The JSE share market was flat in midday trade on Monday as traders eye economic conditions in the US and China for direction.
“The overall market is flat‚ but that is concealing large moves among stocks. The resource counters continue to rally as hopes continue that both the US and China will step in with more stimulus‚” said Viv Govender‚ a markets analyst from Vunani Capital.
“At the moment bad economic news actually moved some stocks higher since it would increase the chance of stimulus. This can be seen after Friday’s disappointing US jobs figures as well as this morning's Chinese trade figures‚ both of which helped resource stocks move up. Mining companies are also likely helped by the increased price that Glencore has offered for diversified miner Xtrata‚” he said.
At 12.01pm‚ the JSE all-share index was relatively flat (-0.21%) at 35‚668.78 points. Gold miners dropped 1.29%‚ banks were 1.93% lower followed by a 1.01% fall in financials. Resources gained 1.09% and platinum counters added 1.61%.
Among individual shares‚ Sasol (SOL) gained 3.34% to R386.60 after reporting a 24.76% hike in diluted headline earnings per share for the year ended June 2012 to R42.07. HEPS were up 25% at R42.28.
Its operating profit for the period was R36.8 billion‚ 23% higher than the corresponding period in 2011.
Gold Fields (GFI) lost 2.59% to R105.58 and Harmony (HAR) gave up 1.58% at R72.09‚ while Lonmin (LON) gained 1.02% to R79.59.
“Gold Fields currently has two illegal strikes on the go. Though we cannot immediately assume that these are related to the situation at Lonmin‚ this does seem to indicate that the local mining sector is likely to face increased industrial action in near term‚” Govender said.
Impala Platinum (IMP) gained 1.90% to R141.40 and Northam Platinum (NHM) added 2.90% to R31.95.
Standard Bank (SBK) lost 3.62% to R107.85‚ RMB Holdings (RMH) was 1.74% lower at R36.06 and FirstRand (FSR) lost 1.05% to R27.37.
Woolworths (WHL) lost 4.31% to R56.20‚ Truworths (TRU) shed 1.45% to R91.20 and Mr Price (MPC) lost 4.61% to R122.19.
Shoprite (SHP) lost 2.35% to R159.13 and Spar (SPP) shed 1.59% to R122.67. - I-Net Bridge