The JSE came off earlier levels but managed to remain in positive territory by noon on Wednesday as weaker US futures indicated another negative open on Wall Street.
By 11.59am, the JSE all-share index had collected 0,34%, with resources up 0,80%. Platinum miners gained 1,06% and gold counters edged up 0,22%.
Banks put on 1,25% and financials were up 0,47%, but industrials eased 0,27%.
The rand was last bid at 9,92 to the dollar from 9,98 when the JSE closed on Tuesday. Gold was quoted at $911,78/oz a troy ounce from $916,78/oz at the JSE’s last close, and platinum was at $1 050/oz from its previous close of $1 043,50/oz.
“We were up nicely this morning, but now we are losing momentum,” an equities trader said.
“Europe is also flat and Dow futures are trading lower, so it looks like we will continue to lose momentum for the rest of the day.
“The gold price has come off and we are seeing gold stocks come down as market players take profits. We will continue to follow international markets for the day,” she said.
Dow Jones Newswires reports that the FTSE 100 was down, wiping away earlier session gains as US stock futures drift lower with Royal Dutch Shell shares weighing the index down after Citigroup cuts the oil and gas heavyweight to hold, said a trader. Also hitting investor sentiment was the higher than forecast UK jobless claims for January and February. The total number of unemployed is now over 2 million, the highest level for 10 years, noted David Morrison, strategist at GFT.
“The number is forecast to increase even further as the fallout from the financial crisis engulfs the wider economy,” he added. Focus falls to US CPI data for February at 12:30 GMT.
The FTSE 100 was last down 0,50%.
US stocks are seen opening broadly unchanged as investors pause for breath and look for further direction from CPI data and current account balance, both due at 12:30 GMT, said David Morrison, strategist at GFT.
He called the DJIA to open one point lower and the S&P 500 down one point.
Back in Johannesburg, Anglo American (AGL) was up R2,10, or 1,36%, to R156,79 and BHP Billiton (BHP) put on R1,24 to R181,19.
Anglo American said earlier that it had sold its remaining 11,3% shareholding — 39,9-million shares — in AngloGold Ashanti (ANG) to investment funds managed by Paulson & Co Inc for $32.00 per share in cash, generating proceeds of $1,28-billion. The proceeds will be used for general corporate purposes, it said.
Consistent with Anglo American’s stated intention to dispose of this non-core holding, Anglo American no longer owns any shares in AngloGold Ashanti, it added.
Petrochemicals group Sasol (SOL) gained R3,40, or 1,31%, to R263,30.
Paper group Sappi (SAP) weakened R1,45, or 7,44%, to R18,05 but rival Mondi (MND) collected 54 cents, or 1,69%, to R32,54.
Kumba Iron Ore (KIO) added R2,91, or 1,93%, to R153,48.
Among gold miners, AngloGold Ashanti (ANG) was up R9,11, or 2,78%, to R337,11, but Gold Fields (GFI) gave up R2,95, or 2,48%, to R115,95 and Harmony (HAR) shed R1,75, or 1,58%, to R109,25.
In diversified miners, Exxaro (EXX) added one rand, or 1,56%, to R65.
Elsewhere on the JSE, brewer SABMiller (SAB) fell R2,40, or 1,74%, to R135,28 and British American Tobacco (BTI) gave up R5,99, or 2,60%, to R224,01.
However, Barloworld (BAW) was up 40 cents, or 1,32%, to R30,60 and Imperial (IPL) firmed 50 cents, or 1,14%, to R44,50.
Among bankers, Standard Bank (SBK) put on 84 cents, or 1,14%, to R74,59, Absa (ASA) was up R2,33, or 2,68%, to R89,33 and FirstRand (FSR) collected 15 cents, or 1,33%, to R11,43.
Financial services group Old Mutual (OML) put on 10 cents, or 1,76%, to R5,79 and Investec (INL) was up 48 cents, or 1,51%, to R32,30, but Sanlam (SLM) lost 50 cents, or 3,25%, to R14,89.
Retailer Woolies (WHL) collected 20 cents, or 1,87%, to R10,90, Truworths (TRU) rose 79 cents, or 2,73%, to R29,73, Massmart (MSM) gained R3,30, or 5,26%, to R66 and Mr Price (MPC) firmed 95 cents, or 4,26%, to R23,25.
Construction group Aveng (AEG) collected 61 cents, or 2,26%, to R27,61, Group Five (GRF) added R1,03, or 3,62%, to R29,50 and Murray & Roberts (MUR) was up 71 cents, or 1,74%, to R41,51.
Cement manufacturer Pretoria Portland Cement (PPC) rose 35 cents, or 1,23%, to R28,85.
Supply chain management company Super group (SPG) added 4 cents, or 7,55%, to 57 cents. It earlier reported diluted headline earnings from continuing operations of 15,5 cents per share for the six months ended December 2008 from 54,8 cents a year ago.
It reported a loss per share and headline loss per share of 86,7 cents and 15,6 cents respectively, which were impacted by the trading loss of R130-million in discontinued operations and the fair value provision raised on discontinuance of R294-million.
Business and technology solutions provider EOH Holdings (EOH) was off 15 cents, or 2,75%, to R5,30. It earlier reported a 27,2% rise in diluted headline earnings per share to 48,1 cents for the six months ended January 2009 from 37,8 cents a year ago.
Revenue was 28,3% higher at R559,7-million, while profit after tax was up 23,8% to R33,26-million.
Telecommunications group MTN Group (MTN) gave up R1,18, or 1,20%, to R96,82 but Telkom (TKG) edged up 20 cents to R99,90. — I-Net Bridge