Dear Clients,
The JSE ended flat after a volatile session ahead of the futures closeout on Thursday, with some investors snatching profits after Friday's record run.
The all share index ended up just 0.02%. Resources were 0.06% higher, the platinum mining index climbed 2.31% but the gold mining index was off 0.10%.
Industrials added 0.28%, but banks and financials lost 0.74% and 0.56% respectively.
The rand was bid at 7.08 to the US dollar from 7.11 when the JSE closed on Friday, while gold was quoted at US656.25 a troy ounce from $654.10 at the JSE's last close.
"It's been unstable. We opened very strong after Asian markets closed at record highs this morning but around noon we started flattening in line with European markets," said Lavan Gopaul, a trader at Cortex Securities.
He added although overall trading was quiet due to a lack of fresh corporate and economic news, blue chip stocks featured ahead of the futures closeout on Thursday.
Gopaul further noted selective profit-taking after the market's record performance on Friday.
On the resources index, Anglo American (AGL) was off two rand to 443 rand and BHP Billiton (BIL) fell 1.18%, or 2.28 rand, to 191.50 rand.
It was reported today that the Melbourne-based resource group is considering a new $40 billion bid for UK-based aluminum producer Alcoa but BHP Billiton declined to comment.
"We are always looking at our portfolio of assets and analysing opportunities, but we don't comment on market speculation," Bronwen Wilkinson, BHP Billiton's South African spokesperson, told I-Net Bridge.
Highveld Steel (HVL) surged 2.50%, or 2.20 rand, to 90.20 rand after saying that that it expects its headline and basic earnings per share for the interim period ending June to be between 55% and 65% higher than that for the same time last year.
Platinum miner Anglo Platinum (AMS) climbed 2.05%, or 25 rand, to 1,245 rand. It said earlier that it would be suspending underground production at its Rustenburg Platinum Mine's Rustenburg section for about seven days to implement measures to address concerns associated with the safety of employees.
Impala Platinum (IMP) soared 3.085, or seven rand, to 234 rand.
Among gold counters, Anglogold Ashanti (ANG) inched up 75 cents to 291 rand but Gold Fields (GFI) shed 1.25%, or 1.46 rand, to 115.75 rand.
Diversified mining group Metorex (MTX) was 3.40%, or 90 cents, stronger at 27.40 rand. It said earlier that it was in talks, which might affect its share price.
Heavyweight industrial group Barloworld (BAW) shed 1.50%, or three rand, to 197 rand but investment group Remgro (REM) was up 1.10 rand to 187.60 rand.
Among banks and financials, Standard Bank (SBK) gave up 40 cents to 106.11 rand but Absa (ASA) firmed 20 cents to 139.10 rand.
Life insurer Old Mutual (OML) retreated 18 cents to 25.01 rand but Sanlam (SLM) gained 10 cents to 23.10 rand.
I-Net Bridge
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Regards,
Paul Venter (CM,Dip(Man),MBA)
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