JSE remains weaker in cautious trade

BJM Private Clients Services.
At noon the JSE all-share index was 0,21 percent in the red to 34 155,24 points, with the platinum sector down 1,11 percent, while resources shares shed 0,96 percent and the gold index lifted 0,20 percent.
Industrials edged up 0,24 percent, financials inched up 0,16 percent, and banks were up marginally at 0,13 percent.
The rand slipped to R7,60/$, from R7,55/$ at the JSE’s close on Wednesday.
Gold was quoted at US$1 735,16 a troy ounce from US$1 745,89 per ounce at the JSE’s previous close, while platinum was at US$1 661 per ounce, from US$1 659,51 per ounce before.
European stocks edged higher yesterday, led by auto stocks following well-received earnings from Daimler, as investors awaited further news on Greece, Dow Jones Newswires reports.
The FTSE 100 index was 0,44 percent higher to 5 902 points at noon local time.
It seems the sticking point in overnight talks with Greek lawmakers was pension reform, but Greek Prime Minister Lucas Papademos had said he was aiming to conclude loan talks before the euro-group meeting in Brussels, scheduled for today.
“Another issue that has to be finalised is whether the European Central Bank will take part in any official sector involvement to complement the private sector involvement, thus improving debt sustainability in the country,” said Goodbody Stockbrokers.
“While we think such an action was highly unlikely under a Trichet-led ECB (European Central Bank), the performance of Mario Draghi thus far suggests that he will take a more constructive approach to the problem,” it added.
Earlier in Asia, stock markets dropped as accelerating inflation in China eroded expectations of further near-term stimulus measures from Beijing.
China reported that its consumer price index rose 4,5 percent in January, up from 4,1 percent in December and topping expectations of a 4,1 percent rise.
Japan’s Nikkei Stock Average fell 0,15 percent while China’s Shanghai Composite Index was flat in choppy trade.
On the JSE, Anglo American shed R3,34 to R344,56, Sasol edged up 65 cents to R400,60, BHP Billiton lost R5,01 or 1,92 percent to R255,40.
In gold stocks, AngloGold Ashanti dipped 25 cents to R346,75, but Gold Fields picked up 77 cents to R127,43 and Harmony Gold Mining gained 20 cents to R96,80.
Impala Platinum was down R2 or 1,18 percent to R167, Aquarius Platinum slid 72 cents or 3,56 percent to R19, 50.
The platinum producer’s consolidated result for the half-year ended December 2011 was a loss of US$113 million or 24,31 cents per share.
The result includes a foreign exchange loss of US$91 million arising substantially from the revaluation of intercompany loans within the group.
Among other miners, ArcelorMittal SA was down R1,71 or 2,55 percent to R65,40, Exxaro Resources shaved off R2,50 or 1,21 percent to R203,50. Kumba Iron Ore shed R2,67 to R550,60.
Abetted by a weighted average increase of 26 percent in export iron ore prices and a 3 percent increase in export sales volumes, the mining group lifted headline earnings from R14,3 billion to R17 billion for the year ended December 31, 2011 – a 19 percent improvement.
The group declared a final cash dividend of R22,50 per share, bringing the total cash dividend to R44,20 per share.
In industrials, British American Tobacco lost R1,34 to R371,27 but SAB was up R3,83 or 1,27 percent to R304,83. – I-NET BRIDGE