Picture SUNDAY TIMES/MOEKETSI MOTICOE
Picture SUNDAY TIMES/MOEKETSI MOTICOE

The JSE closed weaker on Friday, with losses led by property stocks and general retailers, as the market euphoria from Thursday dimmed slightly ahead of President Cyril Ramaphosa’s state of the nation address (sona) in the evening.

The all share experienced its biggest intra-day rally in more than three years on Thursday, following Ramaphosa’s election as head of state.

Volumes on Friday reached an extremely high R61bn, from R36bn on Thursday, with a great deal of this passing through the property sector, where shares in the Resilient stable were sold off heavily for a third straight session.

Resilient issued a statement on the day, saying it had initiated an independent review into the cross-shareholding structure of the group, led by former auditor-general Shauket Fakie. Resilient lost 10% on the day, and has now relinquished 49% in 2018.

A slight drop in the local currency helped rand hedges, notably Anheuser-Busch InBev, while Naspers was weaker in choppy trade.

Platinum shares received some support from a higher metal price, which had risen 0.55% to $1,006.60 an ounce by the JSE’s close.

Gold shares lifted as the price of the metal headed for its biggest weekly advance since April 2016 on rising US inflation and the recent slump in the dollar.

European markets were higher, while the Dow opened marginally firmer. Oanda analyst Craig Erlam said US equity markets could end the week with a full house of gains, following last week’s sharp retreat. The Dow had gained a 4.17% this week by the time it opened on Friday.

"The rebound we’re now seeing re-affirms the belief that economic fundamentals are still strong, which should prevent markets [from] deteriorating further," Erlam said.

The all share closed 0.69% lower at 59,122.30 points and the top 40 dropped 0.87%. Property shed 2.6%, food and drug retailers 1.78%, financials 1.18%, banks 1.1% and general retailers 1.04%. Platinums gained 0.87% and the gold index 0.59%.

The all share ended the week 5.76% higher, but the property index lost 5.25%.

Anheuser-Busch InBev ended the day 3.03% higher at R1,241.

Kumba Iron Ore slipped 4.24% to R332.15 but Exxaro Resources gained 3.45% to R150.

Remgro shed 4.19% to R228.50.

Anglo American Platinum gained 1.79% to R344.28.

FirstRand shed 2.22% to R73.68 and Capitec 1.09% to R820.94, but Nedbank rose 0.49% to R292.25. Discovery softened 1.95% to R176.59.

Scandal-plagued Steinhoff shed 1.81% to R5.44, and Shoprite relinquished 2.79% to R253.62.

Resilient closed 10.03% lower at R76.25, with the group experiencing added pressure amid reports that it will soon be shuffled out of the top-40 index. Fortress B lost 10.78% to R18.20, Nepi Rockcastle 6.08% to R112.23 and Greenbay 2.17% to R1.35.

Naspers was off 0.18% on the day, to R3,385.46, but gained 13.95% for the week.