All share still in positive territory

After trading firmer for most of the day, the all share closed weaker on Friday, but was still up since last Monday, recording its fifth successive week of gains.

The all share closed 0.23% lower at 54,162.70 points but was 1.05% higher for the week. It is up 6.93% in 2017.

Gold and industrials were the best performers on the day, with both indices gaining 0.16%.

Food and drug retailers fell 1.53% and resources 1.44%. The retail sector was mixed after posting gains on Thursday following the surprise interest-rate cut by the Reserve Bank’s monetary policy committee.

Some analysts are still adopting a cautious approach towards the sector, citing the tepid growth forecast.

Banks also turned lower in late trade with Barclays Africa off 1.28% to R146.70.

The Dow opened lower and European markets reversed course following Thursday’s decision by the European Central Bank to keep interest rates unchanged.

Diversified miner BHP lost 1.52% to R218.67, African Rainbow Minerals 2.09% to R84.15 and ArcelorMittal 3.73% to R4.91.

Shoprite fell 1.57% to R199.82, Woolworths 1.23% to R62.50 and Spar 0.92% to R165.51.

Truworths closed 1.26% lower at R77.51% after saying earlier that annual earnings were expected to be flat or slightly weaker. Naspers ended the day 0.62% higher at R2,806.25, gaining 3.48% in the week.

The euro remained on the front foot against the dollar on renewed political tension in Washington

The rand firmed to R12.8687/$ in intra-day trade from R13.0367/$ and was at R12.9381/$ at 6pm. The euro was at $1.1656 from $1.1632.

Local bonds were off their best levels of the day with the R186 last bid at 8.51% from 8.545% previously.

The futures market was positive despite the weaker JSE‚ with the top40 Alsi futures index up 0.22% at 48‚100 points.

The number of contracts traded was 25,924 from Thursday’s 29‚854.