Image: Gallo-Getty

No Caption

A local trader said that economic forecasts released in Finance Minister Pravin Gordhan's budget speech did not have a significant impact on movements in the local bourse.

At 17:00 local time, the JSE all-share index was down 0.40% to 34,006 points. Banks fell 1.02%, followed by a 0.87% decline in financials, and a 0.56% fall in resources. Platinum miners shed 0.54%.

The gold index rose 0.33%, while industrials were flat (-0.09%).

The rand was at 7.73 to the US dollar, from 7.71 at the JSE's close on Tuesday. Gold was quoted at US$1,752.02 a troy ounce from US$1,748.02/oz at the JSE's previous close, while platinum was at US$1,716/oz, from US$1,679.99/oz before.

The trader said that markets had pulled back towards the afternoon after a fairly strong start. "Markets are just digesting everything and settling down a bit, maybe some consolidation as well," the trader suggested.

US stocks opened a touch lower as European business activity unexpectedly slowed, prompting investors to pause after rising to the cusp of multi-year highs, the Dow Jones Newswire reported.

The Dow Jones Industrial Average slipped six points, or 0.1%, to 12,960 in early trading. The Standard & Poor's 500-stock index shed one point, or 0.1%, to 1361 and the Nasdaq Composite eased seven points, or 0.2%, to 2941.

Also hurting sentiment was a reading on business activity in the euro zone, which unexpectedly contracted in February. Markit Economics' purchasing managers' index fell to 49.7 from January's 50.4, below expectations of a rise to 50.8. Readings below 50 imply contraction.

Separately, some uncertainty remained over how Greece's second bailout deal, secured early Tuesday, would be implemented and how effective it would be. European markets traded broadly lower. The Stoxx Europe 600 shed 0.8%.

On the JSE, Anglo American (AGL) fell R4.46 or 1.35% to R325.10, BHP Billiton (BIL) shed R1.69 to R252 but Sasol (SOL) lifted 50 cents to R401.

In gold stocks, AngloGold Ashanti (ANG) added R2.63 to R331.94, Harmony Gold Mining (HAR) was up 82 cents to R99.83. Goldfields (GFI) however lost 63 cents to R122.22.

AngloPlats (AMS) was R4.00 higher at R574, while Impala Platinum (IMP) slipped R2.04 or 1.25% to R161.01, and Aquarius (AQP) dipped 37 cents or 2.07% to R17.51.

Among other miners, Exxaro (EXX) gained R5.80 or 2.91% to R204.86.

Among industrial stocks, SAB (SAB) added 90 cents to R307.90. Sappi (SAP) was 30 cents or 1.16% higher at R26.15.

Imperial Group (IPL) declined 1.16% or R1.62 to R138. Imperial on Wednesday reported diluted headline earnings per share of 688 cents for the six months ended December 2011 from 690 cents a year ago. Core earnings per share rose 30% to 756 cents.

An interim dividend of 300 cents per share was declared, up 36% on a year ago.

Revenue was 22% higher at R38.385 billion while operating profit improved 23% to R2.621 billion.

Altron (ATN) lifted R1.20 or 5.16% to R24.45, and Reunert (RLO) gained R1.22 or 1.79% R69.50.

In banking, RMB Holdings (RMH) gave up 44 cents or 1.45% to R29.96, while Standard Bank (SBK) shed R1.24 or 1.13% to R108.96.

The Foschini Group (TFG) rallied R2.47 or 2.16% to R111.07, Pick n Pay (PIK) fell 26 cents to R43.26, and Massmart (MSM) shed R1.04 to R181.51.