Johannesburg - The JSE Limited [JSE:JSE]
closed firmer on
Tuesday in line with world markets‚ despite quiet trade and low
volumes‚ with banks and financials leading the upside.
“We have had a quiet session today
but this is not only a local occurrence; last night the US had
volumes worth $13bn‚ the slowest trading day for the year so far‚”
said Francois Venter‚ equity dealer at Investec Asset Management in
“There is a low volume vacuum with no
major company results or economic data ... we have nothing to follow.
It is also the middle of the Northern Hemisphere’s summer holidays
with not too many traders at their desks‚” he said.
“Financials and banks traded higher
today after they underperformed at the end of last week. It is a
catch-up situation. We have been at almost all-time highs every day
the last couple of days on low volumes‚” he added.
At 17:00 the JSE all-share index was up
0.41% to 35 564.34 points‚ with banks and financials adding 1.12%
and 0.86% respectively.
Meanwhile US stocks opened higher on
Tuesday on the back of a better-than-forecasted reading on retail
sales in four months and a modest rise in the producer price index.
At 16:53pm the Dow Jones Industrial index was up 0.25% to 13 201.76
points. European markets were also broadly higher with the London
FTSE 100 last seen up 0.50%.
US July retail sales increased more
than expected‚ while the eurozone economy contracted 0.2% in the
second quarter‚ and output fell 0.4% year on year.
US retail sales improved for the first
time in four months in July‚ increasing 0.8% to a seasonally
adjusted $403.93bn‚ putting a damper on expectations for more
monetary easing from the US Federal Reserve‚ Dow Jones Newswires
Separately‚ the producer price index‚
a measure of how much wholesalers and manufacturers pay for finished
goods‚ rose modestly for the second month in a row‚ though this
showed inflation was likely under control.
The eurozone economy contracted 0.2% in
the second quarter‚ and was only saved from worse by resilient
growth of 0.3% in Germany in the second quarters. France stagnated
for a third straight quarter. Growth in Germany and stagnation in
France, performances that were both better than economists had
expected, prevented a steeper decline in eurozone output in the
Local big movers were Lonmin [JSE:LON]‚
down R3.40‚ or 3.60%‚ to R91.13. The world’s third-largest
platinum miner is grappling with a possible turf war between two
rival unions‚ which has left at least nine people‚ including two
Aquarius Platinum Limited [JSE:AQP]
lost 12 cents‚ or 2.47%‚ to R4.74 and Northam Platinum Limited
[JSE:NHM] shed 31 cents‚ or 1.19%‚ to R25.79.
Uranium One Inc [JSE:UUU] closed 55
cents‚ or 3.06%‚ stronger at R18.50. The miner on Tuesday
reported total attributable production during the second quarter of
this year of 3 million pounds - 28% higher than the 2.4 million
pounds produced during the second quarter of last year.
Eastern Platinum Limited [JSE:EPS]
closed unchanged at R1.49. The miner on Tuesday reported a widening
in its losses for the quarter ended June to a loss of $0.09 from a
loss of $0.01 a year ago.
Among banks and financials‚ Nedbank
Group Limited [JSE:NED] was up R2.62‚ or 1.43%‚ to R185.59 and
RMB Holdings Limited [JSE:RMH] added 72 cents‚ or 1.91%‚ to
R38.37‚ while Santam Limited [JSE:SNT] closed 25 cents softer at
R176.00. The insurer said on Tuesday it expected its earnings and
headline earnings per share for the six months ended June 2012 to be
25% to 35% below those reported for the prior corresponding period.
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