The JSE remained in the black at midday on Wednesday thanks to firm resources stocks, but banks and financials were under a bit of pressure.

By 11.54am the JSE's broader all share index was up 0.34 percent. Resources added 1.01 percent, but the platinum mining index, after having being stronger earlier, was now off 0.52 percent and the gold mining index was down 1.14 percent.

Financials shed 0.89 percent, banks were off 1.35 percent, while industrials were unchanged.

The rand was bid at 7.62 to the dollar, unchanged from when the JSE closed on Tuesday, while gold was quoted at $916.23 a troy ounce from $918.90 at the JSE's last close.

A local trader said that it was a "tale of two markets". On the one hand resources were strong, with the likes of Sasol, BHP Billiton and Anglo on the firm side, while on the other hand local consumer-related shares, such as banks and some retailers, were weaker following poor inflation data.

Data released by Stats SA showed the increase in South Africa's consumer price index excluding mortgage rate changes (CPIX) for metro and other areas, which is used by the South African Reserve Bank (SARB) for its inflation target, was up 10.1 percent year-on-year in March from 9.4 percent y/y in February.

This is the twelfth month running that CPIX has been above the six percent upper target limit.

CPIX was expected at 9.7 percent, an I-Net Bridge survey found, with forecasts ranging from 9.2 percent to 9.9 percent and from just 5.5 percent a year ago

The trader said that while inflation remains the focus, there is still the possibility that rates might increase again. "The next few months are going to be tricky for the equities market – it's not going to run away at the moment," he said.

I-Net Bridge