The JSE bounced between negative and positive at noon on Wednesday as traders remained nervous about making significant advances despite international markets gaining some momentum in reaction to the United States Fed decision on Tuesday night to leave rates unchanged.
Traders say the decision to leave rates unchanged was good news for the market and as a result there was positive reaction to the decision.
“Overseas markets picked up on news that the Fed had left rates unchanged and our markets followed,” a local trader said.
“We are seeing some demand in metal stocks as the dollar weakens slightly against the euro,” said the trader.
He added that the market was still a bit volatile and there was also some buying in banking stocks.
At 11.57am, the all-share index was 0,10% higher. Resources were up 1%, gold miners were up 3,01%, while platinum stocks gained 0,85%.
Industrials were down 0,54% and financials lost 0,28%, while banks were down 0,52%.
The rand was bid at 8,10 to the dollar from 8,19 when the JSE closed on Tuesday, while gold was last quoted at $784,50 a troy ounce from $781,75 at the JSE’s last close.
Platinum was trading at $1 092,50/oz, from a previous close of $1 049/oz.
Brent crude was at $91,80 per barrel, from its previous close of $89,22 per barrel.
In local markets, Anglo American fell 90 cents to R329,10 while BHP Billiton was up R2,51, or 1,23%, to R206,50.
Sasol gained R8, or 2,40%, to R342.
Among gold miners, AngloGold Ashanti was up R3,40, or 1,81%, to R191,20, Gold Fields gained R3,25, or 5,33%, to R64,20 and Harmony increased by R2,65, or 4,21%, to R65,65.
Platinum miner Anglo Platinum gained R10,49, or 1,28%, to R829,99, Lonmin was up R5,06, or 1,32%, to R389, Impala Platinum gained R1,53 to R174,53 while Aquarius lost R2,99, or 5,59%, to R50,50.
After reporting a 190% increase in its full year headline earnings per share from 5,28 cents to 15,31 cents, Petmin lost 15 cents, or 3,61%, to R4. The miner said that its profit for the year to end June 2008 leapt 411% to R380-million after revenue increased 74% to R667-million.
Among other miners, African Rainbow was up R3, or 1,55%, to R196, Kumba Iron Ore gained R4,35, or 2,18%, to R204 and Exxaro was up R1, or 1,09%, to R93.
Elsewhere in local markets, Old Mutual lost five cents to R12,55 and Sanlam fell 25 cents, or 1,41%, to R17,46.
Among banks, Standard Bank gave up R1,87, or 2,13% to R85,80, Absa gained R2,67, or 2,54% to R107,66, Nedbank gained R1,61, or 1,69%, to R97,11.
Among industrials, brewer SABMiller lost R1,05 to R173,95, luxury goods group Richemont gave up 85 cents, or 2,26%, to R41 and Barloworld was down R1,33, or 2,08%, at R62,68.
Telecommunications group MTN group gave up 70 cents to R114,50, while Telkom lost R1,90, or 1,52%, to R123,10.
Vehicle tracking products and solutions company DigiCore Holdings was unchanged at R6,90. This is after the company on Wednesday reported diluted headline earnings per share of 60,5 cents for the year ended June 2008, from 41,9 cents a year ago. Group revenue was 55% higher at R431,6-million rand, while operating profit grew 52% to R43,3-million.