After being up about 280 points from its previous close at one stage, the JSE had turned around by midday on Thursday in what traders described as “solid profit-taking.”
By noon, the all-share index was off 0,31%, led by a 0,57% fall in resources, a 0,98% decline in the gold-mining index and a 1,58% easing in the platinum-mining index. Financials shed 0,16%, industrials were flat (-0,07%), while the banks index advanced 0,23%.
The rand was bid at 6,55 to the United States dollar from 6,53 when the JSE closed on Wednesday, while gold was quoted at $791,70 a troy ounce from $788,95/oz at the JSE’s last close.
“We opened up on the global trend after the Fed cut rates, but we have run into solid profit-taking,” said a local equities trader.
Among resources, Anglo American was down R1,50 to R446 and BHP Billiton shed 50 cents to R247.
Petrochemicals giant Sasol eased 50 cents to R331,50.
Among gold counters, AngloGold Ashanti was down R4,01, or 1,32%, to R299,98, Harmony eased R1,48, or 2%, to R72,07 and Gold Fields eased 38 cents to R116,50. However, DRDGold was up three cents to 600 cents.
Earlier, AngloGold Ashanti, the world’s second largest gold producer, reported a swing in its headline earnings from 36 cents a share in the three months to June to a headline loss of R1,11 a share in the three months to end September. This was despite a 6% increase in production volumes to 1,43-million ounces in the quarter.
DRDGold reported a headline loss of 11,7 cents per share for the September quarter from a 10,2 cents loss in the June quarter. It reported a 9% increase in total gold production to 99 190 ounces for the quarter.
Platinum miner Anglo Platinum was off R15, or 1,35%, to R1 100 and Impala Platinum lost R5,60 to R238,40.
On the industrial front, brewer SABMiller inched up 18 cents to R194,18 and brands management group Barloworld collected 120 cents to R127,20.
Media group Johncom added R2,49, or 2,39%, to R106,50 following news earlier this week that Tokyo Sexwale’s Mvelaphanda Group is to acquire between 25,1% and 30% of Opco, a company being formed to hold the media and entertainment assets of Johncom.
Clothing retailer the Mr Price Group was up 45 cents, or 1,7%, to R26,85. In a trading update, the company said it expects its first half basic and headline earnings per share to be between 15% and 25% higher than the corresponding reporting period of the previous year.
The trade said that the construction sector has been re-weighted. Consequently, Basil Read was down R1,80, or 4,75%, to R36,10, while Murray & Roberts eased R2,65, or 2,66%, to R96,85.
Among banks and financial stocks, Old Mutual was down 36 cents, or 1,44%, to R24,60, but Discovery was up 40 cents to R28,45.
Absa was up 200 cents, or 1,54%, to R132 and Standard Bank advanced 62 cents to R117,92. — I-Net Bridge