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JSE slips a fraction on consolidation

The JSE slipped on Monday on consolidation following a strong start to the new year‚ boosted by the US fiscal cliff deal.

At 12.33pm‚ the all share index was 0.09% softer at 40‚237.71 points‚ with the top 40 index dipping 0.18% to 35‚713.16‚ while banks lifted 0.88%.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

For the year to date‚ the all-share index is up 2.54%‚ led by industrials‚ up 2.52%.

“The US debt ceiling is the next dark cloud on the horizon after the US fiscal cliff deal‚” said Nicholas Sorour‚ portfolio manager at Sasfin Securities. “The country is above its debt ceiling and needs to find a solution by the end of February‚ which will set a tone for global equities.”

Leading European shares were modestly weaker at noon‚ while their Asian counterparts ended mixed. London’s FTSE 100 was last seen down 0.27%.

On the JSE‚ Harmony Gold Mining (HAR) was the biggest loser among the resources sector‚ down 3.86% to R68.74 due to the continued closure of its Kusasalethu mine following labour unrest.

Coal of Africa (CoAl‚ CZA) was up 13.85% to R2.63 after signing a memorandum of understanding with the Vitol Group. “This MOU not only formalises our strategic relationship with Vitol but also provides CoAL with access to a global marketing network that will greatly assist the development of export markets for our coking and thermal coal products as we bring our Vele and Makhado projects online‚” said John Wallington‚ CEO of CoAL.

Luxury group Richemont (CFR) was down 2.04% to R68.54‚ while financial services group MMI Holdings (MMI) lifted 2.83% to R23.22 but cement maker PPC (PPC) dropped 2.44% to R34.01. - I-Net Bridge

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