The JSE share market was flat in opening trade on Monday‚ as traders eye international developments for direction.
“The resources sector has been doing rather well over the last couple of days‚” said Viv Govender‚ a markets analyst from Vunani Capital. “We are seeing hope of more stimulus in China‚ which would bring the resources sector up‚ as China is the biggest purchaser of resources.
“The price of gold is rather high as traders eye the US Federal Open Market Committee meeting on Thursday. This should give some indication on further quantitative easing‚” Govender said.
At 9.16am‚ the JSE all-share index was flat (0.07%) at 35‚768.70 points. Gold miners dropped 1.42%‚ banks were 1.07% down and financials were 0.50% lower.
“This week is laced with important international developments‚” Absa Capital said in its morning report. “On Wednesday European Union (EU) officials will provide more details surrounding the EU banking union. This will be accompanied by the outcome of the German Constitutional Court ruling on the European Stability Mechanism‚ as well as the results of elections in the Netherlands.”
Among individual counters on Monday morning‚ Gold Fields (GFI) lost 2.67% to R105.50 and Harmony (HAR) was 1.71% down at R72.00.
Aquarius (AQP) gained 1.87% to R4.89 and Northam Platinum (NHM) added 1.38% to R31.48.
Standard Bank (SBK) lost 2.56% to R109.04 and RMB Holdings (RMH) was 0.84% lower at R36.39.
Woolworths (WHL) lost 2.43% to R57.30 while Mr Price (MPC) added 0.70% to R128.99. - I-Net Bridge