JSE lower ahead of US rate hike decision
THE JSE closed weaker yesterday as retreating platinum stocks reversed earlier gains while retailers and banks ended lower on risk-off trade.
It was the first negative close in six sessions‚ which were interrupted by a number of holidays.
Commodities were under pressure‚ despite a stable dollar, with gold and platinum dipping.
The rand traded in a very tight range to the dollar as markets awaited the US Federal Reserve’s interest rate decision last night.
The focus was on MTN‚ which lost ground on a disappointing trading update which showed the group suffered a 1.5% decline in its subscriber numbers.
MTN closed 2.51% lower at R123.62.
The JSE all-share closed 0.61% lower at 53 586.6 points and the blue-chip Top 40 0.47%.
Platinum shares shed 4.67%‚ general retailers 1.88%‚ food and drug retailers 1.32%‚ resources 1.29% and banks 1.15%. The gold index gained 1.82%. Anglo American platinum dropped 5.75% to R311‚ Northam 6.75% to R46.68 and Impala 3.25% to R41.39.
Anglo American retreated 2.77% to R179.35 and AngloGold Ashanti was 2.42% higher at R154.76. Kumba Iron Ore slumped 5.31% to R162.68.
Mr Price shed 3.88% to R150.25 and Shoprite 1.66% to R207.50.
Standard Bank shed 1.88% to R147.50 and Nedbank 1.33% to R222.50. Sasol dipped 0.2% to R415.50. Global luxury goods group Richemont bucked the weaker trend‚ gaining 1.17% to R113.09.
Old Mutual was down 0.51% to R33.20 after recently reporting it had sold its Indian business.
In property‚ Octodec ended 4.04% up at R24.45 on 6% dividend growth expectations for the second half of the year, following its 6.5% interim growth to end-February.