Fin24.com | JSE subdued as global equities remain on edge

Johannesburg – The JSE recorded another session of losses as global equities continued to trade weaker in the light of the political crisis in Italy.

The index opened weaker and continued to trade under pressure for the remainder of the day.

The local bourse was dragged further down by index heavyweight, Naspers , which lost 2.19% to close at R3 020.44 per share.

Other top losers on the JSE included Capital and Regional which lost 4.53%, as well as Clientele which ended the day 4.88% weaker.

Raubex lost 4.85% to close at R21.60 per share, while Barloworld closed at R130.00 per share after losing 3.09%.

Vodacom traded under pressure to eventually close at R144.57 per share, down 2.68% for the day.

Retailers Woolworths and Mr Price shed 1% and 1.96% respectively, while insurers Old Mutual and Sanlam lost 0.52% and 2.34% respectively.

Bidvest and Discovery ended the day 1.86% and 1.61% weaker respectively.

Spar Group released an upbeat set of half-year earnings results which reflected decent increases in earnings.

As a result, the stock managed to gain 2.87% to close at R192.62 per share. Shoprite ended the day firmer after adding 3.12% to close at R232.26 per share, while Truworths gained 1.13%.

Listed property stocks Fortress B and Resilient traded firmer on the day, eventually closing 6.76% and 2.33% up.

Platinum miner Lonmin managed to add 5.12%, while construction firm, Murray and Roberts gained 2.22% to close at R17.53 per share.

Rhodes Food Group and RCL Foods closed 5.15% and 3.03% firmer respectively.

After a grim trading session the JSE All-Share Index closed 0.6% weaker, while the blue-chip JSE Top-40 Index lost 0.68%.

The Resources index recorded marginal gains of 0.27%. However, the Industrials and Financials indices lost 1% and 0.61% respectively.

The rand strengthened against the greenback in today’s session as the US dollar eased from its highs. The local unit strengthened by more than 1% to reach a session high of R12.53/$; however, it retraced to trade at R12.56/$ at 17:00.

Gold broke above $1 300 per ounce but failed to gain any traction beyond its session high of $1302.99/oz.

The yellow metal was trading at $1 300.65/oz at 17:00, up 0.2% for the day.

Platinum was trading 0.1% firmer at $906.62/oz, while palladium inched up by 0.13% to close at $979.48/oz.

Brent crude jumped by more than 2% to reach a session high of $77.04 per barrel. It was recorded at $76.94/barrel just after the JSE close.

At 17:00 Bitcoin was trading 0.85% weaker at $7350.00 per coin, while Ethereum had lost 0.75% to trade at $549.20 per coin.

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