JSE dips with hedges and banks

THE JSE reversed earlier gains to end yesterday’s trading session in negative territory‚ led by losses in industrial stocks‚ bank and gold indices.

The JSE all-share closed 0.47% lower at 51 356 points and the blue-chip Top 40 0.64%‚ reflecting losses in equity markets in the US and Europe.

Banks lost 0.88%‚ gold miners 3.26%‚ financial stocks 0.4%‚ industrial shares 0.81% and property 0.28%.

Resources firmed 0.3%‚ platinum 0.4% and retailers 0.53%.

The JSE‚ which opened firmer‚ followed losses on all major European markets and in the US.

Analysts said investors’ positive sentiment towards emerging markets had abated somewhat after comments from global central bank officials this week.

Markets are also watching for new political controversies as the ANC heads to a national policy conference today.

Rand hedge Anheuser-Busch InBev lost 2.05% to R1 447.74‚ British American Tobacco 1.61% to R886.50‚ and Richemont 1.54% to R106.58.

In Industrials‚ Bidvest lost 2.16% to R155.60.

Anglogold Ashanti lost 2.87% to R128.44‚ Gold Fields 4.91% to R43.54 and Sibanye 2.31% R15.23.

Standard Bank dropped 1.06% to R142.97‚ Firstrand 1.02% to R47.40‚ and Barclays Africa 1.44% to R143.50.

In a fourth straight day of losses‚ market heavyweight Naspers was down 1.16% to R2 549.98. Sasol shed 1.54% to R363.80. Diversified miners gained to help lead the resources index into positive territory. Anglo American gained 2.46% to R174.75 and BHP Billiton 2.03% to R201.66.

Data showing steady demand from Chinese steel producers also boosted some stocks‚ as the price of iron ore climbed 4.2% in early evening trade to $62 a ton.

Kumba gained 4.78% to R168‚ Exxaro 4.48% to R90.09‚ African Rainbow Minerals 4.61% to R81.07.

The euro‚ which the rand also tracks‚ reached 13-month highs against the dollar after economic data out of the eurozone showed growth was rising. – TimesLIVE