Seeking a listing: Before it can join the JSE, Nova Properties must deal with resistance from debenture holders, who allege its directors awarded themselves a hefty stake by sleight of hand. Picture: REUTERS
Seeking a listing: Before it can join the JSE, Nova Properties must deal with resistance from debenture holders, who allege its directors awarded themselves a hefty stake by sleight of hand. Picture: REUTERS

The JSE softened 0.85% on Friday, ending the week with yet another session of broad-based losses.

The rand was stable against the dollar and global markets were generally buoyant. The JSE, however, has not benefited from risk-on trade stemming from news of easing US-China trade tension.

Emerging-markets, including the JSE, have been particularly hard hit by trade war jitters. Analysts suggest the rising protectionism could accelerate a slowdown in their exports.

While trade tension has prompted a cautious emerging-market outlook over the short term, trade between these markets had become more important in recent years, said Franklin Templeton analysts. Rising protectionism could accelerate this trend.

The pound weakened against the rand and the dollar after US President Donald Trump criticised UK Prime Minister Theresa May for the softening of her stance on Brexit.

Expectations of an upbeat corporate earnings season in the US buoyed equity markets in that country, reported Dow Jones Newswires.

The JSE all share fell 0.85% to 56,364.1 points and the top 40 0.85%. Platinums fell 4.89%, gold miners 2.44%, resources 1.04% and industrials 0.97%. The all share lost 1.66% in the week.

Diversified miner Glencore gave up 1.19% to R54.92 and BHP 1.12% to R288.83.

Impala Platinum slumped 8.53% to R19.74, Amplats 4% to R355.64 and Northam 3.55% to R37.75.

Harmony Gold gave back 4.16% to R21.20 and Sibanye-Stillwater 4.04% to R7.37.

Vodacom lost 1.96% to R124.57.

Naspers fell 2.08% to R3,373.

Steinhoff International gained 8.33% to R3.12, having jumped 86.83% in the week. The embattled retailer announced on Friday last week it was seeking a three-year debt standstill from creditors.

Shortly after the JSE closed, the Dow was up 0.33% to 25,014.23 points, while in Europe, the DAX 30 had added 0.41% the CAC 40 0.4% and the FTSE 100 0.24%.

At the same time platinum had fallen 1.61% to $824.24 an ounce, and gold 0.35% to $1,242.37. Brent crude was 1.05% higher at $75.16 a barrel.

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