JSE ends softer in choppy trade

THE JSE closed lower yesterday in choppy trade‚ as property stocks and industrials retreated‚ with banks and financial stocks remaining firm owing to a stronger rand environment.

Rand hedges were dragged down by Naspers‚ amid sharp reaction to the group’s announcement that no member of top management at MultiChoice would lose their job over the ANN7 debacle.

Tencent‚ of which Naspers owns about a third and which usually drives Naspers’s share price‚ closed 0.78% lower in Hong Kong trade.

Property stocks were sharply lower as the meltdown continued in the sector‚ led by Resilient and those in its stable. Unconfirmed reports are that US hedge funds continue to short Resilient shares.

The JSE all-share closed 0.42% lower at 59 258.4 points and the top 40 dropped 0.31%. The property index shed 4.32%‚ general retailers 0.94% and industrials 0.84%.

Banks rose 1.53% and food and drug retailers 0.88%.

Capitec ended 5.55% higher at R845‚ and its holding company‚ PSG‚ 1.24% to R224.76.

Barclays Africa rose 1.89% to R183.50‚ Standard Bank 1.71% to R204.09 and FirstRand 0.75% to R67.

Sanlam added 1.69% to R89.69 and Discovery 1.66% to R171.66. Steinhoff dropped 1.32% to R6.75. Resilient slumped 7.38% to R107.81. Naspers was 2.05% lower at R3 313.05. – BusinessLIVE