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JSE flat as mines face pressure

Jan 16 2013 13:46 I-Net Bridge


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Johannesburg – The South African share market was flat at noon as mining stocks - particularly platinum counters - weighed on the market.

The relief rally enjoyed by retail stocks following the Woolworths’ trading update fizzled out by noon with many counters in the sector showing losses.

At 12.33‚ the All Share [JSE:J203] index was flat (-0.07%) at 39 884.99 points‚ while the platinum index shed 3.53%. Resources were down 1.09%.

“A disappointing trading statement from Kumba Iron Ore on the back of lower iron ore prices‚ as well as labour difficulties and negative political banter in Amplats‚ have been the catalyst for today’s poor performance within the sector‚” said Shaun Murison‚ market analyst at IG SA.

Leading European stocks were generally weaker‚ with London’s FTSE 100 down 0.48% at noon.

Among individual shares on the JSE Anglo American (AGL)‚ which owns 80% of Amplats‚ was down 2.39% to R268.82‚ while Amplats (AMS) itself dropped 6.57% to R454.99‚ Impala Platinum (IMP) lost 2.90% to R167.49 and Kumba Iron Ore (KIO) gave up 1.29% to R579.

But Aquarius (AQP) bucked the trend‚ rising 4.42% to R10.39 for a 39% surge since the start of the year.

FirstRand (FSR) was up 3.27% to R31.90.

In the retail space Woolies (WHL) turned weaker‚ after jumping more than 5% earlier on its latest trading update. The counter was down 1.01% to R62.85. Group sales for the first 26 weeks of the June 2013 financial year increased by 18% over the comparable period in 2012. Sales in comparable stores grew by 9.4%.

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jse  |  markets
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