JSE pares gains as EU stocks slipComment on this story
The JSE remained in the black at noon on Tuesday but was off the session highs, as some of the main European market indices slipped into the red.
At 12:14 local time, the JSE all-share index was up 0.23% to 33,180.94 points, with resources adding 0.46%, while platinums were flat (0.06%) as were gold counters (0.01%).
Financials garnered 0.24%, banking stocks edged up 0.22% and industrials inched up 0.09%.
The rand was trading at 8.34 to the US dollar, from 8.34 at the JSE's close on Monday, while gold was quoted at US$1,573.51 a troy ounce from US$1,575.13/oz at the JSE's previous close and platinum was at $1,436/oz, from $1,438.00/oz at the previous session.
“The markets are in a wait-and-see mode and that will continue for a while until some sort of a solution to the eurozone crisis is found,” said Ian Cruickshanks, market watcher at Nedbank Capital.
European markets were mixed, with London’s FTSE 100 losing a little ground after a firmer open.
Traders noted caution amid ongoing worries about Spain's banks and the potential for contagion in the periphery, as well as uncertainty ahead of the Greek elections, according to Dow Jones Newswires.
UK’s FTSE was down 0.12% at about noon local time.
Asian markets ended higher buoyed by hopes for fresh policy stimulus from Beijing.
China's Shanghai Composite climbed 1.2% and Japan's Nikkei Stock Average added 0.74%.
On the JSE, Anglo American (AGL) was up R1.10 to R266.40, BHP Billiton (BIL) gained R1.50 to R227.07 and Sasol (SOL) garnered R2.30 to R361.25.
AngloGold Ashanti (ANG) slipped three cents to R299.95 after the gold producer said it had secured 100% of Serra Grand mine in Brazil from Kinross Gold Corporation for US$220 million in cash.
Gold Fields (GFI) lifted 23 cents to R109.90 and Harmony Gold Mining (HAR) was down 19 cents to R81.
Impala Platinum (IMP) gained 60 cents to 138.01 after the platinum miner recorded a 46% decline in gross platinum production to 230,000 ounces in the quarter ended March compared with the corresponding period a year ago. The strike action resulted in significantly lower production at Impala Rustenburg while a reduction of third party ounces impacted Impala Refining Services. Cruickshanks said the bad news was already factored into the share price.
Aquarius Platinum (AQP) rose 18 cents, or 1.83%, to R10.
In industrials, Richemont lifted 51 cents, or 1.05%, to R49.31.
In banking stocks and financials, Absa (ASA) was up 75 cents to R148.35 and Investec plc (INP) gained 37 cents to R43.90.
Adcock Ingram (AIP) shed R4.06, or 6.42%, to R59.14 after SA’s second biggest pharmaceutical group and largest supplier of hospital and critical care products reported a 10% decrease in diluted headline earnings per share from 220.7 cents to 198.4 cents for the six months ended March. - I-Net Bridge