REUTERS

A bull and a bear styrofoam figurine.

The JSE changed direction at the close of trading on Tuesday and ended higher on the back of positive moves in overseas markets.

A local trader said: “We had a hell of a choppy session today, with a higher opening on the back of US markets and positive sentiment in Europe, but at noon those gains were given back. US stocks have opened higher than expected and we are following that.”

The trader said that people were still uncertain, however there was some positive sentiment coming through news that some of the BRICS countries may aid Europe.

“Locally it is interesting to see a bit of profit taking coming through on certain stocks such as Woolworths.”

By 17:00 local time, the JSE all-share index had picked up 0.59% to 30032.71. Gold stocks eased off further losing 1.53%, and platinum shed 0.40%. Resources, however, lifted 1.04%. Banks were up 1.66%, financials generated 1.09%, and industrials were flat (0.05%).

The rand was bid at 7.33 from 7.39 at the JSE's close on Monday. Gold was trading at US$1,822.05 a troy ounce from US$1,832.71 at the JSE's previous close, while platinum was at US$1,806.50/oz, from US$1,816.50/oz previously.

Dow Jones Newswires reported that US stocks erased early losses and turned higher in what was expected to be another choppy session as investors kept a cautious eye on Europe's ongoing debt woes.

The Dow Jones Industrial Average was marginally up 0.07% at the JSE's close.

In overseas markets, European stocks were higher, reversing earlier losses that saw the Stoxx Europe 600 hit a two-year low. Investors fretted a disappointing auction of Italian bonds and fears that French banking giant BNP Paribas was having trouble accessing US dollar funding.

At 17:00 local time, London's FTSE 100 Index was 0.89% higher and the Paris CAC 40 Index was 1.27% up.

On the JSE, Anglo American (AGL) lifted R4.94 or 1.80% to R279.30, BHP Billiton (BIL) generated R3.28 or 1.47% to R226.84, and Sasol (SOL) rose R6.50 or 2.02% to R329.

Among gold shares, AngloGold Ashanti (ANG) gave up R6.50, or 1.91% to R333.50, Gold Fields (GFI) lost R1.18 or 0.96% and Harmony (HAR) lost R1.51 or 1.57% to R94.70. RandGold (RNG) shed 39 cents or 14.77% to R2.25.

In platinum stocks, Impala Platinum (IMP) declined R1.38 to R160.62, Northam Platinum (NHM) gathered 56 cents or 1.63% to R35.00.

Among diversified miners, Arcelormittal (ACL) collected R1.01 or 1.77% to R58.05, Kumba Iron Ore (KIO) secured R10.49, up 2.29% to R469.10 while Uranium One (UUU) was up 8.88% or R1.48 to R18.15.

Exxaro (EXX) lifted R7.08 or 3.77% to R195 and African Rainbow (ARI) picked up R8.21 or 4.52% to R190.

In banking and financial services, FirstRand (FSR) rose 55 cents or 2.74% to R20.60. The group on Tuesday reported a 22% growth in normalised earnings from R8.283 billion to R10.117 billion for the year ended June 30.

This translated into diluted normalised earnings per share of 179.4 cents versus 146.9 cents for the previous year. Fully diluted headline earnings per share were 179.4 cents versus 178.3 cents previously.

RMB Holdings (RMH) garnered 50 cents or 1.97% to R25.85.

Amongst the retailers, Woolworths (WHL) withered R1.14 or 3.02% to R36.66 and Shoprite (SHP) gained R1.28 or 1.15% to R112.28.

In agricultural stocks, Rainbow (RBW) lifted R1.05 or 6.69% to R16.75.

In media and entertainment, Naspers (NPN) deflated R5.30 or 1.54% to R339.70 while Avusa (AVU) climbed R1.20 or 5.36% to R23.60.

Comair (COM), operator of British Airways in Southern Africa and low budget airline, kulula.com on Tuesday announced diluted headline earnings per share of 15.9 cents for the year ended June, from 21.8 cents previously amid a rise in jet fuel prices, crippling escalations in airport charges and a stagnant local economy.

The group noted dilutes earnings per share of 15.9 cents, from 21.8 cents in 2010.

Revenue advanced to R3.59 billion, from R3.0 billion previously, but profit before tax slipped to R106.5 million, from R124 million.

Its share price lost 10 cents or 4.76% to R2. - I-Net Bridge