/ 10 October 2007

JSE retreats from high

The JSE remained firm at midday on Wednesday but was off its earlier all time high of 31 291,74. The initial spurt had been prompted by a record close on Wall Street overnight, but European markets are lower and the United States futures are also negative, which brought the JSE back from its record level reached earlier in the session.

By noon, the all-share index was up 0,50%, led by a 1,32% advance in resources, a 1,55% rise in the platinum-mining index and a 1,11% higher gold-mining index. Financials were 0,50% firmer and banks added 0,60%. However, industrials were down 0,45%.

The rand was bid at 6,82 to the US dollar from 6,83 when the JSE closed on Tuesday, while gold was quoted at $742,20 a troy ounce from $740,15/oz at the JSE’s last close.

“We have come back from our earlier best levels. Resources were pushed up aggressively this morning [Wednesday], particularly the likes of Anglos and Billiton, and they are easing a bit now,” said a local equities trader.

“The rand has been flat, but metals prices are better and that’s helping a bit,” the trader added.

Among resources, Anglo American was up R3,54 to R465,53, while BHP Billiton added R4, or 1,65%, to R247 and Sasol advanced R6,53, or 2%, to R328,04.

Among platinum stocks, Anglo Platinum recovered 20 rand, or 1,81%, to R1 137 and Impala Platinum gained R4,03, or 1,6%, to R254,03.

Among gold counters, AngloGold Ashanti added R2,80 to R304,80 and Goldfields was up R1,74 to R125,50, while Harmony added 17 cents to R71,36.

In the industrial sector, SABMiller shed R4,01, or 1,93%, to R203,98 and Barloworld was down R4,25, or 3,29%, to R124,75.

Media stock Naspers rallied 4,04%, or R7,84, to R201,89, while Johncom continued its run, adding 1,21%, or R1,20, to R100.

MTN was off R2,80, or 2,41%, to R113,20, while Telkom shed 85 cents to R176.

Banking group Nedbank lifted R1,69, or 1,28%, to R133,49, and Absa added 1,89%, or R2,51, to R135,51. Old Mutual collected 18 cents to R24,20. — I-Net Bridge