JSE tracks weaker Dow, commodities
October 26, 2009
By Gareth Vorster
The JSE continued trading in the red by noon on Monday tracking weaker US markets and softer commodities, according to a local trader.
At 12pm the JSE all share index had given up 0.31%, with platinum counters shedding 0.62%, gold miners subsiding 0.60% and resources down a tad, 0.09%.
Banks declined 1.44%, financials slipped 0.89% lower and industrials were 0.24% weaker.
The rand was bid at 7.49 to the dollar from 7.41 just before the JSE closed on Friday. Gold was quoted at $1,056.20 a troy ounce from $1,059.15/oz just before the JSE's last close, and platinum was at $1,361/oz, from $1,370.50/oz at its previous close.
A local trader said: "The market is softer today, tracking the US and as a result of softer commodities."
Dow Jones Newswire said that US stocks are set to open higher on Monday, rebounding after a disappointing end on Friday. David Morrison at GFT called the DJIA up 25 points at 9,997, and the S&P 500 up 2 at 1,080. He said with no important data due, traders would focus on 3Q earnings from Verizon, Corning and McGraw Hill.
Morrison noted that market reaction to recent earnings beats had been muted compared with the last two quarters. He added, "estimates have been very low; companies are beating estimates by cutting costs, and earnings are for the most part well down on the same period last year."
Back in Johannesburg, Anglo American plc gained R1.50 to R293 and BHP Billiton added R1.05 to R224.90.
Petrochemicals group Sasol eased R4.14, or 1.34%, to R305.66.
Highveld Steel dropped R1.69, or 2.49%, to R66.31.
Metals group ArcelorMittal decreased R1.50, or 1.33%, to R111.50.
Gold miner AngloGold Ashanti was off R3.88, or 1.19%, to R321.12.
Platinum miner Anglo Platinum slipped R3.74 to R669.26 and Impala Platinum was R1.15 weaker to R173.85.
Among industrials on the JSE, British American Tobacco declined R1.05 to R244.
Imperial gave up R1.08, or 1.28%, to R83.52.
Pretoria Portland Cement was 38 cents lighter, or 1.11%, to R33.78.
Banking group Standard Bank fell 1.65 cents, or 1.65%, to R98.20, Nedbank was down R2.48, or 1.98% to R122.90 and Absa dropped 2.65 rand, or 2.06%, to R126.05.
Sanlam eased 33 cents, or 1.54%, to R21.11.
Media group Naspers moved R3.53 lower, or 1.23%, to R282.47.
Among retailers, Woolworths profited R31, or 1.79%, to R17.60.
Construction group Basil Read Holdings eased 35 cents, or 2.06%, to R16.65.
Super Group shed 62 cents, or a dramatic 48.82%, to 65 cents.
The group is currently undergoing a one billion rand rights issue.
"A circular to shareholders relating to the rights offer in respect of 2,727,580,820 Super Group ordinary shares made to Super Group shareholders in the ratio of 410 new rights offer shares for every 100 ordinary shares held at the close of business on Friday, October 30, 2009 being the record date for the rights offer, at a price of 45 cents per share, will be posted to Super Group shareholders on Monday, November 2 2009," it said.
Fast food restaurant chain Famous Brands on Monday reported first half diluted headline earnings a share of 91 cents, a 16.6% increase from the 78 cents reported for its first half last year.
Headline earnings per share were 16% higher at 93 cents for the six months to end August 2009 from 80 cents for the same six months a year ago.
Revenue increases 14% to R811 million from R715 million and operating profit was up 13% to R140 million from R124 million.
The company declared an interim dividend of 50 cents, 39% up from last year's interim dividend of 36 cents.
Its shares remained untraded by noon at R21.
Telecommunications group MTN Group gave up 18 cents to R124.53, while Vodacom declined 70 cents, or 1.27%, to R54.30.
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