JSE consolidates earlier gains

The JSE lost a bit of ground by noon on Tuesday, showing signs of consolidation following strong gains made on Monday.

By noon, the JSE all-share index was down 0,27%, weighed by a 2,09% decline in platinum miners.

Gold mining stocks were 0.97% weaker, while resources were flat (up 0,07%). Industrials gave up 0,38%, banks shed 1,11% and financials were down 0,80%.


A local trader said: “We are seeing consolidation on the JSE, with the market having rallied too quickly yesterday, especially banks.

“Base metals are good, supported by a weaker dollar”.

He added that the FTSE is playing catch-up today, having being closed on Monday for a bank holiday. “It is up 3% this morning and this positive sentiment appears to be taking other markets with it,” he said.

Among movers on the JSE, Anglo American rose R5, or 2,60%, to R197,50 and BHP Billiton added R1,10 to R186,10.

Petrochemicals group Sasol was down R4,90 or 1,80% to R268.

Among gold miners, AngloGold Ashanti shed R1 to R267 and Gold Fields inched up three cents to R91,65, while Harmony shed R3,31, or 4,12%, to R77.

Platinum miner Anglo Platinum gave up R8,52, or 1,76%, to R492,52 while Impala Platinum shed R6,89 or 4,01% to R165,01. Lonmin added R6,68, or 3,55%, to R194,67.

Among industrials, brewer SABMiller lost 15 cents to R146,50 and British American Tobacco dipped R6,20, or 3%, to R200,25.

Tiger Brands declined R1,04 to R133,21.

Sappi lost R1.24 or 4 96% to R23,75. The pulp and paper producer on Tuesday reported a basic loss per share of 7 US cents for the quarter ended March 2009 compared with basic EPS of six cents in the December quarter and basic EPS of 43 cents in the March 2008 quarter.

Sales for the quarter dropped 10,9% to $1,31-billion from $1,47-billion for the same quarter a year ago.

Standard Bank gave up R1 to R85,50, while Nedbank advanced 41 cents to R90,31. Absa gave up R2,60 or 2,49% to R101,90.

Old Mutual dropped 16 cents, or 1,82%, to R8,64.

Telecommunications group MTN Group gave up R2,05, or 1,73%, to R116,75 while Telkom added 19 cents to R116,99, after both made good gains on Monday.

Naspers was down R4,15 or 2,18% to R185,85. - I-Net Bridge

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