Fin24

JSE flat‚ awaits US jobs data

2012-09-07 16:00

Johannesburg - The JSE All-share index traded within a narrow range at noon‚ but mining shares extended the previous day’s rally in a sign of sector rotation.

Industrial‚ banking and retail shares were generally on the back foot.

“The European Central Bank (ECB) bond buying plan is keeping the market together‚ while it awaits the US non-farm payrolls data. Resources remain the cheapest in the market on the valuation basis. There is now some level of confidence that Europe may not fall apart‚ which is positive for global growth‚” said Craig Pheiffer‚ general manager at Absa Investments.

ECB president Mario Draghi said on Thursday the bank would buy an unlimited amount of up to three-year sovereign bonds of eurozone countries‚ which would help to ease monetary woes in the eurozone.

At 12:32‚ the JSE all-share index was down 0.12% at 35 632.21 points‚ with resources up 1.87% and the platinum index garnering 1.65%.

Leading European shares were in positive territory at noon‚ as were their Asian counterparts by the close of trade.

Among individual counters‚ Anglo American [JSE:AGL] rallied 3.20% to R251.07 and Impala Platinum [JSE:IMP] was up 2.40% to R132.85.

ArcelorMittal SA [JSE:ACL] lifted 2.10% to R41.75‚ Exxaro [JSE:EXX] rose 3.47% to R155.26‚ Kumba Iron Ore [JSE:KIO] climbed 4.09% at R482.99 and African Rainbow Minerals [JSE:ARM] added 4.45% to R158.50.

Among industrial shares‚ British American Tobacco [JSE:BTI] shed 2.65% to R418 and SABMiller [JSE:SAB] dropped 2.73% to R365.50.

Among banks‚ Standard Bank [JSE:SBK] was off 1% to R110.88 and FirstRand [JSE:FSR] shed 1.03% to R27.79.

Among retailers‚ Shoprite [JSE:SHP] eased 1.32% to 165.50 and Woolworths Holdings [JSE:WHL] dropped 3.31% to 58.51.