Independent Newspapers

The JSE. Photo: Simphiwe Mbokazi.

The JSE gave back some of its earlier gains in midday trade on Friday, with elevated oil prices keeping the bourse in check, while banking stocks maintained their strong run.

At 12:05 local time, the JSE all-share index was up 0.16% to 34,162.44 points, with banks up 0.79%; financials lifted 0.65%, while industrials added 0.12%.

Platinum miners were up 0.22%, resources slipped 0.11% and gold shares shed 0.58%.

The rand was at 7.60 to the US dollar, from 7.69 at the JSE's close on Thursday. Gold was quoted at US$1,780.74 a troy ounce from US$1,776.92/oz at the JSE's previous close, while platinum was at US$1,719.50/oz, from US$1,722/oz.

“There are growing fears that higher oil prices will accelerate global inflation, which could potentially derail the recovery of the global economy,” said Drikus Combrinck, portfolio manager at PSG Konsult. “I'm not surprised that the general miners are on the back foot.”

European stocks posted mild gains on Friday, Dow Jones Newswires reports. Concerns about Greece have receded somewhat after it managed to negotiate its second bailout deal and investors are now looking ahead to the second longer term refinancing operation from the European Central Bank.

In addition, Greece's parliament on Thursday approved the private sector involvement programme which includes collective action clauses.

London's FTSE 100 was flat at 5,942.11 at noon local time.

Asian stock markets finished mostly higher, with Hong Kong's Hang Seng Index up 0.12% and China's Shanghai Composite Index was up 1.2%.

On the JSE, Anglo American (AGL) was down 61 cents to R323.14, BHP Billiton (BIL) slipped 39 cents to R251 but Sasol (SOL) lifted R2.25 to R400.75.

AngloGold Ashanti (ANG) was off R1.86 to R329.95, while Gold Fields (GFI) dipped R1.30 or 1.06% to R121.55.

Northam Platinum (NHM) rose R1.15 or 3.49% to R34.06. The platinum producer reported a 147.8% surge in diluted headline earnings per share to 51.8 cents for the six months ended December 2011, from 20.9 cents a year ago.

Earnings were up 161% to R198.3 million due to higher production volumes from the Zondereinde mine in the first half of its 2012 financial year compared to the previous comparable period, which was overwhelmingly impacted by the effects of a six-week strike.

Revenues increased by 22.7% to R1.98 billion owing to a combination of a 13.1% increase in precious metals sold of 5,295kg, compared with 4,682kg sold in the previous period, and an increase of 10.6% in the average rand basket price realised of R341,725/kg from R308,886/kg.

The company declared an interim dividend of 5 cents per share.

Aquarius Platinum (AQP) plummeted R1.69 or 9.59% to R15.93, after news that Zimbabwe's Minister of Youth Development, Indigenisation and Empowerment had rejected a portion of Impala's revised Indigenisation Implementation Plan (IIP) for Mimosa Holdings. Mimosa is a 50% subsidiary of Implats. The other portion is owned by Aquarius.

FirstRand (FSR) was up 45 cents or 1.92% to 23.93 Absa (ASA) was up R2.64 or 1.72% to 155.75. - I-Net Bridge