Independent Newspapers

The JSE. Photo: Simphiwe Mbokazi.

The JSE remained flat at noon on Tuesday, in line with global equity markets, following the muted investor response to the Greek bailout package.

At 12:00, the JSE all-share index was up 0.15% to 34,155.67 points, led by resources, which lifted 0.69%, gold miners gained 0.26%, while the platinum index shed 0.47%.

Financials slipped 0.25%, banks dipped 0.40%, while industrials edged down 0.11%.

The rand was at 7.70 to the US dollar, from 7.67 at the JSE's close on Monday. Gold was quoted at US$1,740.04 a troy ounce from US$1,732.92/oz at the JSE's previous close, while platinum was at US$1,666.50/oz, from US$1,647/oz before.

“Market players seem to be treating the Greek bailout package as another step in the process to resolving problems that have plagued the eurozone for some time now. The response thus far has been muted,” said Devin Shutte, equity trader at stockbrokerage, Newstrading.

European stocks fell into the red on Tuesday and investors remained cautious despite Greece managing to secure a rescue package totalling EUR130 billion, Dow Jones Newswires reports.

Although Greece seems to be out of the woods for now, many investors are concerned that the general election, expected in April, may bring in a government unwilling or unable to implement stringent austerity measures.

“The crisis marathon is not over,” warned Carsten Brzeski, economist at ING Bank. “The combination of more austerity, social unrest and European impatience could become explosive, with a high risk that the Greek crisis could still derail.”

London's FTSE 100 was down 0.18% to 5,934.47 at noon local time.

In Asia, Japan's Nikkei Stock Average finished 0.23% lower at 9,463.02 points, while China's Shanghai Composite Index finished flat.

On the JSE, Anglo American (AGL) was up R4.60 or 1.41% to R330, BHP Billiton (BIL) gained R2.32 to R254.32 and Sasol (SOL) added 50 cents to R402.50.

AngloGold Ashanti (ANG) pocketed 90 cents to R329.49, Harmony Gold Mining (HAR) picked up 89 cents to R98.60 and DRDGOLD (DRD) lifted 18 cents or 3% to R6.18.

Impala Platinum (AMS) lost R1.30 to R162.85 and Aquarius Platinum (AQP) gained 23 cents or 1.29% to R18.

Among other miners, Kumba Iron Ore (KIO) slipped 60 cents to R539.40 but African Rainbow Minerals (ARI) added R3.08 or 1.64% to R191.25.

In industrials, SAB (SAB) eased R1.32 to R307.18 and Bidvest (BVT) lost R1.44 to R171.90.

Shoprite Holdings (SHP) was down seven cents to R132.61. The food retailer earlier reported headline earnings per share of 280.8 cents for the six months ended December 2011, up 18.6% from 236.8 cents previously.

Earnings per share rose to 280.3 cents from 234.4 cents previously. Trading profit was up 16.7% to R2.164 billion and operating profit was 19.8% higher at R2.188 billion.

Eqstra Holdings (EQS) was down 10 cents or 1.23% to R8.05. The company reported an 18% rise in headline earnings per share from continuing operations to 36.8 cents for the six months ended December 2011. Revenue increased 11.2% to R4.022 billion and operating profit increased 12.6% to R455 million, while profit before taxation increased 45.3% to R263 million.

Eqstra's core business is the distribution, long-term lease and rental of mobile capital equipment and the provision of related value-added annuity services to clients in the construction, mining, industrial and commercial sectors in SA, Africa, the UK and Ireland.

AECI (AFE) was still unchanged at R91.71. The chemicals group reported diluted headline earnings per share of 719 cents for the year ended December 2011 from 575 cents a year ago.

Headline earnings of R772 million were 25% higher, with HEPS of 720 cents per share.

Revenue grew by 16% to R13.397 billion and profit from operations was up 24% to R1.315 billion. - I-Net Bridge