MARKET WRAP: JSE marginally higher in low-volume trade, following volatile week
The JSE closed higher on Friday, tracking gains on major global markets.
Local miners seesawed during the week but closed higher on Friday. After a choppy session, the rand was weaker later in the day, with general retailers holding onto their gains — retailers generally find support from a stronger rand.
Volumes were low, at R13bn, compared with the usual daily average of R20bn, but the local bourse posted its best weekly performance in five weeks.
The Dow opened strongly as corporate earnings season in the US kicked off with better-than-expected results from three major banks, but turned lower by the JSE’s close.
Naspers fell 2.44% to R2,995. Earlier, Tencent was lower in Hong Kong trade, with Naspers under further pressure from news that it may sell its 16.6% stake in Indian e-commerce player Flipkart.
The all share closed 0.15% higher at 56,563.20 points and the top 40 gained 0.15%. The gold index rose 2.7%, resources 2.16%, the platinum index 1.16% and general retailers 0.87%. Banks lost 0.52%, industrials 0.49% and property 0.37%.
The all share ended the week 1.22% higher.
Anglo American jumped 2.91% to R290.30 and Gold Fields 4.99% R47.80.
FirstRand dropped 1.63% to R65.86.
Mondi added 3.48% to R332.35.
Steinhoff was under selling pressure again amid indications that its selling of Steinhoff Africa Retail (Star) shares to service debt might not be enough to save the company. The sale of Star shares this week delivered R3.75bn, with overall debt estimated at R150bn. Steinhoff plummeted 11.84% to R2.16 but Star gained 1.08% to R19.61.
Group Five rose 1.69% to R4.20 after reporting on Thursday an interim loss of R727.3m.
Resilient lost 1.32% to R63.40, while Hammerson tumbled 8.32% to R81.14, after rejecting French group Klépierre’s revised-higher takeover bid.
At 5.42pm, the Dow was off 0.26% to 24,417.3 points, while in Europe, the DAX 30 had firmed 0.21% and the CAC 40 and FTSE 100 were flat.
At the same time, gold was up 0.84% to $1,346.91 an ounce and platinum 0.04% to $929.26. Brent crude had gained 0.8% to $72.66.
The top 40 Alsi futures index added 0.27% to 50,402 points. The index gained 1.52% for the week. The number of contracts traded was 17,188 from Thursday’s 13,529.