THE JSE came off its earlier low levels and was flat by noon today with buyers coming back into the market after positive GDP data, a trader said.
In noon trade, the JSE all share index was 0.22% weaker, led by resources losing 0.53%, gold producers giving up 1.22% and platinum counters declining 1.22%.
Banks and financials were flat, up 0.15% and 0.09% respectively, while industrials eased 0.09%.
The rand was bid at R7.47/$, from R7.47/$ when the JSE closed yesterday. Gold was quoted at $1,168.10 a troy ounce from $1,170.60 at the JSE's last close, and platinum was at $1,455/oz, from $1,452/oz at its previous close.
"We have moved flat, the market has picked up from its earlier lows.
Everyone wanted to see the GDP data, which came out positive, moving the market again.
"Buying has come back in broadly. The mood in the market is still positive. Buying is moving in particularly in the banks and retail. There are a couple of stocks that are down, but those have seen a bit of a run in the last few days.
"Metals prices are still quite strong and the dollar has weakened a bit again since late last week," he said.
"The actual economic news out there, both locally and internationally, looks like there is some recovery out there.
"For the rest of the day, we will probably need some direction from overseas and at the moment Dow futures are slightly lower. But it's not too surprising, the market is performing really well," he added.
Dow Jones Newswire reported that the FTSE 100 stayed low with miners giving back some of yesterday's gains as the dollar gains ground against the pound. On the upside, however, Lloyds Banking Group +1.8% after it prices its rights issue at 37p a share, a 60% discount from yesterday's closing price.
On the economic calendar, the release of revised US GDP and consumer confidence data due later today, could spur a further rise in risk aversion, said Kenneth Broux, market economist at Lloyds Banking Group.
The FSTE 100 was last down 0.33%.
US stocks are called to open a touch lower today, taking a breather after the big gains in the previous session. David Morrison at GFT said the sell-off in Asian equities added pressure and he also noted the bounce in the dollar. He called the DJIA down 30 points and the S&P 500 down 3 points. There is plenty of potentially market-moving economic news.
Among equity movers on the JSE, American plc weakened 53 cents to R324.22 and moved R1.70 lower to R231.30.
Petrochemicals group advanced R1.43 to R299.62.
ArcelorMittal was down R1.28, or 1.19%, to R106.70, but Iron Ore collected 82 cents to R262.32. It earlier said it expected exports to reach 34 million tons in 2009.
The company exported over 24 million tons of iron ore in 2008.
It said attributed the increases in exports to production increases and reduced domestic demand from ArcelorMittal South Africa, which buys an estimated 2.5 million tons a year from Kumba.
Speaking at a media site visit to Kumba's R8.5bn Sishen South Project in the Northern Cape, Kumba CEO Chris Griffith said the company was currently exporting to customers in a number of European countries, as well as China, Korea and Japan.
It also said it was on track to begin exporting from its R8.5bn Sishen South project in 2012.
fell R5.22, or 1.53%, to R335.53, was down 85 cents to R110.15 and Harmony declined 88 cents, or 1.09% to R79.82.
Platinum miner shed R6.48 to R732, Impala Platinum was R2.73, or 1.56%, weaker at R171.77 and was off R1 to R220.
In diversified miners, African Rainbow was up R1.80, or 1.12%, to R162.80, but weakened 14 cents, or 1.05%, to R13.15.
Among industrials on the JSE, inched up 16 cents to R220.16.
Fast-moving consumer goods group edged up 16 cents to R160.06. It earlier reported diluted headline earnings per share of 1,398.4 cents for the year ended September 30, from vs 1,517 cents earlier.
Headline earnings per share from continuing operations was up 20%, at 1,382.1 cents.
Earnings per share from continuing operations increased 45% to 1,556.8 cents per share.
Tiger Brands revenue was at R20.64bn versus R19.17bn earlier, it said.
added R1.20, or 1.47%, to R83.10.
Banker weakened 23 cents to R96.72, but was up 39 cents to R126.39.
Sugar group weakened 50 cents, or 1.59%, to R31.
Media group was down R3.05, or 1.04%, to R289.20 but put on 76 cents, or 4.68%, to R17.01.
Among retailers, advanced R1.57, or 1.81%, to R88.29, was up 66 cents, or 1.14%, to R58.41 and rose 60 cents, or 1.83%, to R33.40.
Construction group weakened 42 cents, or 1.05%, to R39.48 and Basil Read eased 15 cents, or 1.01%, to R14.75.
Pharmaceutical company Ingram gained R1.20, or 2.38%, to R51.60. It earlier reported a 16.4% rise in diluted headline earnings per share to 448.4 cents for the year ended September 2009.
HEPS were 16.1% higher at 450.0 cents from 387.6 cents before.
A final dividend of 80 cents per share was declared.
The group reported a 21% rise in turnover to R4.0bn, benefiting from 12% volume growth, the Single Exit Pricing (SEP) increase and changed product mix.
Headline earnings for the year were up 16.5% to R779.3 million.
was unchanged at R1.75. The investment holding company for IT businesses earlier reported a 63.6% decline in diluted headline earnings per share to 11.2 cents from continuing and discontinued operations for the year ended September 2009 from 30.8 cents a year ago.
Diluted HEPS for continuing operations were 4.9 cents from 22.2 cents a year ago, a decline of 77.9%.
Revenue for the year was up 29.2% at R1.248bn. Profit from continuing operations was down 80.1% to R14.87 million, and profit for the year from discontinued operations was 216% lower at R35.70 million.
Profit for the year was 62.2% lower at R40.57 million.
Telecommunications group weakened 46 cents to R118.94, gave up R1.15, or 2.94%, to R38 and declined 36 cents to R58.14.
Telkom CEO Reuben September earlier reiterated the need to get its mobile offering up and running to become South Africa's fourth mobile operator, following a 9% decrease in Telkom South Africa's traffic revenue.
The group said it would spend R6bn to implement mobility over a five-year period, with an entry stage set for 2010.
September said the continuing trend highlighted the imperative need for the group to enter the mobile market, particularly the mobile data and voice market.