JSE loses speed

A combination of growth concerns in the US, China and parts of Europe weighed markets down.

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A combination of growth concerns in the US, China and parts of Europe weighed markets down on Friday, with the JSE not being spared as buying interest waned during the afternoon.

At 17:00 local time, the JSE all-share index was flat (0.06%) at 33,572.07 points. Gold miners ended 1.34% higher, platinum miners rose 0.68%, and banks added 0.64%. Resources were up 0.53%, while financials were flat (0.05%). Industrials, however, fell 0.27%.

The rand was trading at 7.70 to the US dollar, from 7.74 at the JSE's close on Thursday. Gold was quoted at US$1,663.32 a troy ounce from $1,636.18 at the JSE's previous close, while platinum was at $1,621/oz from $1,614.50/oz.

A local trader said that despite ending flat, the JSE had traded lower towards the close, particularly on the back of poor economic data out of the US. “We are ending the week on a negative note,” he said.

According to Dow Jones Newswires, US stocks declined after the release of housing data.

At 16:49 local time, however, the Dow Jones Industrial Average was flat (0.06%), to 13,037.

Earlier, Standard & Poor's 500-stock index declined 1 point, or 0.1%, to 1392 while the Nasdaq Composite eased 6 points, or 0.2% to 3058.

Sales of new homes in the US fell for the second consecutive month in February, an indication that the housing market remained shaky in the aftermath of a severe bust.

New-home sales decreased by 1.6% to a seasonally adjusted annual rate of 313,000 from January, the Commerce Department said Friday. It was the second-straight monthly decline and the lowest reading since October 2011.

The results were worse than expected.

European markets turned mostly lower, with the Stoxx Europe 600 down 0.5% to put it on track for a fifth straight loss after being up as much as 0.5% earlier in the session. Sharp declines in Asia and continued worries about economic growth weighed on sentiment.

Asian bourses were broadly lower, with China's Shanghai Composite shedding 1.1% to close at a six-week low, weighed down by worries of a slowing economy. Japan's Nikkei Stock Average and Hong Kong's Hang Seng Index both also lost 1.1%.

On the JSE, Anglo American (AGL) added 63 cents to R298, and BHP Billiton (BIL) was up R1.95 to R233.45. Sasol (SOL), however, shed 49 cents to R368.10.

Gold stocks notched up some gains, with Anglogold Ashanti (ANG) adding R4.59 or 1.59% to R292.49 and Harmony (HAR) gaining R1.19 or 1.41% to R85.66.

DRD Gold (DRD) rose 15 cents or 2.86% to R5.40.

In platinums, Aquarius (AQP) lifted 39 cents or 2.18% to R18.25, Impala Platinum (IMP) garnered R1.47 to R158.47. Northam Platinum (NHM), however, fell 33 cents to R18.25.

Assore (ASR) gained R2.21 to R246.41, while Exxaro gave up R2.24 or 1.12% to R198.01.

Industrials were mixed, with British American Tobacco (BTI) down R5.08 or 1.30% at R386.48, and Bidvest (BVT) adding R2.53 or 1.46% to R176.

Tigerbrands (TBS) fell R5.20 or 1.94% to R263.50, but Naspers (NPN) gained R5.95 or 1.41% to R428.95.

Technology stock Altech (ALT) gave up R1.59 or 2.98% to R51.81.

Telkom (TKG) was 18 cents higher at R24.81. Korean electronics group Samsung Electronics and SA telecommunications operator Telkom have concluded a deal that offers more attractive broadband pricing for SA consumers to download movies and other content over their TV sets.

Among retailers, Pick n Pay (PIK) was up 60 cents or 1.42% to R42.80.

Basil Read Holding (BSR) rose 34 cents or 2.31% to R15.05, Murray & Roberts (MUR) lifted 89 cents or 3.22% to R28.50, and Aveng (AEG) added 71 cents or 1.92% to R37.67.

In financial services, Nedbank (NED) dropped R2.37 or 1.40% to R167.10, but Standard Bank (SBK) lifted R1.29 or 1.17% to R111.89.

Absa (ASA) was R1.75 or 1.13% better off. Trade union Solidarity claims Absa's plans to restructure gained new momentum this week when more employees received a letter, informing them that their jobs will be affected by the restructuring.

Solidarity said it had learnt that as many as 3,000 posts might be affected by the process. - I-Net Bridge

Source: http://www.iol.co.za/jse-loses-speed-1.1263002

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