The JSE seesawed on Thursday amid low trading volumes that resulted from a public holiday in the US.
The all share index was off 0.3% to 50.463.40 points at lunchtime, having opened the session on a positive note.
Gold stocks battled to find a floor after another torrid week, which resulted in the gold price dropping below the $1,200 per ounce mark for the first time since February.
But diversified miners attracted buying interest, thanks to the rising price of copper and iron ore in particular, which have partly been tracked to US president-elect Donald Trump’s fiscal expansionary agenda.
Banks, which have put up a strong performance over the past five weeks, paused on the eve of a keenly awaited decision by Moody’s on SA’s credit rating on Friday.
S&P Global Ratings, which has country’s debt rating just a notch above the subinvestment grade, will review its decision next week.
"As we’ve said before, it’s hard to find any positive outcomes for our economy in the event of a downgrade. But looking at our financial markets, it may not have much impact, provided that it was expected and accounted for in asset prices," said Sanlam Private Wealth analyst Renier de Bruyn.
The trading picture was patchy in the retail sector, after bouncing slightly this week from its recent lows. The broader industrial sector, such as Naspers, was slightly lower.
Europe’s leading markets were narrowly mixed at midday, following a generally positive session in Asia, where Japan’s Nikkei 225 gained 1% on account of a weaker yen.
Among some individual shares, Anglo American was up 1.96% to R217.56 Glencore gained 2.1% to R50.51. Kumba Iron Ore was up 1.75% to R169.43.
Harmony Gold was off 4.54% to R30.25 and Impala Platinum lost 1.03% to R47.
Luxury goods maker Richemont recouped 1.17%, paring losses this week to just more than 4%. Diversified industrial group Barloworld continued its week-long rally, gaining 1.75% to R103.52 following its full-year results.
FirstRand was off 1.86% to R50.64 and Capitec shed 1.29% to R647.54. Truworths was off 1.78% to R71.08.
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The all share index was off 0.3% to 50.463.40 points at lunchtime, having opened the session on a positive note.
Gold stocks battled to find a floor after another torrid week, which resulted in the gold price dropping below the $1,200 per ounce mark for the first time since February.
But diversified miners attracted buying interest, thanks to the rising price of copper and iron ore in particular, which have partly been tracked to US president-elect Donald Trump’s fiscal expansionary agenda.
Banks, which have put up a strong performance over the past five weeks, paused on the eve of a keenly awaited decision by Moody’s on SA’s credit rating on Friday.
S&P Global Ratings, which has country’s debt rating just a notch above the subinvestment grade, will review its decision next week.
"As we’ve said before, it’s hard to find any positive outcomes for our economy in the event of a downgrade. But looking at our financial markets, it may not have much impact, provided that it was expected and accounted for in asset prices," said Sanlam Private Wealth analyst Renier de Bruyn.
The trading picture was patchy in the retail sector, after bouncing slightly this week from its recent lows. The broader industrial sector, such as Naspers, was slightly lower.
Europe’s leading markets were narrowly mixed at midday, following a generally positive session in Asia, where Japan’s Nikkei 225 gained 1% on account of a weaker yen.
Among some individual shares, Anglo American was up 1.96% to R217.56 Glencore gained 2.1% to R50.51. Kumba Iron Ore was up 1.75% to R169.43.
Harmony Gold was off 4.54% to R30.25 and Impala Platinum lost 1.03% to R47.
Luxury goods maker Richemont recouped 1.17%, paring losses this week to just more than 4%. Diversified industrial group Barloworld continued its week-long rally, gaining 1.75% to R103.52 following its full-year results.
FirstRand was off 1.86% to R50.64 and Capitec shed 1.29% to R647.54. Truworths was off 1.78% to R71.08.
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