SARAH BULLEN, Johannesburg | Monday 6.30pm.
THE listing on demutualised life assurer Sanlam dominated the market on Monday, accounting for some 40% of trade.
Dealers said without Sanlam providing R370-million worth of trade, which totalled R1,82-billion, on the day would have been dismally thin as investors start to consolidate their positions ahead of the Christmas holidays. Despite Sanlam’s boost, the market ended down, with the all share index shedding 35 points, led down by the financial index which gave up 1,25%. Only gold stock bucked the trend, with the all gold index rising 1,02% — despite a downturn in the gold price to $294,20 an ounce.
Some dealers described Sanlam’s listing as somewhat of a “damp squid” with the shares trading in a thin 20c band between R6,12 and R5,92, before closing the day at R5,99 — one cent below the issue price.
Dealers said that that markets also took its downward direction from the S&P500, a futures contract trading on the broader United States markets, which traded down for most for the day. Asian markets started the week on a flat, with Japan’s Nikkei Dow losing 1,23% and Hong Kong’s Hang Seng Index shedding a weighty 3,16%. European bourses managed to put in some firm trade, with most markets trading in positive territory in the afternoon.
Bonds lost some ground with the R150 trading at a 16,04% yield at 4.30pm, while the rand held its ground to gain one cent against the dollar to R5,68 and R9,36 to the pound.