Money SA economy
The JSE was flat in midday trade, surrendering its opening gains as the FTSE, and US futures, drifted into negative territory.
By noon local time the JSE all share index had gained 0.11%, as resources gained 0.55%, gold miners added 1.13%, but platinum miners shipped 1.67%. Banks lost 0.80%, financials wavered 0.25% and industrials declined 0.13%.
Gold was quoted at $1 162.60 a troy ounce from $1 159.64/oz at the JSE's previous close, while platinum was at $1 538.50/oz from $1 536.00/oz before.
A trader said: "We opened firmer today, but drifted lower, tracking a negative FTSE and Dow futures." He noted that durable goods orders out later in the US might move the market.
"CPI doesn't usually factor, and that was the case again today," he said.
The increase in South Africa's consumer price index (CPI), which is used by the South African Reserve Bank (SARB) for its inflation target, was 4.2% year-on-year (y/y) in June from 4.6% y/y in May, Statistics South Africa (Stats SA) said on Wednesday. It remains well within the target band of between 3% and 6%.
CPI was at 0.0% month-on-month (m/m) from 0.2% m/m in May.
Dow Jones Newswires reported that US stocks are expected to open higher Wednesday, with a positive session in Asia overnight and relatively upbeat session in Europe offering support. Also, "US stock index futures are a touch firmer this morning, suggesting that equities will open higher," added David Morrison of GFT.
Asian markets ended mostly higher Wednesday, with Japanese stocks charging ahead as solid corporate earnings from Canon put some extra gloss on the already better outlook for exporters.
On the JSE, Anglo American plc rose R4.51 or 1.56% to R294.51, and BHP Billiton gained R2.36 to R228.85. Sasol dropped R2.33 to R292.17.
