After extending its phenomenal run earlier on Friday, the JSE was in the red just before noon after hitting profit-taking. The weakness was in line with European markets and softer precious metals prices.
At 11.57am, the all share index was down 0,86% and 20 499,61. It touched a record high of 20 752,311 in the first hour of trade. Resources retreated 1,36%, the platinum mining index tumbled 2,64% and the gold mining index eased
0,28%. Industrials and financials fell 0,38% and 0,85% respectively, while the banks index was 0,93% in the red.
The rand was bid at 6,19 per dollar from 6,18 when the JSE closed on Thursday, while gold was quoted at $583,73 a troy ounce from an intraday high of $588,90/oz and $584,15/oz at the JSE’s last close. Platinum was quoted at $1 080/oz having earlier reached a record high of 1 092,50/oz.
“We are just seeing some profit-taking. The market had such a good run yesterday [Thursday]. People tend to ‘rape and escape’ — they make a quick profit and pull
away,” a dealer said.
The market was again led by resources stocks.
The selling in miners started in London and then spread through to the JSE, he added.
“We have been steadying here. For the last half an hour we have seen a bit of pressure coming off. I’d be happy to see out the rest of the day at these levels. If we end at 20 500, it makes a spectacular first quarter. We would be up 13% and that’s what people are forecasting for the whole year,” the dealer concluded.
On the resources index, London-listed Anglo American was 1,45% or R3,50 lower at R238. It reached a lifetime high of R244,99 at the opening. BHP Billiton lost 2,31% or R2,68 to R113,32.
Harmony Gold slid 1,71% or R1,75 to R100,75 and Gold Fields dipped 30 cents to R135,19, but AngloGold Ashanti added R2,50 to R334,50.
Impala Platinum plunged 3,78% or R45 to R1 145 and AngloPlat slipped 1,89% or R10,89 to R564,11. It earlier reached a record high of R580.
Petrochemicals group Sasol (SOL) climbed R1,30 to R237,80.
Industrials to decline included Swiss-listed luxury goods group Richemont, which surrendered 1,07% or 32 cents to R29,71. London-listed brewer SABMiller weakened 1,28% or R1,60 to R123.
Food group Tiger Brands (TBS), which traded at a strongest ever level of R176,55, was R1,60 softer at R172,40.
Furniture group Steinhoff shed 1,85% or 42 cents to R22,33.
Retailer Woolies fell 2,06% or 34 cents to R16,16 and Truworths dropped 2,46% or 70 cents to R27,70.
Illovo Sugar, however, leaped 2,74% or 44 cents to R16,50. Media group Naspers strengthened 1,19% or R1,50 to R127,50 and cellular network operator MTN Group gained 52 cents to R62,52.
Life insurer Sanlam slipped 1,53% or 26 cents to R16,69 and London-listed Old Mutual lost 21 cents to R21,69.
Standard Bank slipped 65 cents to R85,85, FirstRand fell 1,68% or 35 cents to R20,45, Nedbank weakened 90 cents to R129,50 and Absa was off 50 cents at R117.
Investment company Remgro was 1,47% or R2 in the red at R134,50. – I-Net Bridge