The JSE ended flat on Monday as the strong local currency continued to hamper gains on the bourse.

However, a local trader noted that firm banking counters prevented the bourse form falling deeper in to the red.

By 5pm the JSE all share index was flat, down 0.02 percent, with resources weakening 0.55 percent, gold counters down 1.60 percent and platinum miners 0.95 percent weaker.

However, banks and financials were up 2.80 percent and 1.73 percent respectively, while industrials eased 0.30 percent.

The rand was last bid at 7.79 to the dollar from 7.90 when the JSE closed on Friday. Gold was quoted at $936.66/oz a troy ounce from $940.35/oz at the JSE's last close, and platinum was at $1189.50/oz, from $1196.50/oz at its previous close.

"We ended flat today. It was a bit of a volatile day," a local trader said.

"The rand is still strong and that is weighing on the resources. Gold stocks are also down. Banks were very strong and if it weren't for them, we would have traded even lower.

"There is a lot of uncertainty around Anglo and its corporate action. Investors are deciding to take profits there," she said.

Dow Jones Newswires reports that stocks were mixed on Monday morning as some investors cautiously returned to making bets on an economic recovery.

Major indices have moved between gains and losses in early action.

Shoppers have gotten some relief at the pump lately as retail gasoline prices have paused following a relentless run higher. According to the driving club AAA, the average US price of regular-grade gasoline fell every day last week and was down a fraction of a penny at $2.639 a gallon on Monday, though it still remains up 6.1 percent from a month ago.

Eric Marshall, portfolio manager at Hodges Capital Management in Dallas, said his firm remained out of consumer-discretionary stocks for the most part last year, but it has recently been buying a few names in the sector, including Liz Claiborne and Jos A Bank Clothiers, as early bets that a rebound is on the way in the US.

"We've actually been narrowing down the total number of names that we own in our portfolios" from 100 last year to about 50, said Marshall. "But if we see a company with a good balance sheet that has some staying power to get to the other side of the valley in the recession, we are willing to put some money to work."

Though no major economic releases are scheduled for Monday, several important announcements are due later in the holiday-shortened week. They include the June employment report, which will be announced earlier than usual on Thursday, as US markets will be closed on Friday in recognition of Independence Day.

When the JSE closed, the DJIA had added 1.04 percent.

Among equity movers on the JSE, Anglo American weakened 2.25 rand to 232.60 rand. The resources giant is said to be in talks to sell a major investment stake to Aluminium Corporation of China (Chinalco) as it looks at ways to fend off Xstrata's advances.

According to the UK's Sunday Telegraph, Anglo American is planning to planning to open talks with Chinalco, China's state-owned aluminium producer, and at least one unidentified Middle Eastern investor about a partnership that could see it inject hundreds of millions of dollars into MMX, Anglo's Brazilian iron-ore business.

The Telegraph said on Saturday that Anglo American would be spending the weekend building its defences against a GBP41 billion merger approach from Xstrata by plotting talks about a major Chinese investment and reigniting efforts to parachute Sir John Parker in as its new chairman.

BHP Billiton collected 1.60 rand to 178 rand.

Paper group Sappi was up 1.37 percent to 23.60 rand and Mondi gained 1.03 percent to 34.40 rand.

Petrochemicals group Sasol lost 1.71 percent to 266.60 rand.

Kumba Iron Ore was 2.26 percent stronger at 186 rand but Highveld Steel shed 3.08 percent to 63 rand.

Gold miner AngloGold Ashanti gave up 1.09 percent to 295 rand, Gold Fields was off 1.12 percent to 96.90 rand and Harmony shed 4.02 percent to 83.50 rand.

Platinum miner Anglo Platinum gained 3.53 percent to 553.89 rand but Impala Platinum fell 2.90 percent to 167.50 rand and Lonmin dropped 1.50 rand to 154.60 rand.

Among industrials on the JSE, SABMiller was down 1.17 rand to 162.40 rand and Tiger Brands gave up 2.69 percent to 143.05 rand but Barloworld was up 2.71 percent to 38.26 rand.

Banker Standard Bank collected 3.62 percent to 90.15 rand, Nedbank added 2.75 percent to 97.10 rand, Absa picked up 2.10 percent to 109.50 rand and FirstRand firmed 1.45 percent to 14 rand.

Financial services group Old Mutual was up 2.39 percent to 10.29 rand but Sanlam weakened 1.14 percent to 17.35 rand.

Among retailers, Woolies collected 1.11 percent to 12.78 rand, Steinhoff was up 2.30 percent to 13.79 rand and Mr Price rose 1.60 percent to 28.50 rand.

However, Pick n Pay was off 2.83 percent to 32.66 rand and Spar declined 2.78 percent to 56 rand.

The Competition Commission announced today that it has initiated an investigation into Pick n Pay, Shoprite/Checkers, Woolworths and Spar (which together comprise more than 60 percent of the market by turnover), as well as the major wholesaler-retailers, Massmart and Metcash, for alleged contraventions of sections 4(1)(a), 5(1) and 8(c) of the Competition Act.

The investigation has been prompted by concerns raised by various stakeholders and the public in general. Concerns raised fall within the food and agro-processing sector, which has been identified as a priority by the Commission.

Liberty International was up 1.99 percent to 52.82 rand.

Consumer brands group AVI was down 1.43 percent to 17.20 rand. It earlier said that its consolidated headline earnings per share for its continuing operations for the year ending June 30 2009 were expected to increase by between 5 percent and 10 percent over the headline earnings per share for the year ended June 30 2008.

The group also said that consolidated earnings per share for the continuing operations for the year, including net capital gains on the disposal of assets, were expected to reflect an improvement of between 5 percent and 10 percent over the earnings per share for the previous year.

Construction group Aveng collected 2.65 percent to 34.90 rand and Group Five gained 5.51 percent to 33.50 rand.

Pretoria Portland Cement weakened 1.21 percent to 28.50 rand.

Telecommunications group MTN Group weakened 90 cents to 119 rand while Telkom edged up five cents to 36.30 rand and Vodacom was unchanged at 56 rand.

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