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%.

The JSE was in negative territory in noon trade on Wednesday on profit-taking following Tuesday’s rally to a record high. Lower commodity prices also contributed to the JSE’s weakness. By 11.58am, the all-share and all-share industrial indices lost 1,45% and 1,19% respectively.

The JSE charted new territory on Tuesday morning when higher commodity prices and stronger Asian markets helped push it ahead on low volumes. Sentiment was positive and a stronger rand only tempered the bourse’s gains slightly. By 11.41am, the all-share index was up 0,78% at 25 110,72. It earlier touched a record high of 25 173,869.

The JSE continued its journey into record territory on Thursday morning, fuelled by buying related to the futures close-out, which got under way at noon. Trade was brisk with over R4-billion-worth of shares changing hands. By 12.01pm, the all-share index was up 0,71%.

The JSE roared to another record high on Wednesday morning, encouraged by stronger world markets and a higher gold price. The release of benign inflation data, which was seen as tempering the interest-rate outlook, gave retailers and banks a further boost.

The JSE was in positive territory just before noon on Friday, boosted by firmer world markets and basket buying ahead of next Thursday’s futures close-out. The market was extremely quiet, however, with only R1,5-billion-worth of shares changing hands. Bt 11.48am, the all-share index added 0,44%.

Interest-rate hikes locally are likely to make for a more stable rand going into the next year, analysts say. The carry trade, which involves borrowing in low yielding currencies and investing in high yielders, is expected to help the rand offset the negative effect that the imports need for South Africa’s increased infrastructural spending will have.

The JSE was weaker in noon trade on Tuesday, dragged down by derivatives-related activity ahead of next Thursday’s futures close-out. A stronger rand and soft commodity prices also contributed to the bourse’s soggy feel. By 11.59am, the all-share and all-share industrial indices shed 0,38% and 0,2% respectively.

The JSE was weaker in noon trade on Thursday as a stronger rand and lower commodities prices resulted in resources stocks feeling the pinch. Overall the market was quiet, marking time ahead of the Monetary Policy Committee announcement on interest rates.