South African stocks remained higher at noon on Tuesday, supported by miners on stronger metal prices, but shaky overseas markets and stronger rand limited the upside move, traders said. Local mobile phone firm MTN Group remained the most heavily traded stock by value after it confirmed that it was in share price-sensitive talks with an Indian firm.
South African stocks were weaker at noon on Wednesday with miners under pressure on retreating metal prices, but the session was quiet as most traders are still away on a long weekend break. At noon, the JSE’s broader all-share index was down 0,46%, with the gold and platinum mining indices down 1,47% and 1,65% respectively.
The JSE was weaker in quiet trade at midday, weighed down by a firmer rand, lower metal prices and what was described as a disappointing production report from Anglo American. South African markets were closed on Monday for a holiday and are also closed on Thursday and Friday this week, with many players away for the two days in between.
South African stocks were mixed in a thin-volume session by noon on Friday, with MTN in focus on vague newspaper reports that an Indian firm might launch a takeover bid for the local mobile telecoms firm, traders said. By midday the JSE’s broader all-share index was down 0,14%. Resources fell 1,27%.
The JSE was sharply weaker at noon on Thursday, led by banks after worse-than-expected factory-gate price inflation data pretty much sealed the case for another interest-rate hike in June, traders said. By 11.54am the JSE’s broader all-share index was down 0,96%, weighed by a 1,99% drop in banks.
South African stocks were little changed at noon on Tuesday in a thin-volume session, as some traders remained on the sidelines ahead of Wall Street opening. At midday the all-share index was neither here nor there (-0,06%) at 31 754,380. Resources were up 0,50% but the gold- and platinum-mining indices were down 0,16% and 1,63% respectively.
Due to South Africa’s sustained economic growth the country was in good shape to deal with the electricity crisis, according to a ratings agency Standard & Poor’s (S&P) report released on Thursday. The Treasury had estimated that the power constraints would knock 0,6% off the country’s growth in 2008, a figure S&P said was ”plausible”.
Fuels and petrochemicals group Sasol will sell a 10% stake in the company to black investors in South Africa’s biggest black economic empowerment transaction to date, worth R25,9-billion. Sasol, the world’s top maker of oil from coal, said the deal involving 63,1-million shares will broaden and transform the group’s shareholder base.
The JSE was up 0,82% at midday on Tuesday as advances in the platinum and resource sectors added support. However, financial and bank stocks had started to weigh. By noon, the JSE’s platinum mining index advanced 2,14%, resources gained 1,75% and the gold mining index edged up 0,08%.
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/ 18 February 2008
South African stocks were sharply higher at midday on Monday led by banks ahead of Absa’s year-end earnings, while stronger overseas markets and firm metal prices spurred broad-based gains, traders said. By noon, the broader all-share index had gained 1,27% to 28 867,61, lifted mainly by a 2,36% gain in banks.
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/ 13 February 2008
South African stocks were slightly lower at midday on Wednesday as heavily weighted miners continue to falter on falling metal prices, while other investors refrained from making any large moves ahead of Wall Street opening. At midday, the broader all-share index had was off 0,18% at 28 533,810.
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/ 12 February 2008
The JSE held on to gains at midday on Tuesday as investors chased after bargains following Monday’s sharp losses amid strong metal prices and firmer overseas markets. By 11.59am, the broader all-share index had added 0,82% to 27 860,790 thanks to a 3,27% gain in the platinum-mining index.
The ANC’s national executive committee elected its 28-member national working committee (NWC) on Monday. Get the complete list of NWC members here, as well as the names of the eight ANC members who will form part of the ad hoc committee to draw up a report on the arms deal.
South African stocks were sharply higher at noon on the first trading day of 2008, but volumes remained low as most traders are still on their festive-season break. By noon on the JSE, the all-share index was 1,05% higher. Resources added 1,24%, the platinum-mining index was up 1,88% but the gold-mining index was flat.
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/ 6 December 2007
The JSE posted strong gains in early trade on Thursday ahead of the Monetary Policy Committee’s interest rate decision expected later in the afternoon, with higher world markets adding some incentive for buying interest. At 9.21am, the all-share index was up 0,73% as the platinum mining index gained 1,19%.
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/ 26 November 2007
The JSE was forced to give up some of its earlier gains but the gold mining index was keeping it in the black at midday on Monday. Shortly after its open, the JSE was up over 1%, but by midday, the all-share index had given up almost half of its gains as bank and financial stocks weighed.
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/ 21 November 2007
Miserable world markets dragged the JSE deeper into the red by noon on Wednesday. At noon, the all-share index dropped 1,23% and banks retreated 1,98%. Financials retreated 1,57% and industrials were off 1,81%. The platinum-mining index was down 1,36% and the gold-mining index pulled back 0,56%, while resources gave up 0,52%.
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/ 20 November 2007
Volatility in resource stocks, as well as in the mining indices, buried the JSE in the red at midday on Tuesday. At noon, the all-share index gave up 0,69%, led by a 1,69% pull back in the gold-mining index. Resources dipped 1,59% and the platinum-mining index was off 0,42%. Financials eased 0,27% and banks were unchanged (+0,01%), but industrials inched up 0,15%.
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/ 19 November 2007
The JSE was weaker at midday on Monday, erasing earlier gains following a similar trend in European markets on early indications that Wall Street was likely to open lower. At noon, the all-share index was down 0,69%. Resources fell 1,75% while the gold- and platinum-mining indices gave up 0,46% and 1,81% respectively.
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/ 15 November 2007
The JSE continued to follow the downward trend in international markets at midday on Thursday, remaining firmly in the red. By 11.58am, the JSE’s all-share index lost 0,7%. The gold mining index gave up 0,8% and resources fell 0,7%, but the platinum mining index added 0,57%.
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/ 13 November 2007
After starting slightly higher on Tuesday, the JSE took a sharp turn as negative sentiment started to flow in from overseas markets. One trader explained that the JSE was weaker as there was continued concern about the supprime market globally.
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/ 1 November 2007
Four years on, a Mozambique-South African gas pipeline is fuelling economic growth and regional cooperation in Southern Africa. It challenges Western assumptions of a natural-resources "curse" in Africa and offers evidence that the New Partnership for Africa’s Development is beginning to deliver on its promises.
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/ 30 October 2007
The JSE rose modestly at noon on Tuesday as investors became more optimistic that the United States Federal Reserve would cut interest rates, which would bolster Wall Street. Investors cheered the news that Tokyo Sexwale’s Mevelaphanda group plans to buy up to 30% of Johncom’s to-be-formed Opco.
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/ 29 October 2007
As gold and platinum prices climbed on a weaker dollar, the JSE’s gold mining index and resources continued to lift the all-share index on Monday. By noon, the JSE’s all-share index was up 1,25% as the gold mining index progressed 2,1%. Resources rose 1,93% and the platinum mining index picked up 1,86%.
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/ 26 October 2007
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Young and old braved the cold and rainy weather in Johannesburg on Friday to gather singing and screaming outside Sasol’s head office in Rosebank to cheer the World Cup-winning Springboks on their victory parade. Hundreds of fans waited patiently in the rain for a glimpse of the Webb Ellis trophy.
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/ 25 October 2007
A 12-day-long strike at Sasol Mining in Secunda has come to an end with both Sasol and employees represented by the newly recognised United People’s Union of South Africa trade union agreeing that work would resume on Thursday afternoon. An estimated 2 000 employees embarked on the strike almost two weeks ago.
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/ 17 October 2007
A strike by 2 000 workers at Sasol, the world’s biggest maker of fuel from coal, entered its fourth day on Wednesday, reducing coal output at its mines, but fuel production was unaffected. The workers, a third of the workforce at the mines, downed their tools on Friday at the five coal mines in Secunda.
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/ 15 October 2007
About a third of the workforce at Sasol Mining near Secunda have begun a protected strike over wage increases, Sasol said on Monday. Sasol spokesperson Johann van Rheede said workers downed tools at Sasol’s five mines in Mpumalanga last Friday, continuing on Monday. The workers are members of the United People’s Union of South Africa.
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/ 10 October 2007
Sasol and a conservation group clashed on Wednesday, with the petrochemical giant denying building in an environmentally sensitive area without permission. Environment and Conservation Association chairperson Nicole Barlow accused Sasol of erecting luxury offices, without authorisation, along the Natalspruit River in Germiston on Gauteng’s East Rand.
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/ 18 September 2007
The Department of Trade and Industry (DTI) on Tuesday reiterated that it was "not at odds" with petrochemical giant Sasol over its proposed R7-billion employment share-ownership scheme. "Media reports about the Sasol … black economic empowerment [BEE] deal would seem to indicate that there is some confusion about the department’s position," the DTI said in a statement.
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/ 12 September 2007
Petrochemical giant Sasol’s announcement that it plans to transfer 10% of its issued share capital, worth close on R18-billion, into black hands has inspired mixed messages from trade unions. The Chemical, Energy, Paper, Printing, Wood and Allied Workers’ Union on Tuesday "cautiously welcomed" the news.
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/ 10 September 2007
Sasol, the world’s top maker of oil from coal, posted a 10% rise in annual headline earnings per share, lifted by an increase in the price of oil and weakening of the rand, it said on Monday. In the biggest affirmative action deal in South Africa yet, South Africa’s Sasol said will sell a 10% stake for a total of R17,9-billion.