The JSE was softer Friday midday dragged down by weaknesses in the resource stocks. However, demand was seen for banks and selected industrials stocks.
At 11.49am, the all share index shed 0,45% pulled down by 1,29% loss in the resources index.

The JSE was in positive territory a few moments before noon on Monday, pushed by buying ahead of Thursday’s futures close-out. But dealers said the volumes remained thin as most players were already away on the Christmas break. At 11.55am, the all share index added 0,44% thanks to a 1,15% gain in industrials.

South Africa’ motor industry is expected to increase its trading revenue to R230-billion this year compared with R201,7-billion last year, an industry representative body said on Monday. In its annual report, the National Association of Automobile Manufactures of South Africa said the revenue was on the projected total sales of 714 500 vehicles — an improvement of 15,7% on 2005 sales figures.

South Africa’s biggest vehicle financier, WesBank, said in a statement on Friday that the local motor industry will see the impact of higher interest rates in the new year. Although the industry’s sales are set to peak again this year, Thursday’s 50 basis-point hike — which takes the prime-lending rate to 12,5% — will be noticeable in the coming months, said WesBank.

South African car makers are set for another record sales year despite a flood of economic data sealing the case for another interest rate hike this week — the fourth this year. Some economists believe that South Africa’s monetary authorities will continue hiking interest rates well into the New Year in a bid to force consumers to tighten their purse strings.

The JSE recovered some ground from earlier levels but was still seen as sluggish by noon on Friday despite a higher close by the Dow overnight. By 12pm the all-share index was up 0,35%, or 85 points, after being down 0,39% in early morning trade. Industrials were up 0,64% and the gold index was in the black by 0,66%.

The JSE held onto its gains at midday on Wednesday amid positive world markets. By 12pm, the all-share index had gained 0,40%, thanks to a 0,58% rise in the industrial index and a 0,47% increase in the resources index. The platinum-mining index was up 0,36%, but the gold-mining index gave up 0,37%.

Koos Bekker, outgoing CEO of JSE-listed media group Naspers, said on Tuesday afternoon that the group is "seriously investigating" business opportunities in Russia. Presenting the group’s interim results from Cape Town during a conference call, Bekker told investors and analysts that the group is in talks with potential partners to tap into the Russian market.