Sat, 11 Jul 2020

JSE closes softer after flat session

16 Nov 2019, 04:13 GMT+10

The JSE closed softer on Friday as it lost momentum towards the close led by losses in the industrials and resources sectors.

The local bourse struggled for direction for most of today's session as it traded mostly flat. This was against the grain as global markets particularly US equities surged to new all-time highs at the open on Friday. US equities brushed off concerns over the current pessimism surrounding the possibility of a deal between the US and China.

On the currency market, the rand extended its gains against the US dollar as it peaked at a session high of R14.67/$. At 17:00, the rand was trading 0.72% firmer at R14.70/$.

On the JSE, Accelerate Property Fund [JSE:APF] led losses on the day as it fell 5.82% to close at R1.78. EOH Holdings [JSE:EOH] also struggled as it dropped 4.35% to end the day at R13.40, while cement maker PPC Limited [JSE:PPC] lost 3.68% to close at R3.40.

Oil and gas producer, Sasol [JSE:SOL] fell 3.27% to close at R284.50, while rand hedge British American Tobacco [JSE:BTI] closed at R536.00 after falling 3.14%. Losses recorded in some of the blue-chips helped drag the all-share index lower.

Naspers [JSE:NPN] lost a modest 0.71% to close at R2110.01, while Bid Corporation [JSE:BID] slowed by 0.77% to close at R338.72. Other significant losses on the day were recorded for AngloGold Ashanti [JSE:ANG] which fell2.44% to close at R291.83, while Anglo American Platinum [JSE:AMS] closed at R1176.14 after losing 1.57%.

Tsogo Sun Hotels [JSE:TGO] found some momentum in today's session as it surged 7.14% to close at R3.75. Healthcare specialist, Mediclinic [JSE:MEI] rose 4.15% to close R74.99, while Reunert [JSE:RLO] managed to gain 2.93% to close at R69.97.

Dis-Chem Pharmacies [JSE:DCP] managed to rise 2.82% to close at R25.50, while Fortress RETI [JSE:FFB] closed at R9.17 after gaining 2.46%.

Mid-cap stocks to consider

Gains were also recorded for Massmart Holdings [JSE:MSM] which climbed 2.39% to close at R45.05, Discovery Ltd [JSE:DSY] which picked up 1.26% to close at R131.64, and Rhodes Food Group [JSE:RFG] closed at R16.20 after gaining 2.14%.

The JSE All-Share index eventually closed 0.32% weaker while the JSE Top-40 index shed 0.46%. The financials index eked out gains of 0.15%, while the industrials and resources indices lost 0.4% and 0.7% respectively.

At 17:00, platinum was up 0.61% at $886.80/Oz, palladium was 0.45% softer at $1727.50/Oz, while gold had lost 0.3% to trade at $1466.53/Oz.

Brent crude recorded modest gains on the day before it was recorded trading 0.22% firmer at $62.43/barrel just after the JSE close.


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