FRIDAY, 4.30PM:
THE Johannesburg Stock Exchange ended Friday 1% down amid continuing fears that Asian markets have not yet seen the end of their financial crisis.
Dealers said sentiment was bearish, not only in South Africa, but on around the world, as investors are getting to grips with the impact on corporate earnings of the Asian crisis.
At the close the financial index was down 54,6 points at 9 979,9 and the industrial index was 79,8 points lower at 7 183,8. The all gold index shed 17,7 points to 726,4 and the all share index dropped 66,6 points to 5 990,6.
The bond market closed 1,5 points firmer in quiet trade with the yield on the R150 bond at 13,615%.
The rand remained above its record low bid set on Wednesday of R4,9495 to the dollar and was last at a midrate of R4,9375.
Gold was last at $280,45 an ounce compared with Thursday’s London afternoon fix of $281,65, and the New York close of $280,95. In New York on Thursday it set a fresh 18 year low of $278,20.
FRIDAY, 9.30AM:
INDUSTRIAL shares on the Johannesburg Stock Exchange ended lower after a volatile day on Thursday.
The JSE opened weaker after Jakarta’s stock market collapsed by 17%, but generally weathered the storm well, although dealers expect a difficult day on Friday.
At the close on Thursday the financial index was down 8,6 points at 10 034,5 and the industrial index was 5,5 points off at 7 263,6. The all gold index rose 13,2 points to 744,0 and the all share index lost 16,7 points to 6 057,2. The day’s lows were 9 991,1, 7 243,3, 740,6 and 6 054,5 respectively.
Bonds ended Thursday’s official trading session in the middle of the range. At 4:30pm the benchmark R150 government long bond was quoted at a 13,615% yield — 5,5 basis points softer than the previous close, but well off a worst level of 13,68%. The Eskom 168 bond was bid at a 13,80% yield from 13,75% at the previous close.
The rand remained below its record low bid set on Wednesday of R4,9495 to the dollar and was last at a mid-rate of R4,9390.
The rand weakened to the R4,94 level on Thursday as demand for dollars continued, pushed by a stronger rand, the unsettled Asian financial markets and the vulnerable gold price. At 4pm the rand stood at R4,9375-05 to the dollar from R4,9310-40 at the close on Wednesday. The rand traded between bids of R4,9310 and R4,9460 during the day.
Gold was last at $282,35 an ounce compared with the London morning fix of $282,90.