The JSE reversed Thursday’s gains on Friday morning following a pullback in commodity prices. Softer world markets also weighed.
By 11.57am, the all-share index slipped 1,02%. Resources retreated 1,04%, with the gold- and platinum-mining indices losing 1,53% and 1,35% respectively. Industrials weakened 0,92%, financials fell 1,22% and the banks index was 1,47% in the red.
The rand was bid at 7,16 per dollar from 7,15 when the JSE closed on Thursday, while gold was quoted at $628,85 a troy ounce from $636,05/oz at the JSE’s last close.
“It is a commodities story,” a dealer said. “They are tracking Brent lower. There’s been a sell-off in oil and gold is following suit”
He added that a bit of an underpin could come into the market when New York opened. But at the moment, there was nothing going on.
“We are told copper has found a low and could bounce so we might see Billiton ticking up,” he commented.
The dealer noted that world markets were also weaker. However, the JSE was very quiet and was most likely to track sideways for the rest of the day.
On the resources index, petrochemicals group Sasol tumbled 2,52% or R5,85 to R226.
AngloGold Ashanti slumped 2,59% or R8,65 to R325,86, Harmony lost 1,21% or R1,17 to R95,33 and Gold Fields gave up R1,20 to R120,85.
Impala Platinum was off 1,87% or R3,60 at R188,40 and AngloPlat shed R7,50 to R881,50.
London-listed diversified resources group Anglo American surrendered R1,81 to R327,50 and BHP Billiton was 88 cents softer at R127,20.
Exxaro Resources, however, rose 1,16% or 65 cents to R56,75.
Among industrials, Swiss-listed luxury goods group Richemont sagged 1,21% or 50 cents to R40,70. London-listed brewer SABMiller eased 92 cents to R170,20.
Brand management group Barloworld lost 1,52% or R2,70 to R175, services group Bidvest shed 1,19% or R1,67 to R138,33 and transport and logistics group Imperial retreated 1,14% or R1,90 to R164,60.
Cellular network operator MTN Group slid 2,16% or R1,84 to R83,45 and media group Naspers dropped 1,17% or R2 to R169,50.
After a strong performance over the last couple of days, construction company Group Five plunged 3,57% or R1,78 to R48,02. Aveng was down 2,48% or 91 cents to R35,80.
Retailer New Clicks, however, soared 5,79% or 70 cents to R12,80 and Edcon climbed 1,03% or 40 cents to R39,35.
On the financial front, London-listed Old Mutual fell 1,55% or 39 cents to R24,83.
Its subsidiary Mutual & Federal sank 3,1% or 90 cents to R28,10 after it said in a trading statement that it expects both its basic and headline earnings per share for the year ended December 31 to be from 40% to 50% lower than those of the prior corresponding period.
Standard Bank slipped 1,36% or R1,40 to R101,60, FirstRand weakened 1,55% or 37 cents to R23,45, Absa weakened 1,52% or R2,05 to R133 and Nedbank was 1,94% or R2,75 in the red at R139,25. — I-Net Bridge