Nasty, brutish and short week on JSE
All Share index was 2.65% lower for the week, its worst weekly performance so far this year
THE JSE All Share index ended a shortened week on a negative note on Thursday, closing 1.28% weaker at 50831.90 points as miners retreated on the new mining charter and Naspers failed to benefit from a trading update. The index was 2.65% lower for the week, its worst weekly performance so far this year, but is 0.35% up for the year. "The All Share has been knocked back to its sideways trend after showing promising returns in May," said Stanlib retail investment director Paul Hansen. The stipulation in the charter that companies pay 1% of their annual turnover to their 30% BEE structure before any distribution to all shareholders caused locally listed global miners to retreat. Anglo American was 4.89% lower at R163.31, and BHP was 0.98% weaker at R189.16. Naspers closed 2.20% lower at R2497.87 and lost a weekly 6.9%. Naspers expects annual headline earnings per share to end-March to rise between 4% and 10%. Lower commodity prices added to the woes in the sector, with the platinum pri...
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