The JSE pulled back but remained in the black at noon on Wednesday with platinum miners weighing on the index on a falling white metal price, traders said.
At noon, the all-share index was up just 0,05%, after rising more than 1,40% in what was described as a “relief rally” in early trade. Resources fell 0,77%, the platinum-mining index slumped 2,98% but the gold-mining index added 0,20%.
Banks strengthened 1,25%, financials were up 0,62% and industrials climbed 1,08%.
The rand was bid at 7,64 to the dollar from 7,66 when the JSE closed on Tuesday, while gold was quoted at $975,07 a troy ounce from $984,47/oz at the JSE’s last close.
After recent sharp falls, investors moved to pick up bargains on badly beaten stocks, which included banks, financials and industrials, but one trader said buying would be dictated by Wall Street’s performance.
Platinum miners were the worst hit on a falling white metal price, which was pressured by concerns of weakening demand due to slower global economic growth, traders said.
Anglo Platinum sank R38,97, or 3,66%, to R1 026,03 and Impala Platinum slid R8, or 3,13%, to R248.
On the resource index, Anglo American fell R2,13 to R429 and BHP Billiton lost R2,10 to R254.
Sasol was up R1,91 at R428,66.
Among gold miners, AngloGold Ashanti shed R3,01, or 1,09%, to R272,50, but Gold Fields added R3,20, or 3,14%, to R105,20.
In the news, Swiss-based luxury goods group Richemont said on Wednesday that its sales at actual exchange rates grew 13% to €1,428-billion for the three months ended June.
Sales at constant exchange rates grew 20% in the first quarter, it said.
The company’s share price rallied 70 cents, or 1,75%, to R40,70.
Brewer SABMiller was up R1,45 at R161,20 and Barloworld added 69 cents, or 1,06%, to R65,50.
MTN added R2,70, or 2,26%, to R122,20 and Telkom was up 15 cents at R131,40.
Among banking stocks, Nedbank was up R1,60, or 1,85%, to R88,10, while Standard Bank was up 20 cents to R75,20. Absa collected R1,79, or 2,18%, to R83,99 and FirstRand was 36 cents, or 2,71%, better at R13,65.
Old Mutual dropped 29 cents, or 2,21%, at R12,85 and Sanlam edged down 14 cents to R14,91. — I-Net Bridge