JSE opens weaker as strong rand drags down platinums and gold
The JSE was weaker on Thursday morning amid broad-based losses as gold and platinum shares retreated amid subdued commodity prices.
Firm demand for Naspers kept industrials flat as local industrials softened.
Gold was unchanged at $1,279/oz, but platinum edged up 0.15% to $968/oz.
"The market tone is expected to be inconsistent for the day, with selling pressure warranting a circumspect approach," Momentum SP Reid analysts said.
The volatile rand left banks and financials vulnerable to directional inconsistency as political developments unfolded, Momentum said.
The rand hit R13.1974/$ from R13.2738/$ in early morning trade, again surprising analysts with its upbeat trade.
At 9.40am the all share was 0.35% lower at 52,362.20 points and the blue-chip top 40 dropped 0.36%. The gold index shed 3.16%, platinums 2.57%, food and drug retailers 1.24%, resources 0.89% and general retailers 0.81%.
Amid the big counters, Sasol lost 1.34% to R395.26. Brent crude was up 0.23% to $53.15 a barrel in early-morning trade.
Remgro lost 0.65% to R213.50.
Sibanye shed 4.97% to R29.65.
Among platinum counters, Anglo American Platinum dropped 3.07% to R358.65.
Standard Bank dropped 0.51% to R141.28 but FirstRand added 0.17% to R47.78.
Among retailers, Spar was 1.32% off at R177.13 and Shoprite shed 0.96% to R199.49. Pick n Pay edged up 0.37% to R61.92 after closing weaker on Wednesday after releasing annual results.
MTN softened 0.32% to R121.90.
Naspers was up 1.04% to R2,476.23.