/ 23 January 2008

JSE up slightly, tracks FTSE

The JSE was only 0,42% in the black in midday trade on Wednesday, having pulled back after being up sharply earlier, as it started to track the FTSE and negative Dow futures, according to a trader.

By 12.18pm, resources gained 1,11% and the platinum-mining index added 0,17%, but the gold-mining index was off 0,76%. Financials climbed 1,01% and banks edged up 0,11%, but industrials were 0,72% lower.

The rand was bid at 7,10 to the United States dollar from 7,15 when the JSE closed on Tuesday, while gold was quoted at $888,25 a troy ounce from $875,70/oz at the JSE’s last close.

Overseas, the United Kingdom’s FTSE 100 was last flat, only 0,2 points in the black. In Asia, the Hang Seng surged 10,72% and the Nikkei climbed 2,04%.

“The JSE has been very choppy today [Wednesday]. It opened quite strongly following a nice recovery in Asian markets, but since then, Dow futures have turned negative along with the FTSE, and our market has seen some big swings, even though it is still up,” said a Johannesburg-based equities trader.

He added that the market continued to be nervous, and said that investors would be waiting to see how the US market would open to find further direction.

Among resource stocks on the JSE, BHP Billiton was up R2,88, or 1,64%, to R179, Anglo American collected R11,39, or 3,37%, to R349,38 but Sasol fell R5,45, or 1,75%, to R306,05.

Gold miner AngloGold Ashanti pulled back R5,09, or 1,67%, to R300,01 and Gold Fields retreated 82 cents to R110,50.

Platinum-mining group Anglo Platinum added R10,01, or 1,01%, to R1 000,01 but Impala Platinum shed R1,50 to R234.

Brewer SABMiller was down R1,65, or 1,04%, to R157,50 and Swiss-based luxury goods group Richemont was off R2, or 4,94%, to R38,50. Richemont earlier reported that the three months ended December 2007 saw strong demand for the group’s luxury products, with underlying sales growth at 14% at constant exchange rates. At actual exchange rates, sales increased by 8% to â,¬1,673-billion

Fixed-line operator Telkom rose R3,40, or 2,52%, to R138,51. On Tuesday it said that it had received a non-binding expression of interest from Middle East group Oger Telecom, which is the majority shareholder in South African mobile-services provider Cell C.

Among banks and financials, Investec improved 76 cents, or 1,34%, to R57,51, Absa gained R1,77, or 1,77%, to R101,52 but Nedbank lost 53 cents to R112,47. — I-Net Bridge