JSE extends losing streak, led lower by banks and platinum shares
The JSE weakened on Friday, in choppy trade, with diversified miners and retailers faring best.
The local bourse opened lower as risk-off trade on global markets took its toll. A weaker rand and higher prices for some commodities lifted rand hedges and miners, with the JSE turning positive late in the morning.
The rand briefly pared losses after the announcement that charges would be reinstated against President Jacob Zuma. This, analysts said, could improve investor sentiment towards SA, as it would be a sign that the government was serious in its attempts to rein in corruption.
Positive corporate results also lifted individual shares, with statements by African Rainbow Minerals and Grand Parade pleasing the market on the day.
Platinums, however, were under significant pressure with the index posting its biggest daily loss in more than a month.
Shortly before the JSE closed, Naspers weakened significantly ending the day 1.66% lower at R3,408, and ensuring a negative close for the bourse.
The all share fell 0.18% to 58,101 points and the top 40 0.37%. Banks fell 0.88%, platinums 3.8% and gold miners 1.6%. General retailers firmed 1.92% and resources 0.67%. The all share ended the week 0.18% lower.
Glencore added 2.2% to R64.08 and BHP 0.92% to R240. Exxaro gained 2.5% to R109.68 and ArcelorMittal 3.03% to R2.72.
African Rainbow Minerals leapt 8.32% to R114.60‚ after earlier reporting a 15% increase in first-half headline earnings to R1.94bn.
Anheuser-Busch InBev rose 1.46% to R1,358.24 and Richemont 1.16% to R106.83.
Impala Platinum slumped 6.34% to R24.07 and Lonmin 5.19% to R9.50.
Clicks jumped 5% to R178.50 and Spar 2.53% to R209.62.
TFG rose 2.99% to R224 and Mr Price 2.94% to R282.50.
Grand Parade rocketed 8.45% to R2.31. The group said on Thursday evening that interim revenue grew 14% to R577m‚ but after-tax profit tumbled in the six months to end-December.
Murray & Roberts lifted 5.67% to R10.25, having said earlier that it had secured new underground mining projects to the tune of R3.8bn.
Basil Read was unchanged at 24c, ahead of its final results to end-December on Monday. The company reported a headline loss per share of 21.79c in the prior comparative period.
Advtech gained 1.42% to R15.72, ahead of its results for the year to end-December on Monday. It said recently it had uncovered fraud by a financial manager in its school division, and would be revising its results for the past three years in its forthcoming results statement.
Shortly after the JSE closed the Dow was up 0.42%, with European markets also firmer. The DAX 30 was up 0.85%, the CAC 40 0.59% and the FTSE 100 0.54%.
At the same time platinum was 0.77% lower to $946.52 an ounce and gold 0.35% to $1,311.40. Brent crude was flat at $65 a barrel.