while Absa added 30 cents to R120,90. – I-Net Bridge