Johannesburg - The JSE share market was
slightly higher at noon‚ boosted by resource and gold shares.
There were no real catalysts driving
market sentiment‚ with trading volumes thinned by the annual
European holiday season.
“Our local bourse continues to
consolidate for the seventh day‚ following the recent rally in
global markets. News flow over the last week has lacked the impetus
to either push markets higher or reverse recent gains‚” said
Shaun Murison‚ market analyst at IG Markets SA.
He said It would appear markets were on
pause‚ waiting for action or surprise‚ with the usual economic
indicators not being enough to sustain a direction right now.
European shares similarly lacked
direction at noon‚ while Asian markets ended mixed.
At 12.:39‚ the JSE all-share index
was up 0.15% to 35 597.11 points‚ with resources gaining 0.90% and
gold shares climbing 0.88%.
Among companies in focus‚ Cipla
Medpro South Africa [JSE:CMP] share price was down 43 cents‚ or
5.19%‚ to R7.85‚ off its lows of 7.20. SA’s third biggest
generic drug company still remained tight-lipped about the reasons
for the suspension of its CEO Jerome Smith.
Media group Avusa [JSE:AVU] was up 97
cents‚ or 4.51%‚ to R22.47. Times Media Group's (TMG) bid for
Avusa has succeeded after shareholders voted in favour of the deal on
Standard Bank Group [JSE:SBK)] lost
R3.60‚ or 3.10%‚ to R112.59.
The bank reported an 11% increase in
headline earnings per share to R73.84 in the six months ended June
2012‚ from R66.37 a year ago.
Paul Theron‚ CEO of Vestact‚ said
the results put a positive spin on commentary about Standard Bank‚
but said certain aspects were a of concern. “What could be worrying
is some corporate write downs to the Middle East and Eastern Europe
and the increase in provision for unsecured loans. Having said that‚
the dividend hike is pleasing‚” Theron said.
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