The JSE edged into positive territory by noon on Friday, with firm resources and gold counters leading the upside on the back of a weaker dollar and steady commodity prices.
The JSE all-share index had edged up 0,41%, with resources collecting 0,91%. Platinum miners were off 0,62%, but gold counters added 0,76%.
Banks lost 1,90%, financials weakened 0,79% and industrials were flat, up 0,08%.
The rand was last bid at 9,62 to the dollar from 9,59 when the JSE closed on Thursday. Gold was quoted at $960,87/oz a troy ounce from $951,17/oz at the JSE’s last close, and platinum was at $1 117,50/oz from its previous close of $1 122,50/oz.
“Initially we opened lower on the back of weaker international markets, but we have managed to move into positive area,” an equities trader said.
“We are seeing some buying in resources and they are leading us up. Gold counters are also up on the back of a weaker dollar and a steady gold price. However, these financials are lower moving in line with global financial stocks as players take profits after yesterday’s big moves,” she said.
Dow Jones Newswires reports that the FTSE 100 was struggling to push higher as the index lacked direction and enthusiasm, said traders. Stocks were expected to remain range bound, with high volatility due to the triple witching options expiration, said a trader.
“The sell off could continue into week, and unless we start to see evidence that things are improving in economic data, we will probably make lower lows,” he added.
The FTSE 100 was last down 0,70%.
US stocks are expected to open down, says David Morrison at GFT, continuing Thursday’s sell off as concerns mount over the Fed’s stimulus package.
He called the DJIA down 50 points to 7 350 and S&P 500 down six points at 778.
Among equity movers on the JSE, Anglo American was up R6,50, or 3,86%, to R175 but BHP Billiton weakened 18 cents to R194,40.
Petrochemicals group Sasol was up R2,25 to R274,50. ArcelorMittal collected 95 cents, or 1,46%, to R65,95 and Kumba Iron Ore gained two rand, or 1,30%, to R156.
Among gold miners, AngloGold Ashanti was up R1,24 to R361 and Harmony rose R3,09, or 2,74%, to R115,80.
Pamodzi Gold was down 10 cents, or 16,67%, to 50 cents. It was earlier announced that it had been dealt yet another blow on Friday as its Orkney operations were put into provisional liquidation.
The company was given until Friday morning to come up with the money it owes a creditor.
Labour broker Engineering Labour Hire, which is owed R22-million by Pamodzi for supplying mineworkers to the Orkney operation, made its initial application for provisional liquidation of the Pamodzi
Gold subsidiary earlier this week.
Platinum miner Impala Platinum shed R1,32 to R152,68 and Lonmin was down R4,49, or 2,25%, to R195,51.
In diversified miners, African Rainbow added R2,47, or 1,91%, to R132 but Exxaro gave up R1,30, or 1,97%, to R64,70.
Elsewhere on the JSE, brewer SABMiller firmed R2,45, or 1,79%, to R139,50, Barloworld collected 67 cents, or 2,03%, to R33,68 and Tiger Brands was up R2,29, or 1,74%, to R133,95.
However, Bidvest was down R1,40, or 1,54%, to R89,60 and Imperial shed R1,05, or 2,16%, to R47,45.
Banker Standard Bank gave up R1,96, or 2,47%, to R77,54, Nedbank lost R2,10, or 2,69%, to R75,90, Absa was off R1,25, or 1,37%, to R89,75 and FirstRand weakened 17 cents, or 1,39%, to R12,05.
Financial services group Sanlam gave up 19 cents, or 1,25%, to R15,07.
Sugar group Illovo gained R1,07, or 3,81%, to R29,19. Among retailers, Pick ‘n Pay gave up 50 cents, or 1,60%, to R30,83, Massmart was down 76 cents, or 1,05%, to R71,74 and Foschini weakened R1,20, or 2,78%, to R42.
However, Lewis was up R1,20, or 3,23%, to R38,30 and JD Group added R1,05, or 3,31%, to R32,80.
Construction group Group Five was down 78 cents, or 2,62%, to R29. Cement manufacturer Pretoria Portland Cement firmed 55 cents, or 1,95%, to R28,80.
Telecommunications group MTN Group gave up R1,50, or 1,46%, to R101 and Telkom lost 40 cents to R102,60. — I-Net Bridge