MARKET WRAP: JSE ends seven-week winning streak
The JSE closed lower on Friday led by market heavy-weight Naspers, snapping a seven-week streak of consecutive gains.
Despite a positive start to the week, fuelled by optimism over global growth, a spike in geopolitical tension between North Korea and the US put an end to risk-on trade from Wednesday.
Markets headed into the weekend on a negative note, as traders sought safety ahead of what could potentially be a risky couple of days, said Oanda analyst Craig Erlam.
The all share closed 0.98% lower at 55‚155.10 points and the blue-chip top 40 lost 1.09%. The all share was down 1.41% for the week.
Resources dropped 1.41%‚ industrials 0.99%‚ financials 0.66%‚ banks 0.58%‚ platinum 0.55%‚ property 0.26%‚ and food and drug retailers 0.17%. The gold index was up 0.69% and general retailers 0.09%.
Diversified miner Anglo American dropped 3.04% to R214.81. Glencore shed 2.29% to R56.25 following disappointing interim earnings on Thursday.
Kumba Iron Ore dropped 2.46% to R199 and Arcelor-Mittal 4% to R4.80.
Harmony Gold rose 3.03% to R24.45 and Sibanye 1.46% to R19.43.
Standard Bank shed 1.17% to R161.50, while Barclays Africa gained 0.11% to R148.22.
Old Mutual ended the day 1.96% lower at R34.44. The group said earlier that revenue grew 45% to £10.8bn and its after-tax profit 60% to £679m for the six months to end-June.
Liberty Holdings closed 1.53% lower at R103.
Naspers lost 2.83% to R2‚764.53‚ ending the week 2.52% lower.
Advanced Health lost 5.22% to R1.09‚ while Life Healthcare rose 1.69% to R25.85.
At the close of the JSE on Friday, major US stock markets were positive‚ but still on pace to register their ugliest week in months, reported Dow Jones Newswires. Investors seemed to be largely betting on the continuation of a slow-growth‚ low-inflation environment‚ and the tech sector could keep trudging higher‚ the newswire said.
Shortly after the close of the JSE‚ the Dow had added 0.11% and the Nasdaq 0.29%. The FTSE 100 was off 1.12%‚ the DAX 0.12% and the CAC 40 1.26%.
At the same time, platinum was down 0.07% to $981.42 an ounce and gold had added 0.04% to $1‚286.89.
The top-40 Alsi futures index lost 1.23% to 48‚683 points. The number of contracts traded was 31‚953 from Thursday’s 32‚327.