THE JSE was fairly flat at midday today, consolidating after recent gains and, like its global counterparts, is looking to the US data later in the day to provide some fresh direction.
By noon the JSE all share index was off just 0.05%, with resources up 0.10%, gold miners 0.51% better, while platinum miners were 0.88% lower.
Banks were 0.15% softer, financials shed 0.23% and the industrial index moved down 0.13%.
The rand was bid at R7.48/$ from R7.38/$ at the JSE's close yesterday. Gold was quoted at $1,142.88 a troy ounce from $1,145.90/oz at the JSE's last close. Platinum was at $1,737.00/oz from $1,725/oz at the JSE's last close.
"We are certainly seeing some consolidation and tiredness in this market, especially in resources stocks, although the gold price in rand terms is looking strong and there is buying into gold stocks," said a local trader.
He added that rising risk aversion is resulting in money being taken off the table in the form of profit taking.
"We are waiting for key US numbers - home sales and weekly unemployment claims. Also, we are just at the start of the earnings season, so some volatility and choppiness is expected," he said.
"In the places where the market has run hard, such as construction and retails stocks, we are seeing a bit of a pullback, but if you look at the top 40, most of the stocks are down just 1%, so you can't read too much into that on a day to day basis."
He added that the dollar has been strengthening and there seems to be some fund money going into the dollar and gold.
Dow Jones Newswires reports that US stocks are set for a weaker start today, with futures taking a hit from news that the Greek budget deficit is worse than previously forecast.
"Yet again the Greek situation is giving the market jitters," said David Jones at IG Index in London. However, he expects the pipeline of earnings reports will spur investors. "We're starting lower but investors still have an appetite to buy into the weakness. As long as earnings confirm the economic recovery is continuing, investors seem happy to ignore macro data."
Asian stocks ended mostly lower today as concerns surrounding possible government restrictions in the property sector hurt developers in Hong Kong, while weaker commodity prices dragged down regional material stocks.
Japan's Nikkei fell 1.3%, giving up most of its gains from the previous session, China's Shanghai Composite lost 1.1% and Hong Kong's Hang Seng Index fell 0.3%, with property stocks losing ground after Financial Secretary John Tsang Wednesday said the government may raise the transaction tax on properties valued at or below 20 million Hong Kong dollars ($2.56 million) and also announced a plan to auction two parcels of land in coming months to prevent a potential asset bubble.
On the local bourse, Anglo American and its subsidiaries, Anglo Platinum and Kumba Iron Ore reported solid first quarter production figures.
Kumba Iron Ore , which is 64% owned by Anglo American , reported a 23% increase in total production year-on-year (y/y) to 11.5 million metric tons with export volumes increasing by 21% to 9.3 million tons while domestic sales were up 7% to 1.6 million tons.
Anglo Platinum reported that equivalent ounces from mining and the purchase of concentrate was 594,700 ounces in the first quarter, a fall of 3% on a year earlier and 1.5% below the prior quarter.
Mined production from own operations was 378,200 platinum ounces, some 28,200 lower than the comparable period in 2009 which included the 31,000 equivalent refined platinum ounce reduction from the shafts placed on care and maintenance during the second and third quarters of 2009.
But the world's largest platinum producer said it remains on track to produce 2.5 million ounces of refined platinum this year despite a dip in output in the first three months.
Anglo American's other commodities showed a moderate recovery with copper and nickel production up 7% and diamond production increasing to 7 million carats to meet strengthening market demand.
While thermal coal production dipped 2%, output of metallurgical coal climbed by 32%.
Elsewhere, retailer Clicks Group reported a 24.5% increase in diluted headline earnings per share to 100 cents for the six months to end February 2010 from 80.3 cents a year ago, boosted by the continued strong trading results from the Clicks chain.
An interim distribution of 30.5 cents per share was declared, an increase of 24.5%.
The company's share price was up 20 cents to R31.80.
ICT company Business Connexion also reported this morning, with diluted headline earnings per share of 27.3 cents for the six months
ended February 2010 compared with 9.4 cents for the six months ended November 2008. The company changed its year-end from May to August and the six months to end November 2008 is the most recent comparable interim reporting period, it said.
Its share price jumped 20 cents, or 3.36% to 615 cents.
Among resources, Anglo American was R2.14 higher at R326.21, while BHP Billiton was off 72 cents at R243 and Sasol was up R2.15 to R300.25.
Among platinum miners, Anglo Platinum was R4.50 lower at R813.50, Impala Platinum dipped R2.35 or 1.10% to R211.85, while Aquarius advanced R1 or 2.06% to R49.99.
Among gold miners, AngloGold Ashanti was down 15 cents to R288.35, but Gold Fields climbed R1.78 or 1.88% to R96.28.
Harmony was down 39 cents to R69.11.
Kumba Iron Ore was R1.63 higher at R365.13, but Exxaro was down R1.71 or 1.31% to R128.99.
Among industrials, SABMiller was up R1.92 to R230.50, but Imperial shed R1.95 or 1.95% to R98.05.
Among banks and financials, Nedbank was R1.66 or 1.23% lower at R133.02, but Standard Bank was 48 cents firmer at R113.52, while ABSA shed 48 cents to R138.52.
Of the telecommunications companies, MTN was 17 cents lower at R110.21, while Telkom was 26 cents down at R37.75.
Among construction firms, Aveng was down 84 cents or 2.22% to R37.06 and Murray & Roberts declined 62 cents or 1.4% to R43.38.
Among retailers, Foschini was down R1.25 or 1.8% to R68, Truworths shed 60 cents or 1.11% to R53.40 and Woolies declined 45 cents or 1.88% to R23.50.
