Stocks Mid: JSE suffers futures closeout hangover

   Johannesburg, Mar 19 (I-Net Bridge) – The JSE was soft in midday trade on Friday, suffering from a futures closeout hangover.
    By 12:00 the JSE all share index had given up 0.49%, with resources 0.52% softer. Gold miners were down 0.66% and platinum miners declined 0.48%.
    Banks were 0.56% worse off, financials dropped 0.37% and industrials moved 0.52% lower.
    The rand was bid at 7.31 to the dollar, from 7.29 when the JSE’s closed on Thursday. Gold was quoted at US$1,122.14 a troy ounce from US$1,122.21/oz at the JSE’s last close. Platinum was at $1,622/oz from $1,629/oz at the JSE’s last close.
    A local trader said: “The local bourse is suffering from a futures closeout hangover today. Global markets are trading quite positively, but locally, commodities are pushing us down.”
    Dow Jones Newswires reported European stocks were led higher by bank shares on Friday after Lloyds Banking Group said it expects to return to profit this year and positive sentiment on Wall Street had helped to lift confidence.
    “The main impact on the equity market this morning has to be Lloyds’ trading update. Expectations of a return to profit have sent the shares flying, up 8% this morning, pulling the other banks along with them,” said Sam Wright, equity trader at Spreadex.
    “Plenty of bears are getting squeezed out of their positions in yet another move higher on the banks and broader market,” Wright added.
    By 09:15 GMT, London’s FTSE 100 was 0.4% higher at 5,663.1, Frankfurt’s DAX rose 0.1% to 6,015 and Paris’s CAC-40 gained 0.2% to 3,947.5.
    The FTSE was also boosted by a note from Credit Suisse, which upgraded the UK equity market to benchmark from underweight in local currency terms, largely due to the play on sterling.
    Corporate news was otherwise slow Friday, with traders keeping a watchful eye on the Greek debt situation and whether the debt-laden country will eventually have to turn to the International Monetary Fund. Meanwhile, some volatility could be on the cards as options expiries hit the US, UK and German markets.
    Earlier, on Thursday, the Dow Jones Industrial Average climbed 0.4% to 10,779.2, its highest close since Oct. 1, 2008.
    On the JSE, Anglo American (AGL) was 92 cents lower at 305 rand and BHP Billiton (BIL) declined 202 cents to 245.51 rand. Sasol (SOL) gave up 40 cents to 284.90 rand.
    Platinum miner Angloplat (AMS) was down 9.93 rand or 1.33% to 735.06 rand. Lonmin (LON) lost 1.73 rand to 222.02 rand.
    Highveld (HVL) wavered 50 cents to 71.50 rand.
    Anglogold Ashanti (ANG) dropped 2.16 rand to 282.83 rand.
    Kumba Iron Ore (KIO) receded 5.38 rand or 1.53% to 346.61 rand.
    Diversified miner Exxaro (EXX) was 95 cents weaker at 125.05 rand, but African Rainbow (ARI) picked up 1.11 rand to 194.95 rand.
    Among industrials BAT (BTI) softened 2.27 rand to 248.93 rand, while Bidvest (BVT) dropped 2.50 rand, or 1.73% to 142 rand. Tiger Brands (TBS) moved 1.38 rand lower to 188.27 rand.
    Altron (ATN) shipped 1.15 rand or 4.04% to 27.35 rand.
    Pharmaceutical giant Aspen (APN) wavered 1.79 rand or 2.19% to 80.05 rand.
    Banker Standard Bank (SBK) declined 1.29 rand or 1.09% to 116.71 rand, and Santam (SNT) was 1.81 rand or 1.66% weaker at 106.94 rand.
    Retailer JD Group (JDG) softened 70 cents or 1.49% to 46.30 rand, Foschini (FOS) gave up 1.34 rand or 1.92% to 68.55 rand and Truworths (TRU) was 1.22 rand or 2.16% down to 55.34 rand.
    Construction group Murray and Roberts (MUR) decreased 79 cents or 2.02% to 38.36 rand, Aveng (AEG) shed 94 cents or 2.51% to 36.56 rand, but WBH Ovcon (WBO) added 1.07 rand to 116.19 rand.
    Astral (ARL) lost 2.42 rand or 2.14% to 110.50 rand.
    Sugar group Ilovo (ILV) gained 93 cents or 3.01% to 31.85 rand.
    Media group Naspers (NPN) gave up 7.50 rand or 2.32% to 315.50 rand.
    Assore (ASR) profited 24.95 rand or 3.33% to 774.95 rand.
 
     ______________________________________________________________________
At 12:00 local time (11:00 GMT)
                           TRADE           CLOSE        PERC        POINTS
ALL SHARE     (J203)   28664.300        28806.141      -0.49      -141.841
INDUSTRIALS   (J257)   27635.810        27780.350      -0.52      -144.540
FINANCIALS    (J580)   21120.830        21199.580      -0.37       -78.750
RESOURCES     (J210)   50318.760        50584.281      -0.52      -265.521
GOLD          (J150)    2228.890         2243.730      -0.66       -14.840
PLATINUM      (J153)      80.380           80.770      -0.48        -0.390
BANKS         (J835)   41330.940        41562.762      -0.56      -231.822
________________________________________________________________________
   
Value traded       2.978 billion rand
Volume             72.350 million shares
———————————————————————
Highest value traded shares:
Anglo American                 305.00 rand      dn        0.92 rand
Naspers N                      315.50 rand      dn        7.50 rand
Sasol                          284.90 rand      dn        0.40 rand
MTN Group                      124.16 rand      dn        0.34 rand
Woolworths                      23.72 rand      dn        0.18 rand
 ________________________________________________________________________
   
    By Gareth Vorster
    I-Net Bridge.
    Copyright 2010 I-Net Bridge. All rights reserved.

This entry was posted on Friday, March 19th, 2010 at 2:10 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed.