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Industrials keep JSE positive

Feb 19 2013 13:50 I-Net Bridge


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Johannesburg - The All Share index remained steady at midday on Tuesday‚ with losses in the platinum sector being offset by gains in industrials and financials.

At 12:05 the All Share [JSE:J203] index was up 0.50% at 40 716.82 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.60%. The platinum index was down 1.66%‚ while banks were flat (0.09%). Industrials and financials were up 0.51% and 0.44% respectively.

Amongst individual shares‚ Sibanye Gold (SGL)‚ formed by the unbundling of some of Gold Fields’ South African assets‚ gave up 7.33% to R14.17 after investor concerns that the share was overbought. The share surged 19% in the first week of trade on the JSE and rose as much as 5% on Friday‚ before ending the day 0.61% softer at R16.20.

Shoprite (SHP) fell 4.36% to R170.23 following the release of disappointing interim results for December. The report showed that sale of merchandise grew 13.81% to R46.7bn from R41.1bn and gross profit increased by 17.06% to R9.6bn from R8.2bn.

Fellow retailers Massmart (MSM) and Mr Price (MPC) followed suit‚ dropping 2.33% to R184.85 and 2.14% to R124.61 respectively. Pick n Pay (PIK) was down 1.25% to R45.

“Although the results we’ve been seeing are objectively not bad‚ retails have over-run their valuations‚” said Viv Govender‚ a market analyst at Vunani Private Clients.

“The market needs much better results to justify the price to earnings ratios we’re seeing at the moment‚” he said.

After recovering briefly this morning‚ Anglo American Platinum (AMS) lost 1.11% to R438.01 after dropping close to 5% on Monday following a shooting incident at its Siphumelele mine in the Rustenburg area. Workers at Amplats mines around Rustenburg and north of the Pilanesberg did not go to work on Tuesday.

“All of our Rustenburg operations as well as some of those north of Pilanesberg have stopped work‚” said Amplats spokeswoman Mpumi Sithole.

Among general resource counters BHP Billiton (BIL) gained 1.78% to R310.43.

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