Miners help JSE escape retail blues
Retailers continued their slide on Friday morning after Thursday’s rout, but Gold Fields and other miners helped the all share index rebound
The JSE all share index rebounded on Friday morning from Thursday’s retailer-led drop, but the retailers themselves continued their slide.
The general retailer’s index was down 0.73% at 9.25am, with Mr Price falling a further 2.45% to R210.60 after Thursday’s 16.69% plummet.
Woolworths continued Thursday’s 9.98% drop, with a 0.85% slide to R49.02.
The all share index rebounded 0.72% from Thursday’s 0.65% drop, led higher by miners with the resources 10 index rising 1.13%.
Gold Fields led the resources 10 index higher, with a 2.14% gain to R50.53, followed by Sappi, which rose 1.83% to R75.52.
Aveng’s share price remained at 5c after announcing it had sold its water division for an undisclosed amount in a private-equity-backed management buyout.
The construction group said the buyer was Aveng Water MD Suzie Nkambule and Infinity Partners, described as a 100% black-owned company jointly held by E-Squared Investments.
“This sale is another important step in the delivery of Aveng’s strategic action plan and in the refocusing of Aveng to become an international infrastructure and resources group,” the group said in its Friday morning statement.