SARAH BULLEN and Reuters, Cape Town | Monday 5.30pm
THE Johannesburg Stock Exchange started to lose ground in the afternoon after opening flat on Monday.
Dealers said the market lacked direction in the absence of any significant domestic news expected this week. At close oft trade the all share index was 0,66% down, with a 0,60% dip in the industrial index.
The financial index lost 0,27% and the all gold was down 0,24% despite a firmer gold price at Blue chip stock dragged the index lower in the afternoon, with the heavyweight Alsi40 index underperforming the market with a 0,78% loss. Dealers said the movements in the heavyweights was due to the futures close-out on Thursday. Insurer Sanlam dropped along with rest of the insurance sector after news on Friday that insurers’ tax liability may be raised.
The rand managed to hold its ground against the dollar, trading at R6,07 at 5.00pm and at R9,78 against the pound. Bonds firmed marginally on the day and were trading at 14,70% at 5.00pm.
On international markets, Asia closed firmer with Tokyo’s Nikkei Dow rising 1,12% and Hong Kong’s Hang Seng 0,04% higher. European markets were all in the red as they moved into late afternoon with London’s FTSE100 index down 0,10% and Paris’s CAC40 0,38% lower.
US markets opened lower early on Monday amid concern that data due for release later in the week could show signs of inflation.