The JSE remained lower at midday on Thursday, but off earlier lows as investors looked for bargains in badly battered stocks.
At 12.03pm, the all-share index was down 0,51%. Resources fell 0,63%, the gold mining index was down 0,94% but the platinum mining index gained 1,40%.
Banks were down 0,37%, financials lost 0,13% and industrials weakened 0,57%.
The rand was bid at 7,68 to the US dollar, unchanged from when the JSE closed on Wednesday, while gold was quoted at $930,45 a troy ounce from $923,20/oz at the JSE’s last close.
Traders described the week as volatile, driven mainly by Wall Street amid renewed fears about the health of US financial system.
“The earnings season is about to get under way in the US, the guys could be laying the groundwork for a rebound if US corporate earnings are not disappointing,” a Johannesburg-based trader said.
On the JSE’s resources index, Anglo American was down R6,83, or 1,46%, at R459,76 and BHP Billiton fell 130 cents to R259,50.
Sasol retreated R3,89 to R434,10 as the price of crude oil comes off the boil. It was last at $136,50 per barrel, little changed from its overnight gains but off the record levels achieved late last week.
Among gold miners AngloGold Ashanti shed R2,25 to R251,64, Harmony was down R1,82, or 2,05%, at R87 and Gold Fields dipped 35 cents to R91,95.
Official data showed earlier that gold production dropped 11,6% in May compared with the same month last year.
Platinum miner Angloplat slumped R24,10, or 2,04%, to R1 154,90 but Impala Platinum climbed R11,25, or 4,35%, to R270.
Platinum was last at $1 985.00/oz — up $21,50, or 1,09%, from its overnight close.
Elsewhere, brewer SABMiller fell R5,16, or 3,07%, to R162,80 but Imperial Holdings added 90 cents, or 1,91%, to R48 and Tiger Brands notched up R1,95, or 1,49%, to R132,95.
MTN was down 97 cents at R127,52 but rival Telkom rose R2,80, or 2,09%, to R136,79.
Among banks, Absa lost R1, or 1,14%, to R87 and Nedbank was down 81 cents at R90,47.
Wholesale retailer Massmart recovered 61 cents, or 1,02%, to R60,60. It said earlier that total sales for the 53-week period to June 29 increased 14,7% over the prior year to R39,8-billion, with inflation estimated at 7,
Hotels group City Lodge Limited climbed R1,65, or 2,60%, to R65 after saying annual headline EPS would rise as much as 28%. – I-Net Bridge