JSE takes a breather after reaching several consecutive records
The JSE was relatively flat at midday on Tuesday, pausing its recent rally, which yielded a number of successive record highs over the past few sessions.
The all share was flat at 57,541 points at lunchtime, but was up nearly 4% over the past seven sessions, making it susceptible to profit-taking.
The rand, however, fared a lot better on the day, keeping a lid on gains in some of the heavyweight industrial and resources stocks, which had provided the foundation for the good recent gains on the bourse.
Retail stocks were standout performers on the day, helped in part by the stronger rand and a trading update from Dis-Chem Pharmacies.
Famous Brands bucked the trend in the retail sector, with its shares falling as much as 14%, to levels last seen in 2014, after flagging a drop of up to 63% in its first-half earnings.
Bargain-hunting appeared to continue in recently bombarded construction stocks, with Group Five rallying for the third straight session, bringing cumulative gains to about 18%.
PPC attracted buying interest, after several of its shareholders voiced dissatisfaction over an offer tabled by AfriSam and Fairfax Africa Investments.
Europe’s leading markets were mixed, yet little moved, at midday, after Asian trade earlier saw Hong Kong’s Hang Seng climbing to its best level in a decade.
Woolworths was up 1.98% to R60.67 and Mr Price 1.86% to R182.
Dis-Chem Pharmacies gained 6.38% to R30.85 and Clicks 2.22% to R156.40. Netcare was up 2.86% to R25.53 and Adcock Ingram 2.15% to R59.91.
Famous Brands slumped 11.42% to R104.70 and Taste Holdings 6.32% to 89c.
Group Five added 4.51% to R9.50 and PPC 3.96% to R6.56.
Private equity group Brait recovered 3.18% to R56.49.