While Asian markets ended mixed on Monday with most in the red, South African stocks managed to stay in the black, held aloft by stronger commodity prices which boosted gold and resource counters.
By noon, the JSE all share index was up 0.22 percent, with gold miners up 0.23 percent and resources up 0.62 percent, but industrials a paltry 0.03 percent in the black.
Platinum miners however were down 0.35 percent, with banks and financials down 0.29 percent and 0.23 percent respectively.
The rand was bid at R7.4037/$ from R7.38/$ when the JSE closed on Friday. Gold was quoted at $1 136.72 a troy ounce from $1 128.39 at the JSE's last close, and platinum was at $1 625/oz, from $1 599.00/oz at the bourse's previous close.
"With most of the Asian markets having ended lower, we're not doing too badly. Some if it, of course, is a commodity story. Commodity prices are higher so we've seen higher resource and gold stocks."
"Industrials are flat, but Richemont is doing extremely well. They came out with some big numbers this morning," a local equities trader said.
However, he added that it was a holiday in the US - Martin Luther King Day - so little direction was expected from that neck of the woods.
Dow Jones Newswires reports that European stocks are also just remaining the black, staying up as basic resources advance on the back of rising metals prices.
"Traders felt stocks were oversold last week on an over-reaction to JPMorgan's numbers, and are hoping for better numbers from US banks this week," says a trader.
The trader notes, however, investors are now getting jittery and wondering just how much more upside there is in the banking sector, given its gains in the past nine months. The trader adds that worries about Greece persist.
Asian markets ended mixed Monday, with Tokyo and Hong Kong stocks lower, while a surge in airline stocks lifted Shanghai after China Eastern Airlines forecast a return to profit in 2009.
Japan's Nikkei 225 fell 1.2 percent to 10 855.08 for its first decline in three sessions, Hong Kong's Hang Seng Index dropped 0.9 percent, China's Shanghai Composite rose 0.4 percent, Australia's S&P/ASX 200 added 0.2 percent, South Korea's Kospi gained 0.6 percent and Taiwan's Taiex slipped 0.2 percent.
"The (Japanese) market is not sure whether Wall Street just had a brief round of profit-taking Friday, or if it's the beginning of a correction that will continue this week," said Tachibana Securities operating officer Kenichi Hirano in Tokyo.
"Traders are awaiting earnings from more US financial firms, after JP Morgan's disappointing results" Friday, he added.
On the JSE, Anglo American gained R5.75 or 1.73 percent to R337.50, BHP Billiton rose R2.01 or 0.81 percent to R250 but Sasol gave up R2.30 or 0.75 percent to R302.49.
Anglo Platinum was up R6 to R778, Lonmin gained R2.37 to R240.37, but Impala Platinum lost R2.11 to R213.89.
Among gold counters, AngloGold Ashanti was R2 firmer at R302.50 and Harmony garnered 90 cents to R76.50, but Gold Fields was down 77 cents at R97.23.
Paper group Mondi added 30 cents, or 0.67 percent, to R44.97. Kumba Iron Ore was R1.50 richer at R327.40.
Among industrials, SABMiller picked up 28 cents to R215.79, but Tigerbrands gave up 95 cents to R170.05. Electricals group Reunert weakened R1.78, or 2.99 percent, to R57.70.
Financial services firm Discovery declined 26 cents, or 0.80 percent, to R32.12. Retailer Lewis dropped R1.35, or 2.61 percent, to R50.40, while Mr Price slipped 25 cents, or 0.71 percent, to R35.
Sugar group Illovo gained 19 cents to R33.20. MTN was down R1.29 to R107.70.
Compagnie Financiere Richemont added 66 cents, or 2.53 percent, to R26.75. It said Monday that its total sales for the three months ended December 2009 were up 7 percent at constant exchange rates to e1.585 billion.
At actual exchange rates, the rise was 2 percent. The company said the jewellery and watch Maisons benefitted from improving demand.
"The improvement in trading is welcome in the context of a generally difficult economic environment, although the figures should be viewed against the weak comparative figures of the same period in 2008. The trend over the quarter showed continued improvement, with growth in December of 12 percent at constant exchange rates," the company said.
During the three-month period most Maisons reported higher sales, reflecting single-digit growth in retail sales, partly offset by a modest decrease in wholesale sales. The rate of decrease in wholesale sales was significantly lower than the decline reported over the first six months of the year.
Electronics retailer Ellies Holdings was unchanged at R1.90. On Monday it reported first half diluted earnings per share of 14.47 cents, which is 18 percent lower than the 17.72 cents posted for the first half the year before.
The company - one of the largest manufacturer, importer, wholesaler and distributor in Southern Africa of television reception-related products as well as domestic electronic and audio products - posted a net profit of R39.2 million for the six months to end October 2009.
This is 10 percent lower than the R43.6 million net profit posted for the six months to end October 2008 despite an 8.5 percent climb in revenue to R590.2 million from R544.1 million the year before.
EBITDA was down 10.34 percent to R73.9 million from R82.5 million for the same period the year before, largely due to pressures on margins and a comparative prior period that included the revenue benefits of unusual volumes of generator sales resulting from power outages.
Comprehensive income was down by 10.44 percent to R39 million from R43.6 million in 2008.
Taste Holdings was unchanged at 40 cents.
It said Monday that its food division, comprising Scooters Pizza and Maxi's Restaurants, saw system-wide sales (which include new stores) increase 6.0 percent over December 2008, with Maxi's increasing system sales by 9.9 percent and Scooters Pizza by 2.3 percent.
Same store sales in Scooters Pizza increased 2.0 percent, despite a decrease in spend per transaction of 3.7 percent. This decrease was due largely to the strategic price reduction implemented in March 2009 to focus on gaining market share through transactional increases and retaining the strong value positioning of the brand. - I-Net Bridge
