Johannesburg - The JSE was slightly firmer in noon trade on Wednesday, propped up by very strong gold stocks. But dealers said that they would not be surprised to see some profit taking, as precious metals were coming off their highs.
By 11.57am, the all share and all share industrial indices climbed 0.12 percent and 0.28 percent respectively. Resources rose 0.12 percent, the gold mining index jumped 2.51 percent and the platinum mining index perked up 0.17 percent. Financials dipped 0.07 percent, however, and the banks index was 0.33 percent in the red.
The rand was bid at R7.19 to the US dollar from R7.18 when the JSE closed on Tuesday, while gold was quoted at $636.60 an ounce from $636.30 at the JSE's last close.
"It's pretty much the same story as yesterday. We've seen commodity stocks rally on the back of strength in overnight gold and platinum prices. The weaker is assisting in this regard," a dealer said.
He continued that commodity stocks were underpinning the JSE, but the rest of the market was not looking as convincing.
"Future markets seem not to believe it and are still flat. World markets are a bit negative.
"Commodity stocks are looking toppish and we are seeing selling coming in on commodity prices. I wouldn't be surprised to see some profit taking coming into gold stocks at these levels," the dealer commented.
He said that industrials were continuing their upward trend from Tuesday, but not as aggressively. "They are starting to simmer down a bit and we are seeing a bit of day trader profit taking coming through."
Banks were under pressure as players took money out of them and put it into gold stocks, the dealer commented.
On the resources index, Gold Fields (GFI) leaped 2.89 percent or R4.40 to R156.80, AngloGold Ashanti (ANG) advanced 2.36 percent or R8 to R347.50. Harmony (HAR) was 2.43 percent or R2.48 higher at R104.51.
Petrochemicals group Sasol (SOL) bounced 1.53 percent or R3.75 to R249.30.
Impala Platinum (IMP) improved R5 to R1 355. Lonmin (LON) was up 1.51 percent or R5.76 at R387.26 - a record high.
London-listed diversified resources group Anglo American (AGL), however, lost 1.06 percent or R3.45 to R321.20 and BHP Billiton (BIL) eased 55 cents to R139.50.
Among industrials, Swiss-listed luxury goods group Richemont (RCH) climbed 11 cents to R34.81 and London-listed brewer SABMiller (SAB) was 44 cents better at R145.38.
B management group Barloworld (BAW) picked up R1 to R139. Services group Bidvest (BVT), which earlier traded at a lifetime high of R117.50, was 40 cents in the black at R115.90.
Cellular network operator MTN Group gained 52 cents to R58.
Furniture retailer JD Group (JDG) rebounded 1.57 percent or 99 cents to R64.
Media group Primedia (PMN) was boosted 1.91 percent or 30 cents to R16.
Before the opening, Primedia reported a 32 percent rise in adjusted headline earnings per share to 125 cents for the year ended June from 95 cents a year ago. The adjusted HEPS excluded the once-off IFRS 2 expense relating to the BEE issue of shares to Mineworkers Investment Company. Diluted HEPS were down to 75 cents from 93 cents before.
The group declared a final cash distribution of 45 cents per share making a total of 85 cents for the year.
Johnnic Communications (JCM) surged 3.03 percent or R2 to a record high of R68.
Among financials, Sanlam (SLM) strengthened 1.14 percent or 18 cents to R15.93 after reporting a 34 percent rise in diluted headline earnings per share to 126.4 cents for the year ended June. A maiden dividend of 27 cents per share was declared.
Banking group Absa (ASA), however, tumbled 2.23 percent or R2.35 to R103 and Standard Bank (SBK) eased 25 cents to R80.30.
Short-term insurer Mutual & Federal (MAF) dropped 3.61 percent or R1.01 to R27. - Net Bridge