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JSE flat as market consolidates gains

The JSE kicked off relatively flat‚ with the market consolidating gains after two straight days of strong recovery.

“The market remains volatile‚ but we have seen quite a recovery in some stocks that have been heavily sold off since the (Fed chairman Ben Bernanke) Bernanke scare that the US may begin reducing stimulus injections from its economy‚” said Ferdi Heyneke‚ a trader at Afrifocus.

At 9:25‚ the JSE All Share [JSE:J203] had nudged up slightly by 0.02% to 38 954.21 points with industrials up 0.28% while banks and financials counters declined 0.77% and 0.41% respectively.

The spot price of gold was slightly higher up 0.76% to $1238.34 after tumbling nearly 4% on Wednesday‚ but local mining shares remained under pressure.

“We are seeing some buying coming back into industrial‚ retail and banking shares‚ but mining stocks are still in trouble‚” Heyneke said.

Asian stocks closed mostly higher following Wall Street’s gains as a downward revision to the US’s growth outlook in the first quarter eased fears that the US Federal Reserve Bank would enact monetary tapering this year.

However‚ China’s Shanghai composite remained under pressure amid fears over elevated borrowing costs in the country’s interbank market as well as concerns over the economy’s growth pace.

European shares were mixed with London’s FTSE 100 up 0.33%‚ while the Paris Cac eased 0.17% at 9:10.

Among individuals shares on the JSE‚ steel maker ArcelorMittal (ACL) added 2.97% to R32.20 while mining company GoldFields (GFI) lost 1.39% to R47.58.

In the banking sector Absa (ASA) was down 1.59% to R144.67 and FirstRand (FSR) was 0.73% lower at R28.75.

Retailers were mostly lower with Truworths (TRU) losing 1.10% to R83.73 and Mr Price (MPC) down 1.18% to R128.46

 
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Rand - Dollar
18.88
+0.3%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.38
+0.3%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
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Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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