The JSE was a mixed back just after noon on Wednesday, with players switching out of resources — the recent stars of the market — and into banks and retailers which were sold down sharply. Overall, the air was one of caution ahead of the US Federal Open Market Committee decision on interest rates due on Thursday night.
The JSE was in negative territory in noon trade on Tuesday with a recovery in the rand sparking profit taking in stocks that benefited from the currency’s weakness in recent days. Banks, which were hit hard by concerns about the interest rate implications of the rand’s weakness, led the market’s upside.
The JSE was in negative territory in noon trade on Friday, as concerns about the economy saw the sell off in banks and local-economy-centred industrials seen in recent days gain momentum. Only a handful of rand hedge stocks managed to keep their heads above water, helped by the sharply weaker currency.
The JSE was up strongly in noon trade on Thursday, boosted by a weaker rand, stronger world markets and higher commodity prices. The market remained very nervous, however, and volumes were fairly light. By 12.03pm, the all-share index advanced 2,02%. Resources rallied 3,54%, the gold mining-index surged 5,27% and the platinum-mining index jumped 3,74%.
The JSE was firmer in noon trade on Wednesday, with a sharply weaker rand boosting resources and dual-listed stocks. The heavyweight of the rand hedges distorted the true picture, which was actually a much more mixed one. By 12.15pm, the all share and all share industrial indices added 0,77% and 0,56% respectively.
The South African rand was hovering just below the R7,10 per dollar early on Wednesday morning in quiet trade. While the rand’s weakness appeared to be overdone, there was no sign of a recovery, currency traders said. At 8.42am, the rand was bid at R7,0678 per dollar from an overnight close of R7,0600.
The JSE was firmer in noon trade on Tuesday, with platinum stocks flying, fuelled by a higher platinum price and weaker rand. The underlying picture was a mixed one, however, and on the all-share index decliners slightly outnumbered advancers. By 11.59am, the all-share index added 0,68%.
The JSE was in positive territory at midday on Monday, buoyed by firmer European markets, a weaker rand and an overhang from Thursday’s futures closeout. Gold stocks shone following a strong performance by their ADRs (American Depository Receipts) in New York on Friday.
The JSE was roaring ahead in noon trade on Thursday, benefiting from the three perks of stronger world markets, higher commodity prices and buying related to the futures close-out, which had just got underway, dealers said. Trade was brisk and about R5-billion worth of shares had already changed hands.
The JSE was firmer at midday on Wednesday, having bounced after Tuesday’s sell off. By 12.21pm, the all share and all share industrial indices added 0,82% and 0,93% respectively. Resources rose 0,9% and the gold mining index jumped 2,09%, but the platinum mining index lost 0,57%.