JSE stocks post weekly decline

South African stocks stumbled and fell 1.3 percent, booking their first weekly decline since the start of 2012, as complications with the long-awaited Greek debt deal prompted investors to cash in resources firms such as Exxaro.

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South African stocks stumbled and fell 1.3 percent on Friday, booking their first weekly decline since the start of 2012, as complications with the long-awaited Greek debt deal prompted investors to cash in resources firms such as Exxaro.

Shares of Absa fell 1 percent to 149.00 rand. The South African unit of Britain's Barclays spent much of the session in positive territory after reporting a higher-than-expected dividend, but was eventually hit by the broader sell-off.

The leader of a far-right Greek party said he could not vote in favour of the 130 billion euro bailout deal Greece needs to avoid bankruptcy, frustrating investors who want to see an end to drawn-out negotiations.

“We've had a good run-up - the market's up 7 percent this year - and until we get a bit more clarity out of Greece, we're probably going to see a bit of profit-taking,” said Mpho Mojalefa, a dealer at BJM Private Client Services in Johannnesburg.

Market players will also be watching a planned announcement by President Jacob Zuma, together with the finance minister and central bank governor, scheduled for Saturday at 15:00 SA time.

The announcement will be “of national importance” a central bank statement said on Friday.

The Top-40 index fell 1.3 percent to 30,210.44, posting a 1.7 percent drop for the week. Last week the index hit its highest since May 2008.

The broader All-share index dropped 1.1 percent to 33,8892.58 rand. The index hit a lifetime high of 34,460.57 last week.

Exxaro Resources fell 2.1 percent to 201.85 rand. The diversified miner is the best performer among the Top-40 so far this year, having risen 20 percent.

Assore dropped 1.6 percent to 244 rand. The base metals miner is the second-best performer on the Top-40 this year, up 16 percent.

Trade was relatively thin with 180 million shares changing hands, according to preliminary exchange data, well below last year's daily average of 256 million shares.

Decliners outnumbered advancers by a ratio of nearly 2 to 1 with 71 shares unchanged. - Reuters

Source: http://www.iol.co.za/jse-stocks-post-weekly-decline-1.1231990

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