JSE tracks weaker global markets
The JSE pushed lower on Thursday, tracking weaker global markets, with retailers giving up all of Wednesday’s gains despite a firmer rand.
That sector, and the JSE, had been lifted by positive retail sales data for August, when retail trade sales rose a significant 5.5%, well above a consensus forecast of 2%.
Globally, markets were processing comments made by US Treasury Secretary Steve Mnuchin that stocks could fall significantly if the promised tax reforms were not passed.
The all share closed 0.44% weaker at 57‚896.8 points and the blue-chip top 40 was down 0.43%.
General retailers shed 2.01%‚ industrials 0.58%‚ food and drug retailers 0.57%‚ resources 0.36% and financials 0.26%. Gold added 1.39%‚ platinum 0.83% and banks 0.49%.
Shortly after the JSE closed‚ the FTSE 100 was down 0.30% and the DAX 30 had lost 0.56%.
ArcelorMittal closed 4.39% higher at R5.95 in choppy trade.
British American Tobacco shed 0.65%, to R864.31. Remgro dropped 1.57%, to R220. AngloGold Ashanti gained 3.17%, to R128.45 and Northam Platinum jumped 3.68%, to R48.42.
Among banks, FirstRand rose 1.79%, to close at R53.95.
Losers among retailers included Woolworths, which was down 3.25% to R58, and Mr Price, which lost 2.16% to R181.60. Pick n Pay shed 1.49%, to end the day at R59.60.
Pharmacy group Dis-Chem closed 0.49% lower at R32.76 ahead of its Friday release of interim results to end-August. It has predicted headline earnings per share will rise between 34.8% and 39.5%.
Property stocks with exposure to the UK market were badly hit. Intu lost 3.09%, to R39.88 and Capital & Counties was 2.68% down to R47.18.
Naspers closed 0.46% lower on the day at R3,255.
Educational group Adcorp closed 2.9% lower at R13.40 ahead of its Friday release of interims to end-August.
At 5.30pm‚ gold was up 0.66% to $1‚289.33 an ounce and platinum 0.74%, to $927.63.
The top 40 Alsi futures index was off 0.48% at 52.157 points.
The number of contracts traded was 24‚065 from Wednesday’s 16,382.