JSE slightly weaker as market braces for Moody’s announcement

THE JSE closed marginally weaker in low-volume trade yesterday as the market awaited the announcement by Moody’s today on its review of South Africa’s sovereign debt.

The value of shares traded – about R11-billion – was nearly half that of a regular trading day‚ due in part to the US celebrating Thanksgiving.

Moody’s announcement could come early today‚ and risk-off trade in banks and property stocks indicated that some form of negative announcement was expected by offshore investors.

Nonresidents have been net sellers of domestic bonds and equities‚ valued at R42.7-billion and R19.7-billion respectively‚ since the start of last month.

Retailers trimmed losses towards the close after the Reserve Bank held interest rates unchanged.

The JSE all-share closed 0.11% lower at 50 561.4 points and the blue-chip Top 40 flat (0.01%). Banks shed 2.05% and financials closed 1.16% lower.

South African listed property dropped 1.14% and general retailers 0.53%.

Resources added 1.44% and the gold index 0.14%.

Anglo American had a sterling day‚ closing 3.43% higher at R220.70.

The miner has risen 14% so far this week‚ after management said it might ease on the further selling-off of assets.

BHP Billiton firmed 1.94% to R240.88 and Glencore 2.06% to R50.49.

But ArcelorMittal tumbled 6.36% to R11.19.

FirstRand dropped 2.5%‚ Barclays Africa 2.03% and Standard Bank 1.82%. MMI Holdings gave up 1.65% to R22.03.

Woolworths fared worst of the general retailers‚ dropping 1.54% to R64.49‚ but Mr Price recovered 0.68% to R144.98. Spar was off 1.13% at R186.63.

MTN rebounded 2.1% to R116.50‚ while Naspers was 1.62% lower at R2 066.

Comair soared 4.5% R4.18 – BusinessLive to