The JSE was deluged with red in noon trade on Thursday as the profit-taking that pummelled the bourse on Wednesday continued. The situation was exacerbated by a sharp pullback in commodity prices.
By 11.55am, the all-share index slipped 1,57%. Resources surrendered 2,77%, the gold-mining index slumped 3,46% and the platinum-mining index tumbled 2,42%. Industrials weakened 0,64%, while the financial and banks indices fell 1,1% and 0,91% respectively.
The rand was bid at 7,01 per dollar from 6,90 when the JSE closed on Wednesday, while gold was quoted at $624,95 a troy ounce from $643,35/oz at the JSE’s last close.
“We are seeing more profit-taking. Futures are down just over 500 points,” a dealer said.
She added that the rand was weaker, but this was not helping the JSE.
“Commodity prices are down quite significantly on the back of the stronger dollar,” she explained.
She said that while volumes had picked up, there was no news to drive the market.
On the resources index, BHP Billiton dropped 3,91% or R4,95 to R121,55 and Anglo American slid 2,12% or R7,05 to R326,10.
Billiton in particular was hit by copper’s retreat to nine-month lows.
Petrochemicals group Sasol shed 1,95% or R4,85 to R244,50.
Harmony dived 6,09% or R6,75 to R104, Gold Fields gave up 3,03% or R3,99 to R127,51 and AngloGold Ashanti weakened 2,13% or R7 to R321.
Impala Platinum was off 3,37% or R6 at R172 and AngloPlat lost 1,43% or R12 to R827.
Kumba Iron Ore dropped 3,81% or R4,34 to R109,65.
Among industrials, Swiss-listed luxury goods group Richemont retreated 1,48% or 60 cents to R40,06, while London-listed brewer SABMiller eased 75 cents to R160,50.
Transport and logistics group Imperial was 2,03% or R3,30 lower at R159,60.
Mittal Steel sagged 3,36% or R3,25 to R93,60.
Retailer Edcon weakened 1,01% or 40 cents to R39,25.
Hospital group Medi-Clinic sank 3,92% or R1 to R24,50.
While MTN group dipped 15 cents to R82,85, Telkom jumped 2,25% or R3,20 to R145,70.
Media group Naspers notched up 1,49% or R2,50 to R170,50.
On the financial front, London-listed Old Mutual slid 1,95% or 47 cents to R23,58.
Liberty Group lost 2,18% or R1,81 to R81,19.
Specialist bank Investec Plc was 3,47% or R3,15 in the red at R87,60.
Standard Bank slipped 90 cents to R91,75, FirstRand fell 16 cents to R21,55 and Absa surrendered 1,66% or R2,09 to R123,91. Nedbank, on the other hand, inched 25 cents higher to R132,50. — I-Net Bridge