JSE steady as platinum gainers dispel retailers’ blues

STOCKS ended little changed yesterday, as gains by platinum producers were counterbalanced by a decline in retailers ahead of earnings.

Sentiment was lifted by expectations that Greece would finally secure a bailout, although that was tempered by a jump in oil prices.

“The markets are expecting the best… on Greece,” Abri du Plessis at Gryphon Asset Management said. “Any disappointment could lead to selling.”

The blue chip Top40 index edged up 0.07 percent to 30 393.94 points, while the broad all share index also gained 0.07 percent, to 34 106.

Platinum producers – the worst performers on the Top40 over the past 12 months – gained on a recovering platinum price, which has been recently helped by improving risk appetite. Spot platinum was up almost 1.6 percent.

Deutsche Bank’s price estimate on Gold Fields’ stock

slipped 0.38 percent to R132.68. The discount retailer has surged 42 percent in the past 12 months, lifted by an optimistic outlook for retailers in Africa.

slid 0.47 percent to end at R42.40. Shares have risen a blistering 67 percent in the past 12 months.

bucked the trend, rising 0.92 percent to end the session at R180.70. The company is due to report its first-half results tomorrow.

Elsewhere, declined by 2.37 percent to R122.99. The stock was downgraded to sell from hold at Deutsche Bank, with a 12month price estimate of R100.