JSE winning streak fades

THE JSE reversed the weeks’ earlier gains to close lower yesterday‚ dragged down by resources and Naspers‚ despite the Dow Jones briefly trading above 22 000 points.

Global markets had rallied earlier this week‚ but as market focus shifted to US non-farm payroll data on Friday‚ some analysts said the recent record highs for the JSE had pushed it into overbought territory.

After starting the week with double record highs‚ the JSE all-share closed at 5pm 0.34% lower, at 55 200.5 points. The Top-40 shed 0.46%. Gold miners lost 1.74%‚ resources 1.24% and industrials 0.33%.

Food and drug retailers rose 0.86%‚ banks 0.25%‚ and financials 0.38%. Diversified miner Anglo American fell 1.56% to R214.59‚ BHP 2.14% to R235.36 and Glencore 1.51% to R58.21.

African Rainbow Minerals dropped 2.63% to R92.50‚ and Harmony Gold 3.42% to R22.84. Anglo-Gold Ashanti shed 3.88% to R127.95‚ after saying it expected to report a loss in the six months to the end of June.

KAP Industrials rose 3.04% to R8.14 and Bidvest 1.58% to R167.93.

Construction group Aveng dropped 4.32% to R4.21‚ after reporting an expected headline loss to end-June.

Rand hedge brewing giant Anheuser-Busch Inbev lost 0.94% to R1 575 Naspers dropped 2.01% to R2 850. Vodacom was up 1.92% to R183.50 and MTN gained 0.63% to R119.25.

Spar rose 1.82% to R168 and Shoprite 1.02% to R206.19.