The JSE was lower at noon on Wednesday on pockets of profit taking amid caution ahead of the United States interest rate decision later in the day.
At noon, the all-share index was off 0,49%. Resources fell 0,96%, the platinum mining index gave up 0,11% but the gold mining index was up 1,70%. Industrials shed 0,19%, financials were up 0,09% and banks dipped 0,51%.
The rand was bid at 6,54 to the US dollar, from 6,56 when the JSE closed on Tuesday, while gold was quoted at $782,40 a troy ounce from $783,45/oz at the
JSE’s last close.
The US central bank is widely expected to cut interest rates at the conclusion of its two-day meeting, to be announced after local markets close. A cut is expected to ease fears that the US economy might slip into recession.
“We are expecting at least a 25 basis point cut. It would be a surprise if the Fed decides not to act at all,” said Mark Wurr, a equities dealer at Global trader.
On the resource index, Anglo American was off 1,25%, or R5,60, to R441,50 and BHP Billiton fell 2,02%, or R4,99, to R242,51.
Petrochemicals group Sasol weakened R1,65 to R331.
Among gold miners, Harmony rallied 1,77%, or R1,24, to R71,42. It earlier narrowed its headline loss in the three months to end September to 21 cents a share from 72 cents a share loss in the three months to end June after reporting a 12,8% quarter-on-quarter increase in production to 531 095 ounces.
AngloGold Ashanti climbed 2,06%, or R6,10, to R301,50 and Gold Fields was up 1,24%, or R1,45, to R118.
Leading platinum miners were mixed with Anglo Platinum gaining R8,15 to R1 084,65 and Impala Platinum losing R2,26 to R242,74.
On the industrial front, brewer SABMiller gave up R1,25 to R193,75 while sugar maker Illovo added 1,08%, or 25 cents, to R23,50.
Earthmoving equipment supplier Bell Equipment was flat at R52. It said earlier that it had sold a 27% stake in its local sales and customer services operations for black economic empowerment partners for R79,5-million.
Pharmaceutical group Enaleni was flat (-1 cents) at R4,07. It said earlier that it planned to sell its consumer division to Marico SA for R98,8-million.
Media and entertainment group Johncom, which will soon be renamed Avusa, was up 1,42%, or R1,50, to R107, and Naspers was down R2 at R208. – I-Net Bridge