Bourse closes a tad firmer

THE JSE pared its intraday losses yesterday, closing a little firmer, while miners continued to weigh on the bourse.

Profit taking in the mining sector overshadowed gains from industrials and financials.

US jobless claims fell more than expected, but this appeared to have no effect on the local market.

At 5pm, the all share index closed 0.10% higher at 39,109.98 points.

Industrials led the upside adding 0.66%, while the platinum index shed 2.36%, gold counters gave back 2.23% and resources were down 1.26%.

“The market took a breather today after yesterday’s rally. It was a very uneventful day with thin volumes after all the excitement yesterday and some profit taking coming in today,” said Michael Carlsson, trader at Consilium Securities.

“There was no major news to drive the market and it has been one of the dullest days I have seen in a long time,” he said.

Mining giant Anglo American (AGL) gave back 1.73% to R229.27 and rival BHP Billiton (BIL) closed 1.09% lower at R264.27.

Exxaro (EXX) added 1.57% to R154.84, while Alert Steel tumbled 14.73% to R1.10. The steel retailer and Cannistraro yesterday entered into an agreement in terms of which the former would issue 48- million shares to the latter at 200c per share to raise R96m. The cash raised would be utilised to redeem debt.

Luxury goods maker Richemont (CFR), which produces, among other things, the Cartier and Montblanc brands, gained 2.71% to R70.77. Barloworld (BAW) was up 1.87% at R97.18.

Bullion counter AngloGold Ashanti (ANG) shed 3.35% to R194 and Sibanye (SGL) dropped 2.95% to R12.51.

Platinum producer Lonmin (LON) ended 2.88% lower at R39.82, Northam Platinum (NHM) gave up 2.24% to R36.66 and Amplats (AMS) dropped 2.11% to R348. Aquarius (AQP) bucked the trend, adding 2.64% to R6.60.

Northam Platinum has obtained an interdict from the labour court which rules that the current work stoppage at Zondereinde is unprotected‚ and directs affected employees to resume their normal duties.

Meanwhile, the diversified financial services company PSG Konsult ‚ says its asset management division will continue to be its biggest profit driver over the next few years. Headline earnings increased 15.3% to R174.4m for the period under review‚ while recurring headline earnings per share increased 9.2% to 15.4c in the year to February. Staff writers