The JSE came off the morning’s highest levels but remained in the black by noon on Wednesday, despite pressured resource stocks and weaker European markets.
By midday the all-share index had added 0,20%, weighed by a 0,60% fall in resource stocks.
However, platinum counters collected 1,99% and gold miners edged up 0,40%. Banks collected 2,06%, financials were up 0,78% and industrials firmed 0,77%.
The rand was last bid at R10,35 to the dollar from R10,38 when the JSE closed on Tuesday, while gold was last quoted at $774,30 a troy ounce from $782,55/oz at the JSE’s last close.
The platinum price was at $812,50/oz from its previous close of $796/oz and Brent crude was at $46,07 per barrel from $45,44 before.
“We’ve slipped again and resources are once again adding pressure,” a local trader said.
“Now it seems like the support level 850 on the S&P is becoming a resistance level. The fact that markets are going lower suggests that sellers are taking control,” he explained.
“We can expect to trade sideways for the next two days in anticipation of the US payroll data due out on Friday,” he said.
The trader said that the rand’s weakening was a result of the local currency tracking movements in the dollar.
“We will continue to watch and take direction from overseas markets,” he added.
Earlier in Japan the Nikkei was up 1,8% and Hong Kong’s Hang Seng added 1,4%.
Dow Jones Newswires reports that British stocks maintained their negative slant after the UK’s November Services PMI data highlighted the dire nature of the UK economy.
In London, the FTSE was last down 0,99%.
On the JSE, resources giant Anglo American was off 81 cents to R197 and BHP Billiton gave up R4,15, or 2,57%, to R157,60.
Petrochemicals group Sasol put on 26 cents to R266,01.
Paper group Sappi lost R3,39, or 11,08%, to R27,21 but Mondi added 30 cents to R31,30.
ArcelorMittal fell R3,85, or 4,28%, to R86 and Highveld Steel eased 25 cents to R57,50, but Kumba Iron Ore was up R1 to R87,92.
Among gold miners AngloGold Ashanti collected 49 cents to R225,49, Gold Fields added 66 cents to R79,36 and Harmony rose 35 cents to R83,35.
Platinum miner Anglo Platinum collected R14, or 3,54%, to R409 and Impala Platinum was up R1,39, or 1,25%, to R112,89, but Lonmin lost R1,50, or 1,38%, to R107.
In diversified miners, African Rainbow was off R2,08, or 2,31%, to R87,92, but Exxaro added R2,40 or 3,64%, to R68,40 and Hulamin rose 69 cents, or 4,83%, to R14,99.
Among industrials, brewer SABMiller lost 23 cents to R156,77 and Barloworld shed R2, or 5%, to R38.
However, Bidvest was up R4,74, or 4,82%, to R102,99 and Imperial (IPL) added R1,50, or 2,88%, to R53,50.
Among bankers, Standard Bank rose R2,36, or 3,04%, to R80, Nedbank was up R1,28, or 1,51%, to R85,78 and FirstRand strengthened 34 cents, or 2,34%, to R14,89.
Financial services group Old Mutual was off 32 cents, or 4,05%, to R7,58 and Investec gave up R1,04, or 2,62%, to R38,64.
Retailer Pick ‘n Pay weakened 85 cents, or 2,58%, to R32,15 and Nu Clicks was down 40 cents, or 2,60%, to R15.
Construction group Aveng was up 86 cents, or 3,44%, to R25,85 but WBHO lost R1,60, or 1,69%, to R93.
Among telecommunication groups, MTN Group collected R4,85, or 5,28%, to R96,75 and Telkom firmed R1,46, or 1,49%, to R99,46.
Shares in African mobile phone giant MTN slumped nearly 14% just before the market closed on Tuesday as news of Nigeria’s currency free-fall against the dollar stoked concerns about MTN earnings, a fund manager said.
Shares in the company closed down 11,63%, or R12,10, to R91,90, under-performing the JSE Top 40 index, which ended down just 2,90%.
“It’s basically on the devaluation of the Nigerian naira which will hamper MTN earnings out of Nigeria,” said Michele Santangelo, a fund manager at Cortex Securities. – I-Net Bridge