JSE ends upbeat winning streak marginally weaker in tame trading

THE JSE was fractionally weaker yesterday – ending a nine-day winning run – albeit by a narrow margin.

Volumes were lower than average and the rand was volatile‚ with gains in retailers and banks countered by losses in rand hedges and miners.

The all-share fell 0.04% to 57 747.3 points and the Top 40 dipped 0.17%.

General retailers added 1.36%‚ food and drug retailers 1.05%‚ banks 0.94% and financials 0.8%.

Platinums dropped 1.46%‚ gold miners 1.16% and resources 0.73%.

Markets were digesting the US federal open market committee minutes‚ perceived as mildly dovish, following their release.

Analysts said an interest-rate increase in the US could still be expected in December‚ but the minutes indicated serious concerns about the outlook for inflation‚ and thus further increases next year.

Fed chairwoman Janet Yellen has described the lack of rising inflation as something of a “mystery”.

Domestic data was upbeat. Mining production increased by a significant 6.9% year on year in August‚ after 0.9% year on year in July. Analysts had expected a contraction.

The release has raised economic performance expectations.

More will be known when retail sales data are released next week.

Aspen Pharmacare was the best performer among blue-chip companies‚ adding 4% to R319.19.

Rand-hedge British American Tobacco dropped 1.4% to R864.32 and Richemont 1.08% to R123.74.

Imperial Holdings rose 3.75% to R206.56 – and is up 6.04% this week.

Super Group dropped 1.07%. Gold Fields lost 2.88%. – BusinessLIVE