JSE dips, with banks faring worst
THE JSE all-share missed out on a global stock rally yesterday‚ as a sell-off of domestic banking shares offset further gains by mining shares.
The JSE all-share index lost 0.17% to 59 629.6 points‚ while the banking index fell 4.09% and financial stocks 2.11%.
The blue-chip Top 40 index was flat at 52 832.1 points.
Standard Bank lost 4.74% to R185.07‚ FirstRand 4.5% to R63.30‚ Barclays Africa 4.36% to R169.62‚ Liberty 4.38% to R121.91‚ and Nedbank 3.49% to R252. Thanks to a strong start for commodity prices in the new year‚ resources gained a further 1%‚ while the gold and platinum indices rose 1.6% and 1.5%‚ respectively.
By 9pm, Brent crude had added a further 1.88% to $67.80 a barrel, while platinum was up 0.64% to $949.
Eastern Platinum leapt nearly 28% to R4.15‚ Anglo American Platinum 3.54% to R371‚ and Impala Platinum 3.07% to R33.60.
Industrials edged up 0.3%‚ with embattled retailer Steinhoff International Holdings leaping 37.4% to R6.87.
Most major stock exchanges recorded gains yesterday‚ pushing MSCI’s index of global stocks to record highs on the second trading day of the year.
The MOEX Russia Index surged 1.7%.
Data releases suggested the year would be another of synchronised global growth led by a strengthening European economy, Reuters reported.
BHP did best of the bigger diversified miners‚ adding 1.61% to R257.61.
General retailers lost 2.39%‚ with Massmart slumping 4.83% to R129.91‚ Mr Price 3.24% to R229.91 and Truworths 3.23% to R89. –