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Send  Print  Share  RSS  Twitter  10 Dec 2009

SA Stocks AM: JSE flat with little direction


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Johannesburg, Dec 10 (I-Net Bridge) The JSE was flat in the morning session on Thursday with very little direction to speak of. Gold moved slightly higher and the bourse was expected to show a mild rebound following a sell off yesterday, according to a local trader.
At 09:27 the JSE all share index added 0.05%, led by gold miners up 1.02%, and platinum miners added 0.24%. Resources were flat, down 0.08%.
Banks edged down 0.12%, but financials gained 0.12%, along with industrials up 0.17%.
The rand was bid at 7.56 to the dollar, from 7.54 when the JSE closed on Tuesday. Gold was quoted at US$1,129.33 a troy ounce from US$1,127.42 at the JSE`s last close, and platinum was at US$1,419/oz, from US$1,411/oz the bourse`s previous close.
A local trader said: "There are no real indicators to drive direction this morning, markets are flat, but after a fairly big sell off."
Dow Jones newswires reported that European stocks are expected to open relatively flat on Thursday, as markets struggle to find any meaningful consensus on direction, said Cameron Peacock at IG Markets.
He said despite the higher close on Wall Street, Asia was seeing downside pressure in a cautious and risk-averse market. He called London`s FTSE 100 down 3.9 at 5200.0, Frankfurt`s DAX up 4.2 at 5652.0 and Paris`s CAC- 40 up 7.6 at 3765.0.
Peacock said an up-tick in the gold price as sovereign debt issues weigh could offer support to the mining sector. Also eyes would be on the ECB`s monthly report, released at 09:00 GMT, and the Bank of England base rate announcement at 12:00 GMT.
Among equity movers on the JSE, Anglo American plc (AGL) shed 67 cents, to 310.25 rand, but BHP Billiton (BIL) added 23 cents to 227.96 rand.
Petrochemicals group Sasol (SOL) was down 1.95 rand to 293.30 rand.
Highveld (HVL) gained 60 cents, or 1.01%, to 60 rand.
Among gold miners, AngloGold Ashanti (ANG) picked up three rand to 320 rand, and Gold Fields (GFI) pocketed 1.04 rand, or 1%, to 105.05 rand.
Platinum miner Anglo Platinum (AMS) garnered three rand to 783 rand.
Among industrial counters, brewer SABMiller (SAB) shed 1.36 rand to 218.55 rand, but Imperial (IPL) moved 1.35 rand, or 1.63%, higher to 84 rand.
Banker Absa (ASA) gained 1.44 rand, or 1.20%, to 121.54 rand, and Liberty International (LBT) picked up 95 cents, or 1.70%, to 56.88 rand.
Vodacom (VOD) advanced 56 cents, or 1.04%, to 54.26 rand.
At 09:27 local time (07:27 GMT)
ALL SHARE (J203) 26744.600 26730.061 0.05 14.539
INDUSTRIALS (J257) 25055.740 25013.400 0.17 42.340
FINANCIALS (J580) 18719.280 18696.990 0.12 22.290
RESOURCES (J210) 49461.920 49499.469 -0.08 -37.549
GOLD (J150) 2526.360 2500.940 1.02 25.420
PLATINUM (J153) 74.910 74.730 0.24 0.180
BANKS (J835) 35103.080 35144.121 -0.12 -41.041
By Gareth Vorster
I-Net Bridge.
Copyright 2009 I-Net Bridge. All rights reserved.

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